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Informist, Wednesday, Jun. 11, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India and the COMEX on Wednesday after a US appeals court allowed the tariffs announced by US President Donald Trump to remain in place. Market participants are waiting for the US consumer price index number later in the day for further cues about the interest rate trajectory in the country.

At 1608 IST, the most-active August GOLD contract on COMEX was up 0.3% at $3,352.6 per ounce. The most-active August gold contract on the MCX was 0.1% higher at INR 97,000 per 10 grams. Moreover, "...geopolitical tensions remain high. Trump warned of increasing Iranian aggression in nuclear discussions, while Russia claimed control over territory in Ukraine's east-central region," Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said in a note.

Meanwhile, officials from the US and China arrived at a consensus on restoring their trade agreement and addressing China's limitations on export of rare earth minerals. US Commerce Secretary Howard Lutnick told reporters the framework added "meat on the bones" to the agreement reached in Geneva last month to alleviate retaliatory tariffs and China's restrictions on essential minerals exports. The agreement would also eliminate certain recent US export limitations, he said.

"We have reached a framework to implement the Geneva consensus and the call between the two presidents," Lutnick said. "The idea is we're going to go back and speak to President Trump and make sure he approves it. They're going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework." He indicated that US restrictions on sales of advanced technology to China in recent weeks would be rolled back as Beijing approves rare earth exports.

SILVER contracts fell on the MCX and COMEX. At 1617 IST, the most-active July silver contract on the MCX was down 0.8% at INR 105,918 per kg. The same-month contract on COMEX was 0.7% lower at $36.39 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 95,085–INR 98,715 per 10 grams

--COMEX gold seen at $3,259.7–$3,392.3 an ounce

--MCX silver seen at INR 104,845-INR 108,640 per kg

--COMEX silver seen at $35.70-$37.46 an ounce

End

US$1 = INR 85.51

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

Edited by Ashish Shirke

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