Gold Refuses to Budge on June 21 in Indian Markets
India's gold market saw zero movement on June 21 as prices locked in at the same levels recorded in the previous trading session. The stillness on the domestic front, however, is not a signal of calm; rather, it reflects the weight of global forces that continue to squeeze any meaningful upside for bullion.
What Is Holding Gold Back Globally
Spot gold ended Friday's international session hovering near $4,246 per ounce. The main drag on prices is the US Federal Reserve's decision to leave interest rates unchanged while leaving open the possibility of one more rate hike before the year is out. That hawkish undertone has effectively cancelled out what should have been a positive catalyst: the US-Iran peace agreement, which would ordinarily boost demand for safe-haven assets like gold.
Full Gold Rate Breakdown for June 21
Here is how gold prices across different purities shaped up in India today:
- 24 Carat Gold: Rs. 1,46,080 per 10 grams and Rs. 14,60,800 per 100 grams
- 22 Carat Gold: Rs. 1,33,900 per 10 grams and Rs. 13,39,000 per 100 grams
- 18 Carat Gold: Rs. 1,09,560 per 10 grams and Rs. 10,95,600 per 100 grams
Silver Stays Put for the Second Straight Session
India's silver market has now gone two consecutive sessions without any price shift. Silver continued trading at Rs. 2,50,000 per kilogram, repeating yesterday's level exactly. For buyers working with smaller quantities, 100 grams of silver was priced at Rs. 25,000.
MCX Futures: Gold Up, Silver Slides
The Multi Commodity Exchange (MCX) is closed today for the weekend holiday. Heading into that break, gold futures scheduled to expire on August 3 finished the week at Rs. 1,47,239, which represents a gain of 1.39%. Silver futures set to expire on July 3 moved in the opposite direction, shedding 2.04% before settling at Rs. 2,32,736.
Technical Picture: Bears Are Firmly in Control
According to the commodity research team at WayToWealth, MCX Gold closed lower in the previous session and has continued to attract selling pressure near both the 10-DEMA and the 20-DEMA. These moving average levels are acting as firm resistance zones, and the metal has struggled to push past them convincingly.
Compounding that concern is the appearance of a bearish Marubozu candlestick pattern, which points to aggressive and sustained selling right across the session with little to no buyer resistance. Combined with negative daily momentum, the read from analysts is that any price recovery is likely to be met with a fresh wave of selling before it can build into anything sustained.
WayToWealth's report notes that the technical outlook will only call for a rethink if gold manages to hold above Rs. 1,53,000. A sustained close above that level would be a credible signal that short-term sentiment is turning and that the overall technical structure is improving.
