GOLD LOSES ITS GLITTER; SOME SHEEN FOR SILVER

Gold is likely to remain range bound but silver looks relatively strong and could inch higher in the short-term.

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It was a story of contrasting price behaviour for precious metals last month. The subdued price action in gold spilled over from May to June as well. Comex gold was range bound last month while silver attracted buying interest.

The Iran-Israel conflict triggered some buying interest during middle of June, but it fizzled out soon. Lack of any meaningful trigger kept the gold price in check in June.

As a result, Comex gold closed almost unchanged at $3,315 at the end of June, representing a 0.06% fall. The performance of Comex silver was relatively better last month with the white metal gaining 9.8% to settle at $36.3 at the end of June.

Global markets lack sheen

Mirroring the trend in the global markets, MCX Gold price closed 0.2% lower to settle at ₹96,111 per 10-grams at the end of June.