Gold price today, June 30 -- Gold and silver rates declined significantly on the MCX in morning deals on Tuesday, 30 June, pressured by the dollar's rise and weak global cues amid speculation of US Fed rate hikes this year.

MCX gold August futures were 1.28% down at Rs.1,40,574 per 10 grams, while MCX silver September contracts were 1.04% down at Rs.2,20,322 per kg around 9:10 am.

The sharp drop in gold and silver prices can be attributed to the dollar's rise amid speculation that the US Federal Reserve may raise rates by 3 times this year due to sticky inflation.

While gold is considered a hedge against inflation, it tends to come under pressure in a high-interest-rate environment because it is a non-yielding asset.

(This is a develo...