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Israel-Iran conflict: Gold prices may hit $4,000 per ounce in India
Demand for the yellow metal is ebbing as prices continue to soar
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Gold prices in India's futures market crossed the ₹1 lakh per 10 grams for the first time, with MCX futures settling at ₹1,00,276 last week as Israel-Iran tensions escalated to bombardments. In international markets, spot gold ended at $3,432 per ounce —another significant level in a year already shaped by economic and geopolitical headwinds.
In Mumbai's Zaveri Bazar, pure gold closed at ₹99,058 per 10 grams on Friday. At these elevated levels, demand appears to be ebbing. 'At this price, demand has dried up,' said Chirag Sheth, principal consultant at Metal Focus, the London-headquartered precious metals consultancy. Prices are currently
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Hindustan Times
29 minutes ago
- Hindustan Times
Gold prices for the day: Check live prices in your city
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Mint
37 minutes ago
- Mint
LME copper price recovers despite escalation in Israel-Iran war, mixed China data; MCX copper price gains
Copper prices in the international market traded higher on Monday, with the LME copper prices recovering some losses, as market sentiment steadied amid ongoing geopolitical tensions in the Middle East due to the Israel-Iran war. On the London Metal Exchange (LME), copper was up 0.34% at $9,677.5 per ton. Copper prices on the Shanghai Futures Exchange (SHFE) gained 0.19% to 78,550 yuan per metric ton. On MCX, copper prices traded higher. MCX copper rate gained 0.19% to ₹ 877.60 per kg. Copper prices opened higher at ₹ 876.85 as against its previous close of ₹ 875.90. LME copper prices gained, while SHFE copper prices recovered early losses despite cautiousness among investors due to the Middle East tensions and the release of a slew of economic data from China, the world's largest consumer of copper. Mixed economic data from China reinforced market caution, while escalating tensions between Israel and Iran further dampened investor sentiment, analysts said. China's retail sales in May exceeded expectations, while industrial production came in below forecasts. The ongoing conflict between Israel and Iran intensified over the weekend, with both countries targeting each other's energy infrastructure. This has driven oil prices higher, amplifying inflationary pressures. 'Copper prices have been in a consolidation phase. However, bias for LME copper prices remains positive led by US-China trade tensions and lower inventories. Thus, investors can apply a 'buy on dips' strategy for copper,' said Ajay Kedia, Director, Kedia Advisory. In light of these developments, the US Federal Reserve is expected to maintain a cautious stance, with markets widely anticipating that interest rates will be held steady at Wednesday's policy meeting. Currently, investors see little to no chance of a rate cut in July. On the technical front, the gold-copper ratio is at elevated levels, and is showing signs of easing, Kedia noted. A drop in gold-copper ratio will further be supportive for the copper prices going ahead, he added. It indicates that copper may outperform gold. According to Ajay Kedia, support for LME copper price is placed at its 200-Day Moving Average (DMA) of $9,375 level, while resistance is seen at $9,850 level. 'MCX copper prices may find support at ₹ 846 and resistance at ₹ 960 level. The trend may remain positive for copper prices,' Kedia said. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
38 minutes ago
- Time of India
India reviewing global oil supply situation on a daily basis, says Union Minister Hardeep Singh Puri
Amidst the Israel-Iran conflict, India is closely monitoring global oil supplies daily, assuring sufficient crude oil reserves. Oil prices experienced significant volatility, surging initially before fluctuating due to concerns of a wider regional conflict disrupting Middle East oil exports, particularly through the Strait of Hormuz. These events pose challenges for India, impacting inflation and trade balances. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Following volatile oil prices and uncertainty amid the ongoing conflict between Israel and Iran, Union Minister for Petroleum and Natural Gas Minister, Hardeep Singh Puri , said that India is reviewing global oil supply situation on a daily basis, adding that the country has sufficient stocks of crude Friday, the day Israel attacked Iran, oil prices surged 7% and the prices remained volatile on Monday following renewed strikes by the two countries over the weekend. The exchanges have increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle Strait of Hormuz , where much of the world's oil passes through, has become a flashpoint. Any risk to oil's safe passage through this shipping lane instantly affects oil India, which imports over 80% of its crude requirements, such events have a large impact on critical indicators ranging from inflation risks to trade balances. Brent crude futures rose 64 cents, or 0.86%, to $74.87 a barrel by 0507 GMT, while U.S. West Texas Intermediate crude futures gained 76 cents or 1.04%, to $73.74. They had surged more than $4 a barrel earlier in the session and also fell into negative territory benchmarks, however, settled 7% higher on Friday, having jumped more than 13% during the session to their highest levels since missiles struck Israel's Tel Aviv and the port city of Haifa on Monday, destroying homes and fuelling concerns among world leaders at this week's G7 meeting that the battle between the two old enemies could lead to a broader regional conflict.
