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Informist, Friday, Jun. 13, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold rose to an all-time high on the Multi Commodity Exchange of India after Israel launched attacks on Iranian military and nuclear facilities early Friday. Gold contracts on COMEX also traded higher as rising tensions in west Asia boosted the safe-haven appeal of the precious metal.

At 1728 IST, the most-active August GOLD contract on the MCX was 1.6% higher at INR 99,990 per 10 grams, after touching an intraday peak of INR 100,403 per 10 grams earlier in the day. The most-active August gold contract on COMEX was 1.2% higher at $3,441.7 per ounce.

Israel launched "pre-emptive" strikes on Iran early Friday, targeting Tehran's nuclear programme. A state of emergency has been declared in Israel, Defence Minister Israel Katz said. "Following the State of Israel's pre-emptive strike against Iran, a missile and drone attack against the State of Israel and its civilian population is expected in the immediate future," CNN quoted Katz as saying. Israel's Prime Minister Benjamin Netanyahu confirmed the military operation would continue for a while. "This operation will continue for as many days as it takes to remove this threat," CNN quoted him as saying.

Iran has since retaliated against the air strikes and launched drone attacks on Israel, according to media reports. "Iran launched approximately 100 unmanned aerial vehicles towards Israeli territory, which we are working to intercept," CNBC quoted Israel Defense Forces spokesperson Effie Defrin as saying.

"Further underpinning gold's rally is the growing uncertainty surrounding US trade policy, as Trump's tariff threats loom, despite Treasury Secretary (Scott) Bessent's indication of a potential extension to the current tariff pause," Kotak Securities said in a report.

SILVER contracts rose on the MCX and COMEX, tracking the gains in gold prices. At 1745 IST, the most-active July silver contract on the MCX was up 0.7% at INR 106,590 per kg. The same-month contract on COMEX was 0.1% higher at $36.33 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 97,967–INR 102,133 per 10 grams

--COMEX gold seen at $3,344.5–$3,505.1 an ounce

--MCX silver seen at INR 104,267-INR 109,347 per kg

--COMEX silver seen at $35.15-$37.38 an ounce

End

US$1 = INR 86.08

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

Edited by Rajeev Pai

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