India has witness a sharp fall in gold price today recently, because of easing geopolitical tensions (e.g., the Israel–Iran ceasefire) and a rebound in equity markets. This has created a potential buying window as gold becomes more affordable relative to its recent highs. Experts note that the current environment—strong global equities, a firm U.S. dollar, and reduced “safe-haven” demand—is driving prices lower
Kotak’s Anindya Banerjee forecast gold might revisit ₹1 lakh/10 g if geopolitical volatility differ again, recommending cautious buy-on-dips through ETFs or digital gold.
Key Points
- Retail gold (24K/22K) down ~3–4% from June highs.
- MCX futures reflect similar declines; technical support in ₹96,200–₹96,700 zone.
- Market catalysts: Ceasefire eased risk-premium, but upcoming data (PCE, Fed) may shift trends.
- Buying strategy: Consider phased entries—ETFs or spot gold during dips, with plans to hold through seasonal demand.
Price Comparison: Today vs Past Week (24K & 22K, ₹/g)
| Date | 24K | Δ | 22K | Δ |
|---|---|---|---|---|
| 29 Jun | 9,778 | – | 8,778 | – |
| 27 Jun | 9,802 | -24 | 8,985 | -207 |
| 26 Jun | 9,895 | -93 | 9,086 | -101 |
| 24 Jun | 9,987 | -92 | 9,155 | -69 |
| 23 Jun | 10,069 | -82 | 9,230 | -75 |
| 22 Jun | 10,040 | +29 | 9,210 | +20 |
Note: 29 Jun rates based on LiveMint MCX indicators: 95,524 per 10 g → 9,552/g for 24K; ~87,789 per 10 g → 8,778/g for 22K .
MCX Gold Futures Trend
MCX August futures have mirrored spot market softness:
- 27 Jun: ₹96,036, down ₹1,051 (–1.08%) on easing global risk
- 26 Jun (week): ₹97,480, down ₹1,630 for the week
- 24 Jun: ₹96,782, down ₹2,606 (–2.62%) intraday after ceasefire news
MCX trading commentary suggests “sell on rise” in ₹97,300–₹97,400, with downside targets near ₹96,200–₹96,700
Major Cities: Retail Gold (₹/10g)
| City | 29 Jun Spot | 27 Jun | 24 Jun |
|---|---|---|---|
| Mumbai | 95,610 | 98,020 | 99,870 |
| Delhi | 95,440 | 98,020 | 100,020 |
| Chennai | 95,890 | 98,020 | 99,870 |
| Bengaluru | 95,680 | 98,020 | 99,870 |
| Hyderabad | 95,760 | 98,020 | 99,870 |
| Kolkata | 95,480 | — | — |
“Spot” refers to bullion (retail) prices; city variations due to local taxes, making charges .
Is Now a Good Time to Buy?
Pros:
- Prices are 3–4% below mid-June highs (24K fell ~₹4,370/10 g from peak)
- Eased geopolitical tensions lowered demand—creating a window for undervalued buying.
- MCX futures indicate a technical dip zone alongside support levels around ₹96,200–₹96,700
Cons:
- Global equities are recovering—further downside possible if momentum continues.
- US Fed & Core PCE data could trigger volatility.
- Seasonality (wedding/festival) may push prices up post-dip
Conclusion
If you’re looking to buy, this dip offers a strategic entry—focus on buying in tranches (e.g., via ETFs/SGBs/futures). Keep alerts for geopolitical headlines and macroeconomic triggers. Avoid lump-sum buys; low-risk phase-in (e.g., cost-averaging) is wiser.
Disclaimer
Gold prices mentioned above are indicative and not official. Rates may vary across jewelers, cities, and platforms. Always check with authorized dealers or official exchanges (like MCX, IBJA) before making any investment or purchase decisions. This content is for informational purposes only and not financial advice.