The findings of the WGC survey suggested that there a majority of respondents (73%) see 'moderate or significantly lower' US dollar holdings in the global reserves over the next five years.
The European Union has put forward a new sanction package against Russia over Ukraine and proposed to lower the Group of Seven nations' price cap on Russian crude oil to $45 a barrel from $60 a barrel.
Gold rate today: Gold's August contracts on the Multi Commodity Exchange of India (MCX) hit an all time high level of Rs 1,01,708 per 10 grams today.
Spot gold was little changed at $3,428.89 an ounce, as of 0508 GMT, after hitting its highest level since April 22 earlier in the session
Gold prices today: Gold's August futures of the MCX hit a fresh all-time high of Rs 1,01,078 per 10 grams today.
The conflict in the Middle East increased the prices on the crude oil posing risk to India's retail inflation
The precious metal climbed as much as 0.6% in Asia to near $3,450 an ounce, about $50 short of an all-time peak set in April
Trade tensions remain a key risk despite a provisional US-China trade truce reached in London. Markets await formal confirmation from Presidents Trump and Xi. Meanwhile, negotiations with the EU, India, Japan, and other partners are still ongoing.
Gold rate today: Gold's August contracts on MCX hit an all time high level of Rs 1,00,403 per 10 grams today.
A key concern is that hostilities could disrupt shipments through the Strait of Hormuz, an important waterway for liquefied natural gas and oil.
Any slowdown in global growth is likely to pause the bull run in silver, as the demand from manufacturers could take a beating. Historically, any rise in silver prices has been closely linked to global economic growth.
Gold prices today: Gold's August contracts hit a fresh lifetime high of Rs 1,00,403 per 10 grams, while the contracts with October expiry hit an all time high of Rs 1,01,295 per 10 grams on the MCX.
Brent crude jumped more than 13% following the attacks, which targeted Iran’s nuclear program and military capabilities, in a major escalation in tensions between two major military powers that risks spiraling into a regional war.
Spot gold was up 1.3% at $3,428.28 an ounce, as of 0134 GMT, after hitting its highest level since May 7 earlier in the session. Bullion has gained more than 3.5% so far this week.
U.S. West Texas Intermediate (WTI) crude rose by $3.94, or 5.79%, to $72.04 per barrel, while global benchmark Brent crude climbed $3.87, or 5.58%, to $73.23 per barrel.
Gold rate today: Gold's August contracts on the MCX were trading at Rs 98,239 per 10 gram today.
US President Donald Trump said the US was moving personnel because the Middle East “could be a dangerous place”. He also said the United States would not allow Iran to have a nuclear weapon. Iran has said its nuclear activity is peaceful.
Gold rate today: The precious metal's August contracts on MCX opened at Rs 97,249 per 10 gram on June 11.
The World Bank on Tuesday slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies.
Gold rate today: Gold's August contracts on the MCX opened at Rs 96,600 per 10 gram on June 10.
Gold gains appeal during uncertain geopolitical and economic times and tends to do well when interest rates are low.
Gold rate today: Gold's August contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 96,860 per 10 gram on June 9.
Non-yielding bullion, often viewed as a safe-haven asset during economic and geopolitical uncertainties, tends to perform well in a low-interest-rate environment.
The economic data and the prospect of a trade deal that could support economic growth and increase demand for oil outweighed worries about increased OPEC+ supply after the group announced another big output hike for July on May 31.
According to the guidelines, lenders shall not grant any advance or loan against primary gold or silver or financial assets backed by primary gold or silver, e.g., units of Exchange-traded funds (ETFs) or units of Mutual Funds.
