Gold prices in Monday’s session (June 16, 2025) continued to scale new high only to see profit booking later. At around 12:20 pm, gold August futures on the MCX traded lower by 0.49 per cent or Rs 491 at Rs 99,785 per 10 gm. However, in early trade, gold prices logged a new high of Rs 1,01,078 per 10 gm.
The precious yellow metal is climbing new highs as intensifying war between Iran and Israel – emerged as a fresh cataylist, triggering risk-off sentiment and the demand for safe-haven bullion.
Gold so far on the MCX has gained 29 per cent year-to-date with prices zooming from 78,606 per 10 gm on December 31 to Rs 1,01,078 per 10 gm today.
International gold rates
In the international markets, gold is near a 2-month high as investors flocked to the safe-haven amid rising Israel-Iran tensions- stoking fears of a broader conflict in the region.
Gold in the futures market traded with a cut of 0.45 per cent at $3,437.25, while in the spot market it traded at $3,419.4, down 0.39 per cent.
Factors that triggered gold to new all-time high today
Escalating Israel-Iran tensions: Rising clash between the two nations are adding to the gains in precious metal, helping it move past Rs 1 lakh levels.
Surge in crude prices: Crude prices have surged sharply over the past week and now have extended gains. So, as crude accounts to be the major input cost for the global economy, gold prices see an uptrend being a hedge against inflation.
Global equities see sell-off: As global equities see pressure in the backdrop of geo-poltical tensions, risk-off sentiment has taken over- fuelling demand for the safe haven gold.
Manoj Kumar Jain, Commodity Expert- IndiaNivesh said, “weakness in the rupee could also support prices of gold and silver. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions and; 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.”
Gold’s support and resistance levels
Gold has support at $3420-3388, while resistance at $3480-3510 per troy ounce and silver has support at $36.00-35.70, while resistance is at $36.66-37.00 per troy ounce in today’s session. At mcx, gold is having support at 99650-99100 and resistance at 101100-101800 while silver is having support at 105800-105000 and resistance at 107200-108000.
Trading strategy in gold
Jain suggested to avoid short selling in gold and silver until any ceasefire news from the Israel-Iran war. Gold buying range 99600-99100 while resistance for profit booking 101100-101800 and silver buying range 105000-104000 while resistance for profit booking 107200-108000. Trade cautiously and according to given levels, he added.