Gold Price Today: MCX Rates Ease on Profit Booking Despite Middle East Conflict

Market Performance

Gold price today edged lower during morning trade on Wednesday, June 18, as investors booked profits following recent gains.

• On the Multi Commodity Exchange (MCX), the August 5 gold futures contract dipped 0.16%, trading at ₹99,385 per 10 grams.
• In comparison, the contract settled at ₹99,541 per 10 grams in the previous session, reflecting a 0.40% gain.

The minor pullback comes after a strong upward movement driven by global uncertainties.

Main News

The fall in gold prices comes against the backdrop of ongoing conflict between Israel and Iran, which has led to increased demand for safe-haven assets.

• June 17 marked the fifth consecutive day of missile exchanges between the two nations.
• US President Donald Trump exited the G7 Summit ahead of schedule and issued an urgent alert for Tehran residents to evacuate, escalating tensions further.

Despite a brief correction, the geopolitical unrest continues to provide underlying support to gold prices.

Global and Policy Factors

In addition to regional conflict, global monetary policy developments are also influencing gold prices today.

• Market participants are closely monitoring the US Federal Reserve's policy update, due later in the day.
• Amid persistent concerns over inflation and growing geopolitical tensions, the central bank is expected to maintain its existing interest rate policy.
• Comments from Fed Chair Jerome Powell regarding the economic outlook and inflation trends are expected to have a significant influence on bullion markets.

Summary of the Article

• The gold price today slipped by ₹156, or 0.16%, to ₹99,385 per 10g on MCX amid profit booking.
• The rising conflict between Israel and Iran drove previous gains.
• Tensions in the Middle East and US political statements have sustained investor interest in gold at high levels.
• Attention now turns to the US Fed's policy announcement and Powell's comments for further.