š„Gold Prices Take a Surprise Dive! Why Traders Are Booking Profits Amid IsraelāIran Tensions & Fed Watch š§
- MediaFx
- Jun 17
- 2 min read
TL;DR:Ā Gold prices dropped on June 17 as traders took profits after rallying near record highs, while global markets kept a close eye on the escalating IsraelāIran conflict and the upcoming U.S. Federal Reserve policy decision. Despite today's dip, analysts say the mediumāterm outlook for gold is still bullishādriven by safeāhaven demand and potential Fed rate cuts. š¦āØ
š Whatās Happening with Gold?
On June 17, domestic MCX gold futures fell below the ā¹1āÆlakh markādropping to around ā¹98,940 per 10gādue to profitābooking after recent gains.
Globally, spot gold eased slightly after reaching near $3,414ā$3,446 per ounce, as some traders cashed inābut strong safeāhaven flows persist.
āļø Whatās Fueling the Market?
IsraelāIran tensions: The midāJune strikes escalated volatility. Oil surged 7ā11%, the dollar gained, and gold rose as investors sought shelter.
U.S. Fed move: Ahead of the June 18 Federal Open Market Committee (FOMC) meeting, traders trimmed positions amid uncertainty. Rates are expected to stay steady, but signals of future cuts remain key.
š Market Snapshot
ProfitābookingĀ pulled domestic gold under ā¹1 lakh.
Technical analysts maintain supports around ā¹97,700ā99,000 (or $3,380ā3,400/oz) and resistance at ā¹1,01,300ā1,02,500 (or $3,450ā3,500).
ETF and futures flows hint at continued investor demand, especially if global uncertainty persists.
š£ļø Expert Take
Jateen Trivedi (LKP) and Rahul Kalantri (Mehta Equities) say the bullish trend is intact, with dips offering entry opportunities.
India Bullion & Jewellers Assn: caution recommended, but gold remains a safeāhaven, especially āif escalation continuesā.
š What to Watch Next
Event | Why It Matters |
June 18, FOMC Decision | Fed commentary crucialādovish tone may lift gold further |
IsraelāIran Developments | Any deāescalation may trigger profitābooking; escalation could push prices higher |
Oil & Dollar Moves | Rising oil/dollar often support gold; reversals could drag it down |
š MediaFx POV
From a workingāclass & socialistĀ lens, goldās rally reflects systemic instabilityāunnecessarily driven by geopolitical crises and monetary policy uncertainty, which hurt the common people most. We urge global powers to prioritize diplomacyĀ over war, preventing needless suffering and economic exploitation. For workers and small savers, gold is about protecting meagre savings from inflation and war profiteeringāso if youāre buying, choose small, systematic entry, not panic purchases.
š¬ Over to You
Whatās your take? Are you treating this dip as a buying chance, or watching from the sidelines? Drop your thoughts below!
