Gold price prediction today 24 karat India: Where is gold rate headed amidst Iran-Israel tensions? Here's the outlook
24 Karat gold price could remain subdued in the near term amid lack of fresh demand cues in global markets. (AI image)
Gold price prediction today: Gold rates have been in focus for the last few days due to increased safe haven demand amidst the escalating Iran-Israel conflict. All eyes this week will be on the US Federal Reserve's commentary on rate cut possibility.
Gold prices are expected to remain volatile in the near future.
Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations:
Gold prices ended the last week with gains amid escalating Middle-East tensions & rising bets of a Federal Reserve (Fed) rate cut. Investors ignored the upbeat US economic data released last week as geopolitical tensions remained the major focus of the current week.
In other news, due to a combination of central bank gold buying & surging price of gold, the yellow metal overtook the euro as the world's number two reserve asset as gold made up 19.6 percent of global reserves, with the Euro accounting for 15.9 percent.
The survey carried out by World Gold Council expected 95% of respondents believing that global central bank gold reserves to increase over the next 12 months as a record 43% of respondents also believe that their own gold reserves will also increase over the same period and none anticipate a decline in gold holdings.
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In China, the recent US-China trade truce still faced challenges as military-use rare earth exports were unresolved. This remained after China refused to approve exports of specific rare earth metals used in US weapon systems, maintaining a chokepoint in the global supply chain.
Focus this week to remain on any escalation in the middle east crisis, along with global central banks including US monetary policy meetings.
The Bank of Japan had foregone another interest rate hike this year due to uncertainty over US tariff policy.
However, all eyes remain on the June 18 Fed meeting, where the dot plot and Powell's tone may define gold's path for the rest of 2025. US Policymakers are expected to monitor inflation through the coming months till September before considering any moves. Overall Markets continue to price in two rate cuts later this year, likely in the second half.
On the other hand, traders may also closely monitor further rise in Oil prices which may keep Indian rupee under pressure keeping domestic prices elevated in near sessions. For Gold, a breach of all time high levels in spot markets cannot be completely ruled out in the coming week while volatility & profit booking moves could also persist at higher levels. On the lower side a resistance turned support around $ 3360 per oz remains critical on a weekly basis, a sustainable breach below which only prices could drift lower towards $ 3280-3250 levels in Spot.
Gold Price Weekly View: Volatile (1 – 2 Weeks)
Broad trading range on MCX futures (Aug CMP Rs 99,385) remains around Rs 97,200 - 1,02,500 per 10 gm
Meanwhile Silver is expected to trade with a positive bias as it may test Rs 1,10,000 - 1,13,000 per Kg on MCX (Aug) futures contract on the higher side in 1 - 2 weeks perspective.
Gold rate in India has seen a notable decrease across all purities and quantities in the last few days as higher prices have continued to dampen physical demand in India especially for jewellery.
24 Karat gold price
could remain subdued in the near term amid lack of fresh demand cues in global markets.
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