New Delhi, April 9 -- Following the weak global sentiments around the precious metals, the MCX gold rate today opened with a downside gap at Rs.1,50,647 per 10 gm. However, the precious yellow metal witnessed value buying at lower levels, pared its early morning losses, and rose above Rs.1,51,000 within a few minutes of the Opening Bell. However, the gold price in India is still down by around 0.50%.

According to experts, the gold rate today is under pressure due to the rise in crude oil prices after Israel's attack on Lebanon. This has jeopardised the hopes for a ceasefire in the US-Iran war and the opening of the Strait of Hormuz. Rising oil prices have renewed inflation fears and a hawkish US Fed in the near-term.

Gold rate today

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