India Bullion
MCX gold up on weak rupee; FOMC member speech awaited
This story was originally published at 19:08 IST on 30 June 2025
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By Pallavi Singhal
NEW DELHI – Futures contracts of gold were up on the Multi Commodity Exchange of India as rupee weakened against the dollar. On the COMEX, gold prices remained steady as investors waited for more cues on US Federal Reserve rate cuts ahead of Federal Open Market Committee member Raphael Bostic's speech.
The Indian rupee settled at 85.7550 against the dollar, sharply down from its previous close of 85.4750. Meanwhile, uncertainty around the US Federal Reserve's rate outlook persists despite an increase in expectations of a rate cut as early as September. The market will look towards Bostic's speech for more cues. Investors are also awaiting key US jobs data for clearer signals on the Federal Reserve's rate-cut trajectory.
At 1727 IST, the most active August GOLD contract on the COMEX was steady at $3,290 per ounce. The most active August gold contract on the MCX was up 0.3% at INR 95,784 per 10 grams.
"Positive sentiment around progress in US trade deals—including a signed pact with China and hints of upcoming agreements with India, Mexico, and Vietnam—has reduced safe-haven demand, but the softer dollar provided support," Kedia Advisory said in a note.
SILVER contracts fell on the MCX and COMEX, tracking losses in industrial metals. At 1738 IST, the most active July silver contract on the MCX was down 0.1% at INR 105,105 per kilogram. The same-month contract on COMEX was 0.7% lower at $36.12 per ounce.
Outlook for the rest of the session:
--MCX gold seen at INR 93,230–INR 97,880 per 10 grams
--COMEX gold seen at $3,216.37–$3,307.63 an ounce
--MCX silver seen at INR 101,910-INR 108,720 per kg
--COMEX silver seen at $34.76-$36.76 an ounce
End
US$1 = INR 85.76
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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