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Informist, Monday, Jul. 14, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold and silver rose on the Multi Commodity Exchange of India and the COMEX Monday as rising global trade tensions increased the safe-haven appeal for the precious metals. Silver prices surged to record highs on the MCX and are trading near a 14-year high on the COMEX.

On Saturday, US President Donald Trump announced the US will impose a 30% tariff on goods imported from the European Union and Mexico, effective Aug. 1. Over the weekend, Trump also said he will send Patriot air defence missiles to Ukraine. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace talks with Ukraine. Last week, Trump had said he plans to make a "major statement" on Russia on Monday.

"This bullish breakout follows renewed tariff tensions between the US and Canada, which have increased market uncertainty and driven demand for precious metals. A standout development is the nearly 20% collapse in the gold-silver ratio—from a peak of 107 on April 22 to 86.20—indicating strong silver outperformance," Kedia Advisory said in a note.

The September SILVER contract on the MCX rose to an all-time high of INR 115,136 per kilogram, while the same-month contract on COMEX rose to a near-14-year high of $39.57 per ounce. At 1625 IST, the most-active September silver contract on the MCX was up 1.5% at INR 114,742 per kg. The same-month contract on COMEX was up 1.3% at $39.44 per ounce. "The recent breach of $37 (per ounce) globally triggered aggressive short covering, which fueled the rally," Kedia Advisory said.

GOLD contracts on the MCX extended gains on Monday, trading in the green for the third consecutive session, as Trump's tariff policies have increased the safe-haven appeal for the precious metal. At 1632 IST, the most-active August gold contract on COMEX was up 0.6% at $3,382.5 per ounce. The most-active August gold contract on the MCX was up 0.6% at INR 98,370 per 10 grams.

"Fears of a global slowdown have reinforced gold's appeal, alongside ongoing central bank purchases and rising inflows into gold-backed ETFs (exchange-traded funds). Additionally, political pressure on Fed Chair Jerome Powell and growing concerns over the US fiscal outlook have further supported the bullish tone," Kotak Securities said in a report.

Outlook for the rest of the session:

--MCX gold seen at INR 97,129–INR 99,765 per 10 grams

--COMEX gold seen at $3,319.3–$3,424.3 an ounce

--MCX silver seen at INR 112,062-INR 117,786 per kg

--COMEX silver seen at $37.93-$40.25 an ounce

End

US$1 = INR 85.99

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

Edited by Saji George Titus

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