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Informist, Monday, Jun. 23, 2025

By Pallavi Singhal

NEW DELHI – Futures contracts of gold were up on the Multi Commodity Exchange of India, tracking a rise in contracts on the COMEX as investors turned to safe-haven assets amid growing fears of a broader West Asia conflict, with markets closely watching for Iran's response to US attacks on its nuclear sites. Flaring geopolitical concerns usually boost gold on safe-haven demand.

The gains, however, remained limited, as the market awaits Iran's response to the recent US-led attacks on its nuclear facilities, analysts at Kotak Securities said in a report. "The escalation has strengthened the dollar and sharply increased oil prices due to fears of Iranian retaliation against Middle Eastern energy infrastructure or shipping in the Strait of Hormuz. While the geopolitical instability has fuelled gold's year-to-date rally of nearly 30%, a sustained rise in energy prices could trigger inflation, potentially deterring Federal Reserve rate cuts," they cautioned. Higher interest rates decrease the appeal of the non-interest-bearing yellow metal to investors.

At 1728 IST, the most-active August GOLD contract on the COMEX was up 0.2% at $3,393.1 per ounce. The most-active August gold contract on the MCX was up 0.5% at INR 99,609 per 10 grams.

SILVER contracts were up on the MCX and COMEX, tracking the rise in gold and industrial metals. At 1730 IST, the most-active July silver contract on the MCX was up 0.6% at INR 106,888 per kilogram. The same-month contract on COMEX was up 0.2% at $36.1 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 97,758–INR 100,760 per 10 grams

--COMEX gold seen at $3,300.1–$3,431.5 an ounce

--MCX silver seen at INR 104,365–INR 109,257 per kg

--COMEX silver seen at $35.16–$37.14 an ounce

End

US$1 = INR 86.74

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

Edited by Akul Nishant Akhoury

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