Gold price today: Gold rate falls 1%, silver crashes 2% on MCX on a stronger dollar, Fed rate-hike bets

Gold and silver prices declined sharply on MCX on 2 July, with August gold futures down 0.86% at around Rs 1,41,300 per 10 grams and September silver futures falling 2.06% to about Rs 2,23,850 per kg. The correction is attributed to a stronger US dollar, firming treasury yields, and renewed expectations of US Federal Reserve rate hikes. In June alone, domestic spot gold dropped nearly 10% while silver corrected almost 15% on sticky inflation concerns.