Gold rate today: Yellow metal's prices drop; check the latest rates in your city on June 19

Gold prices declined on June 19 after US Fed kept its interest rates unchanged and tensions between Israel and Iran escalated. Gold's August contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 99,202 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on June 19:

Also read: Silver extends rally to hit fresh all-time high, gold loses shine: What lies ahead?

Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services, said, "Gold prices slipped after the U.S. Federal Reserve kept interest rates unchanged and signaled a more gradual path for rate cuts. Fed Chair Powell noted the central bank expects an increase in inflation in the coming months amidst tariffs and other factors, reinforcing a cautious policy stance. While markets initially responded with optimism, Powell tempered expectations by reiterating that with low and stable unemployment, the Fed is well-positioned to wait for more data before making any moves. Though he hinted that September could be a "live" meeting, however market participants have been discounting the same since sometime. Fed still anticipates rate cuts totaling 50 basis points in 2025, but now sees only 25 basis points of easing each in 2026 and 2027. Powell emphasized that these forecasts are highly data-dependent, especially on inflation trends."

"Meanwhile, geopolitical developments added to market uncertainty, as President Trump floated the idea of meeting with Iran over the Iran-Israel conflict, and Russian President Putin expressed readiness for substantive peace talks with Ukraine. There is still no resolution on the Israel and Iran and the war like situation continues however expectations of an ease off is weighing on prices. US weekly jobless claims also was reported lower than expectations giving a jerk to prices. Volatility could be lower today as US markets remain shut on the back of public holiday," he added.