Gold prices steady ahead of FOMC meet; silver hits all-time high of Rs 1,09,630/kg. What's next?
After a highly volatile session, gold August futures contracts at MCX opened flat at Rs 99,611/10 grams, rising Rs 70 or 0.07%, while the silver July futures contracts traded slightly higher by Rs 604 or 0.55% to hit their fresh all-time high of Rs 1,09,630/kg.
ADVERTISEMENT On Tuesday, gold and silver settled on a positive note in the domestic market, while settling on a mixed note in the international markets. Gold August futures contract settled at Rs 99,541 per 10 grams with a gain of 0.37% and silver July futures contract settled at Rs 1,08,995 per kilogram, rising2.28%.
Due to weakness in the rupee, domestic markets settled on a positive note. Gold and silver showed very high price volatility, settling on a mixed note in the international markets amid geopolitical tensions and ahead of the FOMC meeting outcomes.
Escalation in the Israel-Iran war supported safe-haven buying for precious metals, but downbeat U.S. retail sales and core retail sales data limit gains. Chinese consumer demand for gold also cooled off in May and limited the gains.
'Gold extended its fall at Comex divisions but silver prices extended their gains and prices crossed $37 per troy ounce levels for the first time since February 2012,' noted Manoj Kumar Jain of Prithvifinmart Commodity Research. He added that weakness in the rupee is supporting gold and silver prices in the domestic markets. Today, the US Dollar Index, DXY, was hovering near the 98.66 mark, falling 0.16 or 0.16%.
ADVERTISEMENT 'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geo-political tensions and Fed monetary policy meetings but gold prices could hold its key support level of $3,284 per troy ounce and silver prices could also hold $34.00 per troy ounce levels on a weekly closing basis,' he added.While Gold's movement remains erratic, silver has shown steadier performance, making it a more attractive option in the short term.
ADVERTISEMENT 'All eyes now turn to the Fed meeting outcome tonight, with a particular focus on the Dot Plot projections for clearer guidance on market trends,' said Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
ADVERTISEMENT
Gold has support at Rs 99,100-98,650 and resistance at Rs 99,850-1,00,200
Silver has support at Rs 1,08,000-1,07,200 and resistance at Rs 1,09,750-1,10,600 Jain suggests buying silver on dips around Rs 1,08,000 with a stop loss of Rs 1,07,200 for a target of Rs 1,10,000. Buy MCX August Gold futures at Rs 99,500 with a stop loss of Rs 99,200 and a target of Rs 1,00,000
Buy MCX July Silver futures at Rs 1,09,000 with a stop loss of Rs 1,07,000 and a target of Rs 1,12,000. Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,320/8 grams while pure gold (24 carat) prices stand at Rs 62,192/8 grams.
ADVERTISEMENT Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,256/8 grams while pure gold (24 carat) prices stand at Rs 61,064/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,864/8 grams while pure gold (24 carat) prices stand at Rs 60,632/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,184/8 grams while pure gold (24 carat) prices stand at Rs 60,984/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
41 minutes ago
- Time of India
Adani can't sub-lease its data centre project to another co until it's complete, says Noida
Noida: Noida Authority has ruled out the possibility of sub-leasing its Sector 80 industrial plot to Noida Data Centre Ltd — a group firm of Adani Enterprises Ltd — before the project is declared functional. The decision marks a reversal of the Authority's earlier stance, with officials insisting they would not allow any relaxation from original allotment conditions. According to officials, the plot allotted to Adani in 2021 was still undeveloped and the company had not applied for map approval either. They cited Clause 14-B of the lease deed, which clarified that sub-leasing would be allowed only after the unit obtained an occupancy certificate and became operational. In July last year, the Authority had initially approved the sub-leasing of 10 acres in Sector 80 to Noida Data Centre Ltd — a special purpose vehicle (SPV) formed jointly by Adani Enterprises and EdgeConneX under the AdaniConnex venture. The land, allotted for Rs 70 crore in April 2021, was meant for developing a 50MW hyperscale data park within six years. However, the Authority reversed its decision at a meeting in March this year, following complications over transfer charges. