By buld_online 
Gold price today: Gold prices continued to trade below the Rs 1 lakh per 10 gm mark for the third straight session on Wednesday as analysts noted that the yellow metal rates had already priced in the effects of the ongoing Iran- Israel war. Profit booking also took the steam out of gold prices, which some analysts predicted could reach Rs 1,05,000 mark amid the Middle East tensions.
In the current session, gold prices were trading at Rs 99646, up by Rs 108 on MCX. The gold rate ended at Rs 99,541 on June 17.
In the international arena, the gold price was trading $3394.53 during the Asian trading hours on Wednesday.
Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures
“Gold prices remain volatile as markets await clearer signals on the potential actions US President Donald Trump may take amid escalating tensions between Iran and Israel. This geopolitical uncertainty continues to be a primary driver for bullion. Meanwhile, investor focus is also turning to the US Federal Reserve’s policy decision scheduled for Wednesday night. While a status quo is largely anticipated, any forward-looking commentary on possible rate cuts in 2025 could significantly influence the direction of gold prices.”
However, industry analysts are projecting a rise in gold prices due to ongoing geopolitical tensions in crucial oil-producing regions. This situation is causing significant ripples across the commodities market and broader economic metrics.
Gold remains a preferred 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.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Gold traded with high volatility, maintaining a range between $3,375 and $3,400 on Comex, while MCX prices hovered between Rs 98,900 and Rs 99,300. The market remains cautious ahead of the US Federal Reserve’s interest rate decision, which is scheduled for tomorrow and is expected to act as a key directional trigger. Until then, gold prices are likely to remain sensitive to developments in the Middle East, particularly any escalation or de-escalation in the Iran-Israel conflict.
The underlying tone for gold remains positive, supported by uncertainty and geopolitical risks. Going forward, market participants will closely monitor two major triggers: US Federal Reserve’s interest rate decision and Geopolitical developments between Iran and Israel”