Gold rates in India continue to be under pressure since the start of this week, with 24-carat gold price crashing by Rs 18,000 per 100 grams. Now, 10 grams of 24 carat is below Rs 99,900 mark, and 22 carat of the same is below Rs 90,100 levels. Meanwhile, MCX gold traded in a narrow range, keeping around the Rs 97,500 mark. Gold is expected to be volatile ahead of major US economic data.
10 grams gold prices stood at Rs 98,950 in 24 carat, and at Rs 90,700 in 22 carat. 18 carat of 10 grams gold is down to Rs 74,210.
Meanwhile, gold prices of 100 grams is at Rs 9,89,500 in 24 carat, at Rs 9,07,000 in 22 carat, and at Rs 7,42,100 in 18 carat.
Gold prices have been falling since June 23 in India, due to the implementation of ceasefire agreement between Israel and Iran, as demand for safe haven weakened owing to easing in Middle East tensions.
24 carat gold of 100 grams declined by Rs 2,700 on June 25, while the yellow metal crashed by Rs 14,700 on June 24. On June 23, gold was down by Rs 600 in 100 grams. Cumulatively, 100 grams gold price plunged by Rs 18,000 in 24 carat, and was down by Rs 1,800 in 10 grams from June 23-25.
MCX Gold, Silver Prices:
MCX gold price, with August 2025 expiry, stood at Rs 97,390 per 10 grams, up by Rs 367 or 0.4% on June 25. Also, MCX silver, with July 2025 expiry, climbed mildly by Rs 120 or 0.11% to end at Rs 1,06,100 per 1kg.
"Gold traded in a narrow range around ₹97,220 in MCX, as Comex prices remained steady between $3,320 and $3,335 following sharp profit booking over the past two sessions," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said.
Gold Price Outlook:
Investors are now awaiting the next key triggers, which include Fed Chair Jerome Powell's testimony, along with US GDP data and the Core PCE Price Index, both crucial indicators for the Fed's interest rate outlook, as per Trivedi.
With uncertainty ahead of major US economic data, Trivedi added, "gold is expected to remain volatile in the short term. The expected trading range for Gold is Rs 96,000 to Rs 98,500."
Also, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "despite this, the U.S. dollar weakened, falling to a one-week low, as US consumer confidence came in below expectations in June, reflecting growing concerns over tariff-related pressures on the economy and labor market. This helped gold recover modestly to settle above $3,330/oz."
Traders are also cautiously awaiting further remarks from Powell during day two of his testimony, ahead of key US inflation data later this week, said Chainwala.
SPOT Gold Price:
Gold held steady around $3,320 per ounce on Wednesday, after falling 1.3% the day before, as traders weighed Middle East developments and weak US data that boosted hopes for Federal Reserve rate cuts. A fragile ceasefire between Israel and Iran appeared to be holding, reducing safe-haven demand. Still, caution lingered after a US intelligence report suggested recent American strikes on Iranian nuclear sites only delayed Tehran's program by a few months. Meanwhile, US consumer confidence unexpectedly dropped in June, raising concerns about the economic impact of tariffs and the labor market. That data reinforced expectations of Fed rate cuts, with markets increasingly pricing in action later this year. Fed Chair Jerome Powell reiterated there's no rush to cut, but said rates could be lowered if economic conditions worsen. Powell also noted that clarity on tariffs is needed before adjusting policy, according to Trading Economics.
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