Gold prices on MCX opened lower on June 9, amid weakness in the global precious metals market as investors assess developments regarding the Middle East conflict. Gold’s August futures fell 0.25% to Rs. 1,54,784 per 10 grams. Silver July futures declined 0.85% to Rs. 2,44,253 per kg. Meanwhile, Brent crude futures declined 0.88% to $93.42 a barrel. US West Texas Intermediate (WTI) fell 1.24% to $90.17 a barrel.
24K gold rose Rs. 147 to Rs. 1,53,160 per 10 grams, while 22K gold advanced Rs. 135 to Rs. 1,40,400. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,53,160, while Delhi was at Rs. 1,53,310, and Chennai at Rs. 1,54,910.
US gold prices steadied on Tuesday as traders assessed a fragile ceasefire between Israel and Iran, with concerns over inflation and interest rate hikes in focus.
Spot gold held its ground at $4,332.50 per ounce. In the previous session, bullion touched its lowest level in over two months. US gold futures for August delivery were down 0.1% at $4,357.10.
Spot silver fell 0.7% to $67.71 per ounce, and platinum lost 0.2% to $1,751.39, while palladium rose 0.8% to $1,213.89.
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"We rebounded off the overseas lows just on news that perhaps there's a new ceasefire between Iran and Israel. So that's taken a little bit of pressure off the downside," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Citigroup lowered its three-month target for gold to $4,000 an ounce from $4,300, citing the likelihood of a rate hike by the Fed this year.
“Longer term, we maintain a bullish gold view, but we believe it is extremely high-risk in the near term for anyone without very wide stops and longer-term investment horizons,” analysts including Kenny Hu said in a note. Citi maintained its six- to 12-month price target at $5,000 an ounce.