More Stories

Informist, Thursday, Jun. 12, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India, tracking a rise in contracts on COMEX as the dollar slumped to a two-month low Thursday. The market was further lifted by gold's safe-haven demand amid rising tensions in West Asia and softer-than-expected economic data from the US.

US officials have been told Israel was prepared to initiate an operation in Iran. The US expects that Iran may respond by targeting specific American locations in Iraq. US President Donald Trump said US personnel were being moved out of West Asia because "it could be a dangerous place" and added that the US would not allow Iran to have a nuclear weapon, CBS News reported, quoting multiple sources.

US consumer prices rose less than expected in May, increasing marginally by 0.1%. Analysts in a Dow Jones poll had forecast a 0.2% CPI rise. At 1753 IST, the most-active August GOLD contract on COMEX was up 1.7% at $3,401 per ounce. The most-active August gold contract on the MCX was also 1.7% higher at INR 98,330 per 10 grams. "The US government's order for embassy staff departure from Baghdad, following Iran's threats, amplified geopolitical risk," Kotak Securities said in a report.

Meanwhile, gold exchange-traded funds in India recorded net inflows in May after net outflows in March and April. The 20 gold ETFs saw a gross inflow of INR 12.66 billion in May and redemptions worth INR 9.74 billion, resulting in a net inflow of INR 2.92 billion, according to data released Tuesday by the Association of Mutual Funds in India. However, the gross inflow in May was lower than INR 16.63 billion seen in April and redemptions were lower than INR 16.69 billion in April.

SILVER contracts rose on the MCX and COMEX, tracking the gains in gold prices. At 1804 IST, the most-active July silver contract on the MCX was up 0.4% at INR 105,867 per kg. The same-month contract on COMEX was 0.3% higher at $36.36 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 96,059–INR 99,639 per 10 grams

--COMEX gold seen at $3,290.8–$3,436.7 an ounce

--MCX silver seen at INR 102,548-INR 108,002 per kg

--COMEX silver seen at $34.77-$37.09 an ounce

End

US$1 = INR 85.60

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.