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Informist, Thursday, Jul. 3, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India Thursday as the rupee rose sharply against the dollar. On the COMEX, gold contracts were steady ahead of the US non-farm employment data, due later in the day.

At 1514 IST, the most-active August GOLD contract on the COMEX was steady at $3,359.8 per ounce. The most-active August gold contract on the MCX was 0.3% lower at INR 97,070 per 10 grams.

The rupee ended 0.5% higher at 85.3100 against the dollar Thursday. When the rupee appreciates against the dollar, gold prices adjust in the domestic market as the precious metal is priced in rupees.

Gold prices were also under pressure after the US and Vietnam deal eased trade tensions, lowering the safe-haven appeal of the precious metal. US President Donald Trump Wednesday signed a trade deal with Vietnam, under which a 20% tariff will be imposed on imports from Vietnam to the US. A 40% tariff will be imposed on goods originating from a third country and transshipped to the US from Vietnam.

Meanwhile, gold purchases by global central banks picked up pace in May, with net purchases reaching 20 tonnes, according to the World Gold Council. The purchases were, however, than the 12-month average of 27 tonnes. "Fresh tensions in West Asia may have reinforced the strategic appeal of gold for central banks seeking to safeguard their reserves from potential geopolitical shocks," Marissa Salim, senior research lead, Asia-Pacific at WGC, said in a report.

SILVER contracts rose on the MCX and COMEX ahead of the release of the US non-farm employment data. At 1545 IST, the most-active September silver contract on the MCX was up 0.5% at INR 108,730 per kg. The same-month contract on COMEX was 0.9% higher at $37.04 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 96,610–INR 98,065 per 10 grams

--COMEX gold seen at $3292.4–$3,399.5 an ounce

--MCX silver seen at INR 105,035-INR 109,520 per kg

--COMEX silver seen at $35.21-$37.41 an ounce

End

US$1 = INR 85.31

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

Edited by Saji George Titus

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