Gold price today: Gold futures on the Multi Commodity Exchange (MCX) on Tuesday, 24 June 2025, dropped 2.62% or by ₹2,606 per 10 grams amid a volatile Israel-Iran ceasefire deal mediated by the US President Donald Trump and the Qatar government.
Gold futures for the August 2025 contract plummeted 2.62% or by ₹2,606 per 10 grams to ₹96,782 per 10 grams on Monday, 24 June 2025, compared to its previous level of ₹99,388 per 10 grams at the previous market close, according to MCX data.
Official data shows that as of 7:39 p.m., the MCX gold futures were 2.53% lower at ₹96,875 per 10 grams compared to the previous commodity market close.
The Comex gold futures were down 2.28% to $3,317.5 per 100 troy ounces, as of 9:52 a.m. (CT), according to the CME Group’s official data.
“During the flare-up, gold surged on investor inflows. As pacification set in, that flight reversed—spot and futures gold both sank on easing tensions,” said Nirpendra Yadav, Senior Commodity Research Analyst at Bonanza.
A bearish move for MCX gold?
After US President Donald Trump and the Qatari government brokered the ceasefire deal, the gold prices plummeted on Tuesday due to the easing sentiment in the Israel-Iran war.
However, shortly after the ceasefire came into effect, media reports emerged about explosions in Iran’s Tehran region. This comes after the US got involved in the conflict as Trump targeted three nuclear sites in Iran over the last weekend. Iran retaliated by attacking the US airbase in Qatar.
Amid the escalating geopolitical scenario and a temporary ceasefire relief, the precious metal gold prices are indicating a bearish move in the short-term period.
“Gold prices are trading with heavy volume while momentum indicators are indicating a bearish move for the short-term period,” the commodity market expert Yadav told Mint.
Can gold position for a buying momentum?
Even though the global gold prices were unable to cross the $3,500 levels despite the geopolitical tensions, the heavy volume and the momentum indicators are showing a bearish move.
The Comex gold futures have a support at $3,200 and a resistance at ₹3,500, according to Nirpendra Yadav’s expectations.
“With geopolitical tensions easing, attention is shifting back to fundamental drivers, which currently offer limited upside support for the yellow metal. Investors are now closely watching Federal Reserve Chair Jerome Powell’s testimony before Congress later today and the upcoming U.S. PCE inflation data on Friday,” said Aksha Kamboj, the vice president of the India Bullion and Jewellers Association.
Bonanza’s analyst Nirpendra Yadav expects the MCX gold futures for the August 2025 contract to have further support at ₹95,000 to ₹93,000 per 10 gram level, and a resistance at ₹99,000 to ₹1,00,000 per 10 gram level.
“The RSI has slipped to 64 and giving a negative divergence while MACD is showing a bearish crossover on the weekly chart. However, prices have taken support at 50-weekly SMA at 96200 levels, below this level selling pressure is likely to increase which may take the gold prices towards next support levels,” said the commodity market expert.
Yadav also highlighted that the MCX remaining down for two consecutive weeks, along with a declining buying momentum, near all-time high levels, is contributing to the bearish outlook for the precious yellow metal.
Read all stories by Anubhav Mukherjee
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
