Gold price today: MCX Gold dropped 1.44% to ₹98,825 as early gains wore off amid Israel-Iran conflict
Gold price today: Gold futures on the Multi Commodity Exchange (MCX) dropped 1.44 per cent or by ₹ 1,451 per 10 grams on Monday, 16 June 2025, as the early gains eroded due to the easing investor tensions over other nations involving themselves in the Israel-Iran conflict, and weak global cues.
Gold futures for the August 2025 contract dropped 1.44 per cent or by ₹ 1,451 per 10 grams to an intraday low of ₹ 98,825 per 10 grams on Monday's commodity market session, compared to ₹ 1,00,276 per 10 grams at the previous market close.
As of 10:39 p.m. (IST), the gold futures on the MCX are trading 1 per cent lower at ₹ 99,274 per 10 grams, according to the official data.
Meanwhile, Silver futures were flat after a volatile session on Monday, at ₹ 1,06,563 per kilogram, compared to ₹ 1,06,493 per kilogram at the previous commodity market session.
A sell-off in these precious commodities shows a reduced appetite for safe-haven assets and a shift in investor demand for riskier assets like stocks, as they regain confidence amid easing global uncertainty.
Global gold also edged lower after a rise in the early session on Monday as investor tensions eased amid the Israel-Iran conflict. The US-based Comex Gold dropped to $3,390 an ounce as the two nations exchanged fire for the fourth day on 16 June, reported the news agency Bloomberg.
'Prices are still very close to the record, and given the geopolitical situation, any further escalation will push them higher,' John Feeney, an analyst at Guardian Gold Australia, told the news agency. 'Gold has performed very well as a haven recently, and it seems a lot of investors are moving funds out of US bonds and into the metal over the longer term,' he said.
The spot gold price also dropped 0.89 per cent to $3,401.96 per ounce as of 11:11 a.m. in New York, according to the agency report.
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