Gold rates in India will react to the latest escalation in the Middle East on Monday, after the US struck nuclear facilities in Iran, creating havoc in the region. Also, developments in US trade tariffs will contribute to sentiment in yellow metal. Precious metals declined last week after US dollar strengthened. However, the downside was limited, with the 24 carat gold price staying above Rs 100,000 mark in 10 grams.
The 24-carat gold price stood at Rs 1,00,750 per 10 grams, while the 100-gram gold rate is at Rs 10,07,500. Additionally, 22-carat gold prices in 10 grams and 100 grams stood at Rs 92,340 and Rs 9,23,400 respectively.
Meanwhile, 10 grams and 100 grams in 18-carat gold are available at Rs 75,550 and Rs 7,55,500 respectively.
Despite this, gold prices have been up by 3.5% across carats in June 2025.
"The Fed pushed back expectations of any imminent rate cut, which led to unwinding recent gains in Comex gold as well. However, geopolitical tensions in the Middle East, particularly the ongoing conflict involving Iran and Israel, have limited the downside for gold. The safe-haven demand continues to underpin sentiment amid uncertainty," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Silver also corrected significantly last week. At present, the 1 kg silver price is at Rs 1,09,900, while that of 100 grams and 10 grams silver stood at Rs 10,990 and Rs 1,099.
MCX Gold, Silver Prices:
MCX gold price, with August 2025 expiry, stood at Rs 99,096 per 10 grams, down by Rs 13 or 0.01%. On the contrary, MCX silver price, with a July 2025 expiry, climbed by Rs 51 or 0.05% on June 20th to close at Rs 1,06,275 per 1kg.
Gold Price Outlook For Monday, June 23:
Looking ahead, Trivedi said, "Developments on US trade tariffs and Middle East military engagement will drive volatility. Any signs of de-escalation or non-involvement from the US in the Iran-Israel conflict could keep gold under pressure. On the flip side, renewed tensions will continue to support prices."
"Gold is expected to trade in a volatile range of ₹97,500 to ₹1,00,000 in the near term," he added.
Gold & Silver Prices Weekly Outlook:
According to the SMC Global Securities weekly report, gold and silver prices recently declined as the U.S. Dollar Index strengthened, influenced by a delay in U.S. involvement in the Israel-Iran conflict. This, coupled with Citi Bank's downward revision of its gold price target from $3,500/ounce to $3,300/ounce, weighed on the metal.
Despite the recent dip, the overall outlook for gold remains strong. A significant 95% of central banks expect global gold reserves to increase over the next 12 months, a record high since the survey began in 2019 (up from 81% last year), it said.
Furthermore, 43% of central banks plan to increase their gold reserves in the coming year, a notable rise from 29% in the 2024 survey.
SMC's note said this strong institutional interest is further evidenced by a jump in central banks storing gold domestically, now at 59% compared to 41% in 2024.
In another notable shift, silver has been outperforming gold, leading to a significant narrowing of the gold-silver ratio. After hitting a high of 107:1 in April 2025, the ratio declined to 92:1 in June 2025, indicating silver's stronger performance, as per the data.
"This trend is reflected in investment flows, with silver ETFs attracting more investor funds than gold ETFs for three consecutive months-a first in over two years. While global gold ETFs saw substantial inflows of 226 tonnes in Q1 2025 (driven by Europe and Asia), Indian silver ETF inflows in May were nearly three times that of gold ETFs, pushing overall Indian silver ETF holdings to 1,200 tonnes in 2025," SMC's note said.
That being said, for the June 23-27 trading week, SMC's note added, gold and silver prices are expected to remain volatile this week, primarily due to ongoing geopolitical tensions. Gold and silver can trade in a wide range of 93000-102000 and 102000-120000 respectively. On COMEX, gold could trade between $3,250 - $3,500, while silver has the potential to reach $40 if it stabilizes above $37.5.
Spot Gold Price:
In the early trade of Monday, Comex Gold fell to 3,356.46 USD/t.oz, down 0.37% from the previous day. As per Trading Economics data, over the past month, Gold's price has risen 0.30%, and is up 44.00% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
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