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like O novo dispositivo que os idosos usam para ajudar na neuropatia (dor nos nervos) A arte do herbalismo Undo When the Authority demanded Rs 11 crore as transfer fee, Adani sought a waiver, citing a precedent where the Authority had allowed sub-leasing of its institutional plot in Sector 62 to another SPV without such charges. The company cited the Data Centre Policy of 2021. But although the policy allowed sub-leasing without transfer charges, it also empowered industrial development authorities to levy relevant fees under the UP Industrial Area Development Act, 1976. On June 9, the Authority denied the waiver and conveyed its decision to Adani through a letter, pointing out that the allottee had agreed to these provisions at the time of application and remained bound by them. Chief secretary Manoj Singh, who is also the Authority chairperson, also intervened. He clarified that the Sector 62 case couldn't be compared with that of Adani as it involved different categories of land use. Sector 80 followed industrial plot norms, while Sector 62 was allotted under institutional rules. "Noida Authority's policies for transfer or sub-lease of industrial and institutional plots are entirely different," Singh wrote to Authority CEO Lokesh M. In his letter, Singh also emphasised that the lease deed for the Sector 80 plot — executed in Oct 2021 — explicitly prohibited any kind of transfers before the project became functional. "The allottee was aware of the provisions.... Now, subsequent to signing the lease deed, the provisions of the Para 8.3.i of the Data Centre Policy 2021 cannot be taken recourse to," he wrote. While the IT and electronics department supported Adani's position — arguing that the Data Centre Policy should supersede the lease deed terms — the Authority stuck to its stance. A committee comprising the finance controller, chief legal adviser, and an additional CEO recommended that Adani's request for sub-lease and fee waiver be rejected, also insisting on project completion and the mandatory occupancy certificate. "Granting any relaxation would amount to a post-allotment benefit, which cannot be allowed under current rules," an official said.
Indian Express
an hour ago
- Indian Express
As US eyes its airspace, Pakistan confirms: Trump, Munir had discussion on Iran
As anticipated by Delhi, US President Donald Trump and Pakistan Army chief Field Marshal Asim Munir had a 'detailed exchange of views' on the ongoing Israel-Iran conflict when they met over lunch at the White House. In a statement Thursday, the Pakistan Army said, 'A detailed exchange of views also took place on the prevailing tensions between Iran and Israel, with both leaders emphasising the importance of resolution of the conflict.' Asked if Iran was discussed with Munir, Trump said: 'Well, they know Iran very well, better than most, and they are not happy about anything.' 'It's not that they are bad with Israel. They know them both, actually, but they probably, maybe they know Iran better, but they see what's going on, and he agreed with me,' he said. In Islamabad, the Pakistan Army said the US President showed 'keen interest' in developing a mutually beneficial trade relationship with Pakistan on the basis of long-term strategic interests. According to Delhi's assessment, the US is enlisting Rawalpindi's support since it would want to use Pakistan's airspace, air bases and other infrastructure for launching any military offensive on Iran. This was the key focus of Trump's lunch with Munir which, according to sources, lasted for about two hours, and not one hour as scheduled. According to news agency Reuters, White House spokesperson Anna Kelly said Trump was hosting Munir after he called for the US President to be nominated for the Nobel Peace Prize for preventing a nuclear war between India and Pakistan. But sources indicated that the meeting was not arranged through routine diplomatic channels, and was the outcome of 'unorthodox efforts' by a group of advisers, businessmen and other influential figures. Sources said stronger counter-terrorism cooperation, engagement with crypto-linked influence networks, and targeted lobbying via Republican-aligned firms in Washington helped Pakistan secure the meeting. A source, who has been tracking the US-Pakistan relationship over decades, said, 'It is not rare but absolutely unprecedented for a military chief to be invited by a POTUS (President of the United States) for a meeting, let alone a meeting over a meal. All Pakistan military chiefs who visited the US and other capitals did so as Presidents.' In the past, US President George W Bush met Pakistan President General Pervez Musharraf in 2004. Munir's US visit began last Sunday and was his second since he took over as military chief in 2022. Trump was effusive about both Munir and Prime Minister Narendra Modi. He said he was 'honoured' to meet Munir and that they discussed the situation arising out of the Iran-Israel conflict. 