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Informist, Monday, Jun. 16, 2025

 

--MCX Aug gold contract hits fresh all-time high of INR 101,078 per 10 gm 

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India hit fresh record highs on Monday as escalation of tensions between Israel and Iran lifted safe-haven demand for the precious metal. Iran began responding to Israel's strikes during the weekend, broadening the conflict as it entered its fourth day on Monday.

 

At 0937 IST, the most-active August gold contract was nearly 0.1% higher at INR 100,302 per 10 grams, after touching an all-time high of INR 101,078 per 10 grams earlier in the day. The October contract was also up 0.1% at INR 101,211 per 10 grams, after hitting an all-time high of INR 101,450 per 10 grams.

 

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. Meanwhile, the death toll in Iran rose to 224, including 70 women and children. The intelligence chief of Iran's Islamic Revolutionary Guard Corps and two other generals were killed in Israeli attacks on Sunday, the report said. 

 

Iran's foreign minister, Abbas Araghchi, said the Iranian response would stop when Israel halts its attacks on Iran, the report said.

 

The US' involvement in the conflict is also raising fears that the tensions could go global. The US rejected Israel's proposal to assassinate Iran's supreme leader, Ayatollah Ali Khamenei, according to NBC news. On Sunday, when asked about how he plans to de-escalate the conflict between the two nations, US President Donald Trump said, "I hope there's going to be a deal. I think it's time for deal and we'll see what happens, but sometimes they have to fight it out," CNN reported.

 

Gold has been rallying on safe haven flows, Dow Jones cited Fawad Razaqzada, market analyst at City Index and FOREX.com, as saying in a note. "There is little doubt about the gold outlook, which remains positive," amid factors including increased geopolitical risks in West Asia, Razaqzada added. 

 

At 0937 IST, the most-active August gold contract on the COMEX was down 0.1% at $3,449.9 per ounce.  End

 

US$1 = INR 86.16

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

 

Reported by Shreya Shetty

Edited by Avishek Dutta

 

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