Gold Rate In India Crashed Rs 33,300 In 6 Days; Gold Outlook For June 30-July 4; 24K, 22K, 18K Gold Prices

Gold rates in India have significantly crashed over the past 10 days, with 100 grams of gold falling by Rs 39,300 in 24 carats. Last week, gold prices dropped by 3% in both domestic and international markets, while silver rates traded flat at MCX. In the week ahead, from June 30th to July 4th, COMEX gold is expected to find support around $3,280, while MCX gold is seen to range from Rs 93,800 to Rs 98,200. The overall performance of precious metals is expected to be volatile.

"Gold and silver prices continued with their downward spiral after the ceasefire between Israel and Iran and risk on sentiment across global equity markets," said Rahul Kalantri, VP Commodities, Mehta Equities.

Gold Prices In India:

On June 29, gold prices took a breather from their downward trend. 24-carat gold rates stood at Rs 97,420 per 10 grams and Rs 9,74,200 for 100 grams.

22-carat gold prices stood at Rs 89,300 in 10 grams and at Rs 8,93,000 in 100 grams. Meanwhile, 10-gram and 100-gram gold prices were at Rs 73,070 and Rs 7,30,700 for 18 carat.

Gold Rates In India In 10 Days:

Gold rates in India have fallen five times from June 23 to June 28, after the Israel-Iran ceasefire agreement. The only time there was no movement in gold was on June 26.

On the other days, gold prices dropped by Rs 6,000 on June 28, while it declined by Rs 9,300 on June 27. Additionally, gold rates tumbled by Rs 2.700 on June 25, was down by Rs 600 on June 23. The biggest single-day crash was of Rs 14,700 on June 24, when Israel and Iran's ceasefire was fully implemented.

"Gold prices dipped following news of a ceasefire between Iran and Israel. In contrast, silver moved higher, improving the gold-silver ratio from 108:1 to 90:1. On the MCX, gold depreciated for two consecutive weeks, while silver prices traded within a range," said SMC Global Securities weekly report.

Silver Prices In India:

The decline in silver prices has been slower compared to gold over the past six days. On June 29, 1Kg silver price stood at Rs 1,07,800. Meanwhile, 1Kg silver prices shed Rs 100 on June 27, and down by Rs 1,000 each on June 25 and June 24.

Also, currently, 100 grams and 10 grams silver prices stood at Rs 10,780 and Rs 1,078.

MCX Gold, Silver Prices:

MCX gold price, with August 2025 expiry, stood at Rs 95,524 per 10 grams, crashing by Rs 1,563 or 1.61% on June 27. Similarly, MCX silver price, with July 2025 expiry, closed at Rs 1,06,429 per 1kg, down by Rs 1,468 or 1.4%.

Gold & Silver Prices Weekly Outlook:

According to SMC Global Securities, gold prices declined by over 3%, while silver remained mostly flat, as investors continued to evaluate the Federal Reserve's rate cut outlook and the implications of an improving gold-silver ratio. Reports suggest that President Trump may announce his nominee for Fed Chair as early as September or October, likely choosing someone in favour of easier monetary policy. Meanwhile, Fed Chair Powell indicated that the absence of new tariffs is supporting disinflation, which could open the door to multiple rate cuts if additional tariffs are delayed past the July 9 deadline.

On the macro front, SMC's note added, "the U.S. GDP was revised to show a 0.5% contraction in the second quarter, strengthening the case for more dovish policy. Globally, easing tensions in the Middle East weighed on demand for safe-haven assets."

Further, Trump has been pressuring Powell to speed up interest rate cuts, even as the Fed Chair told Congress that the central bank will closely watch how the President's tariff policies impact inflation before taking further action.

SMC's note added, "Markets still expect the Fed to cut rates by 50 basis points by year-end. The U.S. Bureau of Economic Analysis released its second revision for first-quarter GDP, reporting a 0.5% contraction-sharply lower than the previous quarter's 2.4% expansion and below estimates for slight growth."

Technically, SMC's note said, "Technically, gold on COMEX formed a triple top near $3,480 and has since declined. It may find support near $3,280, but a clear breach could push prices down to $3,200. Silver could stay mildly positive with corrections, trading between $35 and $38.50. On MCX, gold may trade in the range of Rs. 93,800-Rs. 98,200, while silver could trade in the Rs. 1,00,000-Rs. 1,10,000 range."

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