Gold rates in India calmed across carats on June 26, after falling by Rs 18000 in 100 grams and Rs 1,800 in 10 grams of 24 carats from June 23-25. Notably, gold rates of 24 carats have plunged by a whopping Rs 43,700 in 100 grams and Rs 4,370 in 10 grams since it touched an all-time high during mid-June. Currently, the key focus for bullion investors is upcoming US Core PCE data. MCX gold is expected to range between Rs 95,500 and Rs 98,500 ahead.
24-carat gold prices are Rs 9,89,500 for 100 grams, Rs 98,950 for 10 grams, and Rs 79,160 for 8 grams. The cheapest 24 carat is Rs 9,895 for 1 gram.
22-carat gold rates are at Rs 9,07,000 in 100 grams, Rs 90,700 in 10 grams, and Rs 72,560 in 8 grams. The cheapest gold is Rs 9,070 per 1 gram.
Meanwhile, 18-carat gold rates are at Rs 7,42,100 in 100 grams, Rs 74,210 in 10 grams, Rs 59,368 per 8 grams and Rs 7,421 per 1 gram.
Gold Rates Performance For 11 Days In India:
24-carat and 22-carat touched their all-time high on June 14 to Rs 1,01,680 and Rs 93,200 per 10 grams. While the record high level for 100 grams stood at Rs 10,16,800 in 24 carat and at Rs 9,32,000 in 22 carat.
Taking into consideration the current levels, gold prices are down by Rs 4,370 in 10 grams and down by Rs 43,700 in 100 grams of 24 carats. Also, 22-carat gold prices are down by Rs 4,000 in 10 grams and down by Rs 40,000 in 100 grams.
Despite the latest correction from June 15 to June 26, gold prices are still up 2% for overall June month so far.
Silver Prices In India:
Silver prices also remained unchanged on June 26. 1 kg silver stood at Rs 1,08,000, while 100 grams and 10 grams stood at Rs 10,800 and Rs 1,080 respectively.
This comes after 1Kg silver prices were down by Rs 1,000 each on June 25 and June 24.
MCX Gold, Silver Prices:
Currently, the bullion at MCX is struggling to retain Rs 97,000 mark. After trading hours on June 26, MCX gold price with August 2025 expiry, closed at Rs 97,050 per 10 grams, down by Rs 37 or 0.04%. Also, MCX silver price with July 2025 expiry, dipped by Rs 49 or 0.05% to end at Rs 1,06,706 per 1kg.
"Gold remained range-bound as dollar index weakness provided support, while the Federal Reserve's stance of no immediate rate cuts weighed on sentiment. Despite this, the broader trend for gold continues to lean positive due to ongoing geopolitical and economic uncertainties. However, rupee appreciation has limited upside in domestic gold prices, creating a subdued tone," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Gold Price Outlook For June 27:
The immediate focus for market participants is on the upcoming US Core PCE Price Index, a key inflation gauge that could influence Fed policy. Trivedi added, "MCX Gold is expected to trade within a range of Rs 95,500 to Rs 98,500 in the near term."
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, the dollar's retreat, combined with lingering tariff uncertainty, just two weeks before the July 9 expiration of the 90-day pause on President Trump's reciprocal tariff plan, has kept investor sentiment cautious. Trump praised the swift resolution of hostilities between Israel and Iran, expressing optimism for improved ties with Tehran and suggesting a potential shift away from nuclear ambitions. Meanwhile, Fed Chair Jerome Powell, in his congressional testimony, stated that the Federal Reserve is not rushing to cut interest rates amid ongoing trade-related uncertainties but noted that rate easing could come sooner if inflation remains contained.
Chainwala added, "Traders are also closely watching upcoming US economic data, including GDP figures, jobless claims, and comments from several Fed officials, for further cues on monetary policy."
Gold erased earlier gains to hover at $3,320 per ounce, despite a weaker dollar, as markets continued to assess the magnitude of rate cuts that the Federal Reserve may deliver this year. US President Trump noted the new Fed Chairperson could be announced as early as September, reducing Chairman Powell's influence before his term expires and strengthening the influence of the incoming nominee, as per Trading Economics.
Trading Economics data also highlighted Trump is expected to favor a dovish central banker due to the President's call for lower rates, reducing the opportunity cost of holding non-interest bearing bullion assets. Meanwhile, Powell reiterated that the Fed's current consensus is that tariffs are expected to inflationary, adding attention to July 9th's deadline for reciprocal tariffs to be reintroduced. Elsewhere, rate cuts were delivered by the ECB, BoE, PBoC, RBI, and SNB. On the geopolitical front, the apparent de-escalation in conflict between Iran and Israel prevented a sharper increase for bullion.
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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