Gold price today, May 7 -- Gold rate saw an uptick on the MCX on Thursday morning as investors awaited further clarity on the potential US-Iran peace deal, while stronger US private payrolls data further dimmed the prospects of US Fed rate cuts in the near future, limiting the gains for the yellow metal.

MCX gold June futures were up 0.39% at Rs.1,52,730 per 10 grams around 9:05 am, while MCX silver July futures were up more than 1% at Rs.2,55,929 per kg at that time.

The big relief for gold traders is the prospects of a peace deal between the US and Iran, which can lead to the reopening of the Strait of Hormuz, a critical waterway for global oil trade.

Oil price benchmark Brent Crude crashed 8% to trade near the $102 per barrel on Wed...