India Bullion
Gold falls as Trump delays EU tariffs; silver down
This story was originally published at 17:48 IST on 26 May 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India and the COMEX on Monday after US President Donald Trump extended the deadline for imposing 50% tariffs on imports from the European Union till Jul. 9. The extension in tariffs, which were previously to come into effect from Jun. 1, lowered the safe-haven appeal of the precious metal.
On Friday, Trump took to the social media platform Truth Social and threatened the Eurozone with a 50% import tariff and expressed his concerns on the slowdown in trade talks with the region. Tech giant Apple also came under Trump's latest round of tariff warnings as he threatened to impose a minimum 25% tariff on the company's products sold in the US, which are not manufactured in the country.
"Bullion prices have fallen from a 2-week peak it marked last week, supported by safe-haven inflows after Trump recommended 50% tariffs on EU imports from June 1 and considering a 25% tariff on any Apple iPhones made outside the United States," Motilal Oswal Financial Services said in a report.
At 1728 IST, the most-active June GOLD contract on the COMEX was down 1.0% at $3,332.6 per ounce. The most-active June gold contract on the MCX fell 0.7% to INR 95,720 per 10 grams.
"The market is still assessing the implications of US trade policies amidst ongoing geopolitical uncertainties. Despite the recent dip due to potential easing of trade tensions, strong central bank and institutional investor interest is expected to continue supporting gold investment," Kotak Securities said in a report.
SILVER contracts declined on the MCX and COMEX, tracking the fall in gold contracts. At 1730 IST, the most active July silver contract on the MCX was down 0.2% at INR 97,830 per kg. The same-month contract on COMEX was 0.2% lower at $33.54 per ounce.
Outlook for the rest of the session:
--MCX gold seen at INR 93,049–INR 97,993 per 10 gm
--COMEX gold seen at $3,207.4–$3,419.0 an ounce
--MCX silver seen at INR 95,356-INR 100,116 per kg
--COMEX silver seen at $32.18-$34.16 an ounce
End
US$1 = INR 85.08
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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