Gold Rate In India Down Rs 39,000 In 22K/100 Grams From PEAK; June 30 Gold Outlook; 24K, 22K, 18K Gold Prices
Gold rates in India are expected to be volatile, with 10 grams of yellow metal at MCX seen to range from Rs 96,000 to Rs 98,000 on Monday, June 30. If MCX moves below the Rs 96,000 mark, then more downward pressure is likely.
Gold prices in India have been falling for the past six days, with 24-carat gold rates slipping by Rs 33,300 in 100 grams and Rs 3,300 in 10 grams. Notably, the 22-carat gold price has crashed by at least Rs 39,000 in 100 grams and by Rs 3,900 in 10 grams from their record high levels recorded in mid-June.
“The decline was further triggered by reports of a possible ceasefire between Iran and Israel, alongside official announcements from the US indicating progress on de-escalation. As geopolitical tensions ease, safe-haven demand for gold has weakened,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
Gold Prices In India:
On June 29, gold prices took a breather from their downward trend. 24-carat gold rates stood at Rs 97,420 per 10 grams and Rs 9,74,200 for 100 grams.
22-carat gold prices stood at Rs 89,300 in 10 grams and Rs 8,93,000 in 100 grams. Meanwhile, 10-gram and 100-gram gold prices were Rs 73,070 and Rs 7,30,700 for 18 carat.
22 Carat Gold Falls From Peak:
On June 14, 10 grams and 100 grams of 22 carat gold had touched a new all-time high of Rs 93,200 and Rs 9,32,000 respectively. Taking into consideration yesterday’s price, gold prices are down by Rs 3,900 in 10 grams and by Rs 39,000 in 100 grams from its peak.
Silver Prices In India:
The decline in silver prices has been slower compared to gold over the past six days. On June 29, 1Kg silver price stood at Rs 1,07,800. Meanwhile, 1Kg silver prices shed Rs 100 on June 27, and down by Rs 1,000 each on June 25 and June 24.
MCX Gold, Silver Prices:
MCX gold price, with August 2025 expiry, stood at Rs 95,524 per 10 grams, crashing by Rs 1,563 or 1.61% on June 27. Similarly, MCX silver price, with July 2025 expiry, closed at Rs 1,06,429 per 1kg, down by Rs 1,468 or 1.4%.
Gold Price Outlook On June 30:
“Gold is expected to remain volatile, with the immediate range seen between Rs 96,000 and Rs 98,000 in MCX. A sustained move below Rs 96,000 may indicate further correction, while recovery above Rs 98,000 could revive bullish sentiment,” said Trivedi.
On the other hand, Rahul Kalantri, VP Commodities, Mehta Equities believes gold could slip below Rs 95,000 mark at MCX.
“Precious metals witnessed a sharp correction amid geopolitical easing and global market optimism. The ceasefire between Israel and Iran deflated the war risk premium, triggering a pullback in gold and silver prices. Gold slipped to its lowest level in a month, while silver also declined sharply. Additional pressure came from fading hopes of near-term U.S. Fed rate cuts. However, the downside is being cushioned by dollar weakness and rising tensions in the Russia-Ukraine region. Gold has support at $3264-3245 while resistance at $3315-3335. Silver has support at $35.80-35.55 while resistance is at $36.25-36.50. In INR gold has support at Rs 95,100-94,780 while resistance at Rs 95,940-96,450. Silver has support at Rs 1,05,980-1,04,900 while resistance at Rs 1,07.450-1,07,900,” said Rahul Kalantri, VP Commodities, Mehta Equities.
For Comex Gold, Kalantri said, ” Gold prices slipped toward $3,280 per ounce on Friday, marking a four-week low as reduced geopolitical and trade tensions dampened safe-haven appeal. The US and China concluded the London phase of their trade deal, easing tariff concerns and implementing the Geneva consensus. The White House also signaled that tariff deadlines could be extended, further calming markets. Investors now eye the Fed’s next move, as President Trump could name a new Fed Chair by September or October, likely boosting prospects for looser monetary policy.”
He added, the bullion is set for its second weekly loss, with the PCE inflation report in focus for fresh cues. Gold and silver have key support levels at $3250 and $35 respectively. A break below these levels may trigger further weakness, while holding above the range could offer support.”
On Monday, in the early trade, spot gold edged near $3,270 per ounce, remaining around its lowest level in a month.
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