More Stories

Informist, Tuesday, Jun. 3, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India Tuesday tracking a fall in contracts on the COMEX as the dollar recovered from a near six-week low. Market sentiment was also hit as traders remain cautious ahead of the release of the US Job Openings and Labor Turnover Survey report later Tuesday.

At 1641 IST, the dollar index, which measures the greenback's strength against a basket of six major currencies, was up 0.3% at 99.03. A stronger dollar makes dollar-denominated commodities such as gold expensive for holders of other currencies, denting demand.

"Today, gold edged slightly lower, dipping below $3,390 per ounce, as investors await the (US Job Openings and Labor Turnover Survey) report, and remarks from several Federal Reserve officials for fresh monetary policy signals," Kaynat Chainwala, assistant vice president – commodity research at Kotak Securities, said in an emailed note. At 1642 IST, the most-active August GOLD contract on the COMEX was down 0.5% at $3,381.4 per ounce. The most-active August gold contract on the MCX fell 0.2% to INR 97,715 per 10 grams.

Gold prices had surged in the previous session because of rise in safe-haven demand after Ukraine's drone attack on Russia and heightened trade tensions between the US and China. US President Donald Trump doubled tariffs on aluminium and steel to 50%, effective Wednesday, alleging that China had "totally violated" the preliminary trade agreement between the two countries. US Trade Representative Jamieson Greer Friday said "we are very concerned with" China's non-compliance with the temporary trade agreement and US Treasury Secretary Scott Bessant Sunday said Trump would soon speak to Chinese President Xi Jingping to discuss a dispute over critical minerals.

SILVER contracts fell on the MCX and COMEX, tracking the fall in gold and industrial metals. At 1650 IST, the most-active July silver contract on the MCX was down 0.3% at INR 100,674 per kg. The same-month contract on COMEX was 0.7% lower at $34.46 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 96,002–INR 99,546 per 10 grams

--COMEX gold seen at $3,267.4–$3,446.7 an ounce

--MCX silver seen at INR 98,028-INR 102,986 per kg

--COMEX silver seen at $33.02-$35.44 an ounce

End

US$1 = INR 85.59

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

Edited by Nishant Maher

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.