Gold drops 2% below ₹97K on Israel-Iran truce : June 24, 2025

Gold drops 2% below ₹97K on Israel-Iran truce : June 24,2025

After US President Donald Trump declared a “Complete and Total CEASEFIRE” between Israel and Iran,officially ending what he referred to as the “12-Day War,”gold prices plummeted.

Tuesday saw a dramatic decline in gold prices on the Multi Commodity Exchange (MCX),which followed a decline in global bullion prices as US President Donald Trump’s proposal of an Israel-Iran ceasefire undermined the yellow metal’s allure as a safe haven.

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At ₹98,807 per 10 grams, the MCX gold rate opened 0.58% lower than its previous close of ₹99,388. Early trading saw the price of gold drop as much as 2.98% to an intraday low of ₹96,422 on the MCX. At ₹1,06,502 per kg, the MCX silver rate opened 0.24% lower than its closing price of ₹1,06,759. It fell as low as ₹1,05,505.

The price of MCX gold was down ₹2,081,or 2.09%,at ₹97,307 per 10 grams at 12:00 PM. At ₹1,05,523 per kg,the price of MCX silver dropped by ₹1,236 or 1.16%.

Gold prices dropped to almost two-week lows on international markets as risk appetite increased following Trump’s announcement that Israel and Iran had reached a ceasefire agreement.

Earlier in the day, the spot price of gold fell 0.5% to $3,351.47 an ounce after plunging to its lowest level since June 11. US gold futures fell to $3,365.30, a 0.9% decline. The price of spot silver dropped 0.1% to $36.10 an ounce.

The “12-Day War” was officially over when US President Donald Trump declared a “Complete and Total CEASEFIRE” between Israel and Iran.

The Iranian foreign minister stated that there would be no end to the fighting until Israel ceased its attacks, despite an earlier Iranian official confirming that Tehran had consented to a ceasefire.

As demand for safe-haven assets decreased due to the ceasefire agreement between Israel and Iran,gold prices fell. In order to gain further insight into the path of the central bank’s policy,investors are now anticipating Fed Chair Jerome Powell’s testimony before the US Congress on Tuesday and Wednesday, according to Jigar Trivedi,Senior Research Analyst at Reliance Securities.

Michelle Bowman,the vice chair for supervision at the US Federal Reserve,stated that the moment to lower interest rates is drawing near due to possible threats to the labor market. Additionally,later on Tuesday,Fed Chair Jerome Powell will address the House Financial Services Committee.

Outlook for Gold Prices : 
According to Rahul Kalantri,VP of Commodities at Mehta Equities Ltd.,gold has resistance between $3,400 and $3,422 and support between $3,345 and $3,320. The price of silver is supported between $36.35 and $36.10,and it is resistant between $37.00 and $37.25.

The price of MCX gold is supported between ₹98,750 and ₹98,490, and it is resistant between ₹99,650 and ₹1,00,000. According to Kalantri,the price of silver has resistance between ₹1,07,550 and ₹1,08,400 and support between ₹105,880 and ₹105,000.

Jigar Trivedi claims that the MCX gold rate has resistance at the ₹98,600 level and support at ₹97,900 per 10 grams.

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