India Bullion
Gold down on profit booking after hitting record high on MCX
This story was originally published at 20:45 IST on 16 June 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of gold traded in the red on the Multi Commodity Exchange of India and the COMEX Monday as investors booked profits after prices surged earlier in the day. Gold prices hit fresh record high on MCX, taking cues from COMEX where prices rose to an almost two-month high, as the escalation of tensions between Israel and Iran lifted safe-haven demand for the precious metal.
At 1839 IST, the most active August GOLD contract on the MCX was 0.5% lower at INR 99,760 per 10 grams, after touching an intraday peak of INR 101,078 per 10 grams earlier in the day. The most active August gold contract on COMEX was at $3,420.3 per ounce, down 0.5% from the previous close.
Iran began responding to Israel's strikes during the weekend, broadening the conflict as it entered its fourth day on Monday. Iran launched a new wave of attacks on Israel in the early hours of Monday, killing at least three people in the capital city of Tel Aviv and hitting the port city of Haifa, hours after the Israeli military bombed the Iranian capital, Tehran, Al Jazeera reported.
"Today, Comex gold surged to $3,476.30 per ounce, underpinned by firm safe-haven demand amid escalating geopolitical tensions, dovish Fed expectations, and a weakening US dollar. Further, upside in gold remains possible if Middle East (West Asia) risks intensify or the Fed signals a more accommodative policy stance," Kaynat Chainwala, AVP-commodity research, Kotak Securities said in an emailed note.
At 1852 IST, the dollar index, which measures the greenback's strength against a basket of six major currencies, was down 0.4% at 97.85. A weaker greenback makes dollar-denominated commodities such as gold cheaper for holders of other currencies, aiding demand.
SILVER contracts rose on the MCX and COMEX, tracking gains in prices of industrial metals. At 1852 IST, the most active July silver contract on the MCX was up 0.3% at INR 106,784 per kg. The same-month contract on COMEX was 0.6% higher at $36.72 per ounce.
Outlook for the rest of the session:
--MCX gold seen at INR 98,435–INR 101,990 per 10 grams
--COMEX gold seen at $3,413.58–$3,476.42 an ounce
--MCX silver seen at INR 104,590-INR 108,280 per kg
--COMEX silver seen at $35.64-$36.90 an ounce
End
US$1 = INR 86.07
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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