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Gold jumps over $100 after hitting seven-month low
12-Jun-2026, 02:38
Gold prices rebounded sharply on Friday, with international futures surging more than $100 to trade above $4,200 per ounce after President Donald Trump signaled that a peace agreement with Iran could be reached soon. The recovery followed a steep selloff that had dragged global gold prices to a seven-month low of $4,046 in the previous session. Notably, the decline was far more pronounced in international markets than in India. While international gold prices tumbled to a seven-month low, the decline in the domestic market was notably less severe. MCX August gold futures slipped to ₹1,46,444 per 10 grams, their lowest level since late March. The relative resilience of Indian gold is evident from year-to-date performance, with international gold futures down more than 2%, while MCX gold futures continue to hold gains of over 2%. Meanwhile, rising inflation concerns continued to support bullion, as US producer prices surged 6.5% year-on-year in May and the ECB delivered its first rate hike since 2023 while raising its inflation forecasts for 2026 and 2027.
Gold prices rebounded sharply on Friday, with international futures surging more than $100 to trade above $4,200 per ounce after President Donald Trump signaled that a peace agreement with Iran could be reached soon. The recovery followed a steep selloff that had dragged global gold prices to a seven-month low of $4,046 in the previous session. Notably, the decline was far more pronounced in international markets than in India. While international gold prices tumbled to a seven-month low, the decline in the domestic market was notably less severe. MCX August gold futures slipped to ₹1,46,444 per 10 grams, their lowest level since late March. The relative resilience of Indian gold is evident from year-to-date performance, with international gold futures down more than 2%, while MCX gold futures continue to hold gains of over 2%. Meanwhile, rising inflation concerns continued to support bullion, as US producer prices surged 6.5% year-on-year in May and the ECB delivered its first rate hike since 2023 while raising its inflation forecasts for 2026 and 2027.
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