Gold rates in India faced selling pressure despite geopolitical tensions heightening with the US striking Iran's nuclear facilities. However, a lot has happened in the last 24 hours, with US President Donald Trump announcing a ceasefire news between Israel and Iran. This will play a key role in defining the momentum in precious metals on June 24. Currently, 10 grams of gold price remains near its record high in 24 carats and 22 carats.
10 grams of gold price stood at Rs 1,00,690 in 24 carat, at Rs 92,300 in 22 carat and Rs 75,510 in 18 carat. The cheapest price of gold in India is at Rs 10,068 per gram for 24 karat gold, at Rs 9,229 per gram for 22 karat gold, and Rs 7,551 per gram for 18 karat gold (also called 999 gold).
Meanwhile, 1kg silver price was unchanged at Rs 1,10,000 on June 23, while prices of 100 grams and 10 grams silver stood at Rs 10,990 and Rs 1,099.
The performance of precious metals in India defied the uptrend in international prices on Monday.
"Gold traded in a positive range between $3350-$3380 in Comex as US airstrikes on Iranian nuclear sites heightened geopolitical risks. The escalation has triggered safe-haven buying, with participants closely watching for further developments. Any retaliatory actions or military responses could lead to a sharp spike in gold prices," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
However, the analyst believes if no further escalation occurs and diplomatic efforts emerge, strong profit booking may set in. In such a case, immediate support lies at $3290 in Comex.
Spot Gold Price:
On Tuesday, in the early hours, COMEX gold dipped to struggle at $3,350 per ounce, after ceasefire agreement was announced between Israel and Iran, impacting safe haven assets appeal.
Late Monday, President Donald Trump announced that both nations had agreed to a complete ceasefire, adding that Iran will begin the truce immediately, followed by Israel after 12 hours. Trump's comments came shortly after Iran made a token retaliation against a US military base in Qatar in which no casualties were reported. Meanwhile, investors are closely watching Federal Reserve Chair Jerome Powell, who is set to testify before US Congress on Tuesday and Wednesday, for any signals on the future path of interest rates, as per Trading Economics.
Through his Truth Social account, US President Donald Trump said, "CONGRATULATIONS TO EVERYONE! It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which point the War will be considered, ENDED! Officially, Iran will start the CEASEFIRE and, upon the 12th Hour, Israel will start the CEASEFIRE and, upon the 24th Hour, an Official END to THE 12 DAY WAR will be saluted by the World. During each CEASEFIRE, the other side will remain PEACEFUL and RESPECTFUL. On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, "THE 12 DAY WAR." This is a War that could have gone on for years, and destroyed the entire Middle East, but it didn't, and never will! God bless Israel, God bless Iran, God bless the Middle East, God bless the United States of America, and GOD BLESS THE WORLD!"
Gold Price Outlook For June 24:
In the domestic market (MCX), Trivedi said, gold is holding firm above Rs 98,000, which acts as a key support, while resistance is seen around Rs 99,500-Rs 99,750.
Giving his outlook, the analyst said, "volatility is expected to persist in the short term as market direction hinges on geopolitical developments and risk sentiment."
Furthermore, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "Caution also prevails ahead of key economic events, including Fed Chair Jerome Powell's congressional testimony, the release of U.S. GDP data, and core PCE inflation figures, all of which could offer fresh clues on monetary policy direction amid mixed messaging from the Federal Reserve. While most Fed officials have maintained a wait-and-see approach, signaling that the next rate cut may not occur before September, Fed Governor Christopher Waller has taken a more dovish stance, suggesting the Fed should consider easing rates at its next meeting, as he believes any inflation stemming from tariffs would be short-lived."
MCX gold price, with August 2025, ended at Rs 99,355 per 10 grams on June 23, down by Rs 33 or 0.03%. Meanwhile, MC silver price ended at Rs 1,06,796 per 1kg, up by Rs 37 or 0.03%.
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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