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Gold prices slipped to ₹98,691 per 10 gram against ₹98,768
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ALESSIA PIERDOMENICO
Gold prices slipped to ₹98,691 per 10 gram against ₹98,768 on hopes of early resolution to the ongoing Israel-Iran war with the US and most European countries calling for peace.
In fact, in the last two days the yellow metal has lost ₹493 from the all-time high of ₹99,454 logged on Wednesday. In MCX, gold for August delivery was down ₹559 to ₹98,770 per 10 grams. The October contract dipped to ₹99,700 against the previous close of Rs 100,209.
Gold prices in the US market was down 0.7 per cent to $3,348 an ounce and dipped 2.5 per cent for the week. The US gold futures slipped 1.3 per cent to $3,364.
Dollar rises
The dollar was up 0.5 per cent so far this week and poised for its biggest weekly gain in over a month, making gold more expensive for holders in other currencies.
On Wednesday, the Federal Reserve held interest rates unchanged at 4.25 per cent-4.50 per cent range, but slowed its overall outlook for rate cuts in response to a more challenging economic outlook.
Aksha Kamboj, Vice-President, India Bullion and Jewellers Association, said gold prices remain sluggish, as concerns over potential high inflation signalled by the US Federal Reserve have overshadowed the safe-haven demand typically expected during geopolitical tensions such as the ongoing West Asia crisis.
Rising inflation tends to weigh on gold, which offers no interest income. After a strong rally so far in 2025, any further gains in bullion are likely to depend on a significant escalation in the West Asia conflict, she said.
Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services, said gold prices slipped after the US Federal Reserve kept interest rates unchanged, with the Fed Chair Powell expecting an increase in inflation in the coming months amid tariffs and other factors.
However, US Fed still anticipates rate cuts totalling 50 basis points in 2025, but now sees only 25 basis points of easing each in 2026 and 2027, he said.
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions, said if the US decides to intervene directly in the battle, the geopolitical tensions may increase, but the US military has evacuated some ships and aircraft from West Asian locations that could be attacked by Iran.
Gold prices are consolidating around record-high levels in the range of $3360 (₹99,000) and $3475 (₹101,000), he said.
Published on June 20, 2025
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