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Informist, Thursday, May 29, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India and COMEX Thursday as market participants await key economic data from the US such as the monthly unemployment claims, preliminary GDP data, and pending home sales data, all due later in the day.

At 1705 IST, the most-active August GOLD contract on COMEX was steady at $3,308.8 per ounce. The most-active August gold contract on the MCX was also steady at INR 96,018 per 10 grams. Gold prices fell earlier in the session after the US Court of International Trade determined that President Donald Trump lacks the authority to impose extensive tariffs on the country's trading partners, nullifying the tariffs that had ignited a global trade war and posed risks to the global economy.

The order suspends Trump's 30% tariff on China, 25% tariff on certain products from Mexico and Canada, and 10% general tariff on the majority of goods coming into the US, CNN reported. Nonetheless, it does not influence the 25% tariff on automobiles, automobile components, steel, or aluminium, which falls under Section 232 of the Trade Expansion Act--a separate statute from the one Trump mentioned for his wider trade measures.

"Bullion pared losses as markets absorbed the implications of the ruling," Kotak Securities said in a report. "The US government's appeal signals a potentially protracted legal battle, with the Supreme Court likely to deliver the final verdict. This ruling, challenging a core component of the Trump administration's economic policy, could diminish gold's safe-haven appeal, given its potential impact on global trade dynamics and investor sentiment."

SILVER contracts rose on the MCX and COMEX, tracking a rise in industrial metals. At 1718 IST, the most active July silver contract on the MCX was up 1.1% at INR 98,277 per kg. The same month contract on COMEX was 1.3% higher at $33.58 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 93,027–INR 96,333 per 10 grams

--COMEX gold seen at $3,197.0–$3,366.9 an ounce

--MCX silver seen at INR 95,854-INR 99,782 per kg

--COMEX silver seen at $32.36-$34.34 an ounce 

End

US$1 = INR 85.50

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Nishant Maher

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