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Informist, Tuesday, Jun. 24, 2025

By Pallavi Singhal

NEW DELHI – Futures contracts of gold were down on the Multi Commodity Exchange of India tracking a fall in contracts on the COMEX as safe-haven demand fell on reports of Israel and Iran agreeing to a ceasefire, one which US President Donald Trump said could result in the end of conflict between the two West Asian countries.

However, the fall in prices of the precious metal may be limited as dovish remarks by US Federal Reserve officials fuelled speculation about a rate cut in July. Market participants are now waiting for Federal Reserve Chairman Jerome Powell to present the monetary policy report to the US Senate banking committee, seeking indications on future monetary policy easing, a factor historically supportive of non-interest-bearing assets like gold, Kotak Securities said in a report.

At 1625 IST, the most-active August GOLD contract on the COMEX was down 1.6% at $3,361.20 per ounce. The most-active August gold contract on the MCX was up 2% at INR 97,381 per 10 grams.

SILVER contracts were down on the MCX and COMEX tracking the fall in gold and industrial metals. At 1640 IST, the most-active July silver contract on the MCX was down 1% at INR 105,735 per kg. The same-month contract on COMEX was down 0.4% at $36 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 95,125–INR 99,269 per 10 grams

--COMEX gold seen at $3,252.1–$3,386.5 an ounce

--MCX silver seen at INR 103,389–INR 108,103 per kg

--COMEX silver seen at $35.07–$37.05 an ounce

End

US$1 = INR 85.97

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

Edited by Nishant Maher

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