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Gold prices on MCX rose on June 12 as US President Donald Trump said he canceled planned military strikes against Iran, fueling hopes of a peace deal. Gold August futures rose 0.92% to Rs. 1,50,300 per 10 grams. Silver July futures advanced 1.69% to Rs. 2,43,700 per kg. Meanwhile, Brent crude futures fell 1.47% to $89.07 a barrel. US West Texas Intermediate (WTI) declined 1.40% to $86.48 a barrel.
According to the CME FedWatch tool, traders now expect a 60% chance of a Federal Reserve interest rate hike by December.
24K gold rose Rs. 294 to Rs. 1,48,580 per 10 grams, while 22K gold advanced by Rs. 270 to Rs. 1,36,200. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,48,580, while Delhi was at Rs. 1,45,820, and Chennai at Rs. 1,47,270.
US gold prices edged lower on Friday and were on track for a weekly loss amid inflation concerns and potential US Federal Reserve interest rate hikes.
Spot gold was down 0.3% at $4,200.82 per ounce with a weekly loss of 2.8%. US gold futures for August delivery rose 2.6% to $4,222.10.
Spot silver fell 0.4% to $67.11 per ounce, platinum gained 0.3% to $1,724.45, while palladium rose 1% to $1,281.75.
DBS Group on Thursday said it will offer tokenised physical gold to retail customers as demand for the precious metal grows and it pushes to become a gold trading hub.
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The price is "completely being driven by the geopolitical headlines," said Edward Meir, an analyst at Marex.
"The markets will be paying attention to any signal that the Fed could raise rates, and if they hint at moving in that direction, I think gold could probably break below the $4,000 mark."
MCX gold may face resistance at Rs. 1,52,000 level, while support is seen at Rs. 1,49,500 level. Support for MCX silver July futures is seen at Rs. 2,35,000 level, while resistance is placed at Rs. 2,55,000 level.
