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Informist, Thursday, Jul. 10, 2025

By Pallavi Singhal

NEW DELHI – Gold futures rose on the Multi Commodity Exchange of India Thursday, tracking gains on COMEX amid the continuing uncertainty over US President Donald Trump's trade policies and their potential impact on the global economy. Investors sought safe-haven assets like gold on concern that higher US tariffs could lead to inflation and a global economic slowdown.

Trump Thursday said the US will impose 50% tariff on goods imported from Brazil starting Aug. 1. He also announced a 50% tariff on copper imports, effective Aug. 1. Wednesday, he had announced reciprocal tariffs on Sri Lanka, Libya, Iraq, Moldova, Algeria, Brunei, and the Philippines. "The persistence of the current state of uncertainty, marked by prolonged delays and unclear trade policy direction, could support demand for safe-haven assets even without a formal trade war," Samer Hasn, senior market analyst at XS.com was quoted as saying by Dow Jones.

Concern of a widening fiscal deficit in the US is also supporting gold prices as it typically enhances the safe-haven appeal of the precious metal. Continued buying from the official sector comprising central banks and government institutions will support the yellow metal in the long term, according to a weekly report on precious metals by Metals Focus. In addition, there is still the risk of tensions re-emerging in West Asia, which is likely to support gold prices, according to the weekly report. 

At 1714 IST, the most-active August GOLD contract on COMEX was up 0.5% at $3,333.7 per ounce. The most-active August gold contract on the MCX was up 0.4% at INR 96,874 per 10 grams.

SILVER contracts rose on the MCX and COMEX, tracking gains in gold and industrial metals. At 1716 IST, the most-active September silver contract on the MCX was up 1.2% at INR 108,530 per kg. The same-month contract on COMEX was up 1.1% at $37 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 95,485–INR 98,079 per 10 grams

--COMEX gold seen at $3,271.3–$3,381.8 an ounce

--MCX silver seen at INR 106,020-INR 109,750 per kg

--COMEX silver seen at $35.78-$37.50 an ounce

End

US$1 = INR 85.63

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

Edited by Nishant Maher

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