Gold price fall: Gold is down by Rs 5,500 from record high; where is the yellow metal headed?

Gold price today: Prices of gold have fallen over 5% or Rs 5,448 per 10 gm from their record high till date on MCX.  Rates of the yellow metal slipped to Rs 95,630, down Rs 1457 per 10 gm on Friday as risk sentiment  reduced with a rally in equity market. On June 16, gold rates on MCX reached a record high of Rs 1,01,078. The yellow metal has lost 5% since then. 

Gold prices have been falling after US President Donald Trump announced that Iran-Israel war had ended. 

The stock had risen to a record high as the war was causing significant ripples across the commodities market and broader economic metrics. 

Gold is a safe haven asset for investors seeking stability amid global uncertainties, highlighting its importance as a hedge against geopolitical risks. The precious metal's performance underscores its pivotal role in providing security for investors during times of instability. 

Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures said, "Gold prices are on track for a weekly decline, weighed down by easing geopolitical tensions in the Middle East and optimism surrounding upcoming trade agreements, which have reduced demand for safe-haven assets. The market's risk-on mood has kept pressure on bullion, which has traded within a narrow range this week, trending slightly lower. While continued central bank purchases, and the approaching festive season may help limit further downside, the catalysts for a near-term rally are lacking."

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices fell sharply below Rs 96,000, down by Rs 1,300, as Comex gold breached the $3,300 support level, triggering fresh selling pressure. The retreat in gold comes amid geopolitical de-escalation, with signs of diplomatic resolution—so-called “white flags”—across major conflict zones, reducing safe-haven demand. Additionally, Fed Chair Jerome Powell’s recent comments indicating that rate cuts are not imminent further weighed on sentiment. The weaker dollar index confirmed easing global risk, prompting investors to rotate funds into riskier assets like equities and cryptocurrencies. Gold is expected to remain volatile with resistance seen at $3,325 and support at $3,255 on Comex. In MCX terms, the price is likely to oscillate between Rs 93,500 and Rs 97,500 in the near term."

Rahul Kalantri, VP Commodities, Mehta Equities said, "Gold and silver extended gains in international markets, driven by a sharp drop in the US dollar index which slipped to a 3.5-year low below the 97 mark. The weaker dollar, along with a larger-than-expected 0.5% contraction in US. Q1 GDP supported precious metal prices. However, easing geopolitical tensions in the Middle East and a recovery in global equities capped further upside. Gold has support at $3288-3265 while resistance is at $3330-3345. In rupee terms, gold has support at Rs 96,650- Rs 96,480 while resistance is at Rs 97,350-Rs 97,600."