'The reason I had him here, I want to thank him for not going into the war, ending the war (with India). And I want to thank, as you know, Prime Minister Modi,' he said. 'We are working on a trade deal with India. We are working on a trade deal with Pakistan.' Trump also recalled his meeting with Modi at the White House in February. He said he was 'happy' that 'two very smart people decided not to keep going with that war'. 'That could have been a nuclear war. Those are two nuclear powers, big ones, big, big nuclear powers, and they decided (to end the conflict),' he said. The US President was accompanied at the meeting by Secretary of State Marco Rubio and US Special Representative for the Middle East Steve Witkoff. Munir was joined by Pakistan National Security Advisor Lt Gen Asim Malik, who is also head of the spy agency ISI. Earlier, in his phone conversation with Trump, Modi had told the President that India and Pakistan halted their military actions following direct talks between the two militaries without any mediation by the US. The Pakistan Army, in its statement on the Trump-Munir meeting, said, the 'Chief of Army Staff conveyed the deep appreciation of the government and people of Pakistan for President Trump's constructive and result-oriented role in facilitating a ceasefire between Pakistan and India in the recent regional crisis. The COAS acknowledged President Trump's statesmanship and his ability to comprehend and address the multifaceted challenges faced by the global community.' 'President Trump, in turn, lauded Pakistan's ongoing efforts for regional peace and stability, and appreciated the robust counter-terrorism cooperation between the two states. Both sides reaffirmed their commitment to continued collaboration in the field of counter-terrorism,' it said. 'Discussions also encompassed avenues for expanding bilateral cooperation in multiple domains including trade, economic development, mines and minerals, artificial intelligence, energy, cryptocurrency, and emerging technologies. President Trump expressed keen interest in forging a mutually beneficial trade partnership with Pakistan based on long-term strategic convergence and shared interests,' it said. 'In a gesture reflecting the warmth of bilateral ties, Field Marshal Syed Asim Munir extended an invitation to President Trump, on behalf of the Government of Pakistan, to undertake an official visit to Pakistan at a mutually convenient date'
India Gazette
2 hours ago
- India Gazette
"Shouldn't worry, all our assets abroad are safe": Pranav Adani amid Israel-Iran tensions
By Vishu Adhana New Delhi [India], June 19 (ANI): Amid ongoing conflict in West Asia, Adani Enterprises Director Pranav Adani on Wednesday assured that the group's overseas assets remain secure. 'There are concerns, but luckily, all our assets abroad are safe. We shouldn't worry about it,' he told reporters on the sidelines of the Chintan Research Foundation's foundation day event. His remarks came as markets react to the worsening geopolitical situation in the Middle East. Adani Ports and Special Economic Zone fell for the seventh straight session, slipping 2.5% to Rs 1,338. Among the key concerns is the Haifa Port in northern Israel, which the Adani Group acquired in early 2023. The strategic facility, a crucial Indian commercial asset in the region, is operating under the shadow of regional conflict, particularly amid fears of escalation between Israel and Iran. Speaking at ANI, Pranav Adani also outlined the vision of the Chintan Research Foundation, which he said will focus on 'climate change, geopolitical issues and economic entry' as its initial areas of research. 'Evidence-based research has many responsibilities. These three pillars will be our starting point,' he said. He emphasised the need to focus on India's heartland. 'India is not only Delhi or the capital cities. The real India lives in Ranchi, Raipur, Bhubaneswar and the Northeast... That's where inclusive growth should be centred,' he said. CRF President Shishir Priyadarshi said the foundation aims to tackle hard truths and propose solutions with a focus on zero-emission goals, inclusive prosperity, and the Global South's emergence. 'The most challenging thoughts lead to the most rewarding destinations,' he said. (ANI)
