Gold rates in India ended the month of June in the red, with 24 carat, 22 carat, and 18 carat gold prices falling. The most decline was seen since Israel and Iran agreed to a ceasefire. 24 carats of 100 grams and 10 grams of gold crashed by at least Rs 34,900 and Rs 3,490 since the ceasefire. MCX gold ended the month a little over Rs 96,000 mark. A host of economic data will provide direction to gold prices on July 1st and the days ahead.
On June 30th, 22 carat gold price dropped by Rs 150 in 10 grams to Rs 89,150, while it declined by Rs 1,500 to Rs 8,91,500 in 100 grams. Meanwhile, 24 carat gold dropped by Rs 160 to Rs 97,260 per 10 grams and plunged by Rs 1,600 to Rs 9,72,600 in 100 grams.
Gold prices are majorly down to muted since June 23. 100 grams gold price dropped by Rs 1,600 in 24 carat on June 30th, after being unchanged on June 29. This was after 100 grams gold price dropped by Rs 6000 on June 28, and lower by Rs 9300 on June 27.
100 grams price was also unchanged on June 26, however, after falling by Rs 2700 on June 25. Gold crashed by Rs 14,700 in 100 gramson June 24, while it was down by Rs 600 on June 23, the time when US President Donald Trump confirmed about ceasefire agreement between Israel and Iran.
Israel and Iran ended their 12-days war effective from June 24. That being said, from June 23 to June 30th, 100 grams and 10 grams gold prices in 24 carats have tumbled by Rs 34,900 and Rs 3,490 respectively.
Following this decline, gold prices broadly ended June 2025, marginally down.
MCX Gold, Silver Prices:
MCX gold price, with August 2025 expiry, surged marginally by Rs 36 or 0.04% to end at Rs 96,111 per 10 grams. Meanwhile, MCX silver price, with July 2025 expiry, closed in June at Rs 1,05,451 per 1kg.
"Gold traded with modest gains, rising by 0.40% to $3,290 in Comex and 0.50% to ₹95,950 in MCX, supported by weakness in the dollar index. The rebound comes after a phase of sharp profit booking observed last week, as investors cautiously return to safe-haven assets," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Gold Price Outlook On July 1:
According to Trivedi, the week ahead is crucial, with a slew of high-impact US economic data, including ADP Non-Farm Employment, Non-Farm Payrolls, and the Unemployment Rate, all of which will provide further direction to gold prices.
He added, "Gold is expected to trade in a range of Rs 94,000 - Rs 97,500 in the domestic market in the near term, with volatility likely to increase as markets react to US labor data and evolving macroeconomic cues in trade tariffs updates."
Gold rose to around $3,290 per ounce on Monday, helped by a weaker US dollar, after hitting an over one-month low earlier in the session as trade talks progress and Middle East tensions abate. President Donald Trump announced last week that the US had signed a trade agreement with China and hinted that a "very big" deal with India will follow soon, as per Trading Economics data.
The data cited reports that also suggested that the US is nearing agreements with Mexico and Vietnam, while talks with Japan and other countries continue. On Sunday, Canada scrapped its digital services tax after Trump abruptly called off talks on Friday over the tax targeting American tech firms. Meanwhile, a fragile ceasefire between Israel and Iran has so far held. On the economic front, investors are closely watching key US labor market indicators this week, including job openings data, the ADP employment report, and the non-farm payrolls report, which could provide further insights into the Federal Reserve's rate path.
Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author, GoodReturns.In nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.
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