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Informist, Tuesday, Jul. 15, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India and the COMEX on Tuesday on heightened safe-haven appeal for the precious metal after US President Donald Trump announced tariffs on key trading partners such as the European Union and Mexico. Market participants are awaiting US inflation data due later in the day for more clarity on the US Federal Reserve's monetary policy.

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. Moreover, Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace talks with Ukraine, and said would announce 100% secondary tariffs on Russia if there is no deal with Ukraine in 50 days.

At 1619 IST, the most-active August GOLD contract on COMEX was up 0.4% at $3,372.3 per ounce. The most-active August gold contract on the MCX was up 0.2% at INR 97,945 per 10 grams. "Comex Gold futures climbed above $3,370 per ounce on Tuesday, primarily due to increased safe-haven demand amid escalating concerns over US President Donald Trump's tariff war," Kotak Securities said in a report.

SILVER contracts fell on the MCX and COMEX as traders booked profits after prices rose on Monday. At 1625 IST, the most-active September silver contract on the MCX was down 0.1% at INR 112,780 per kg. The same-month contract on COMEX was down 0.2% at $38.65 per ounce.

"With gold having gained around 30% since the beginning of the year, the upside potential appears limited for many investors, prompting them to look for cheaper alternatives instead," Thu Lan Nguyen, head of FX and commodity research at Commerzbank, said in a report. This benefits silver as it has been trading at significant discounts to gold, Nguyen said. 

Outlook for the rest of the session:

--MCX gold seen at INR 96,708–INR 99,112 per 10 grams

--COMEX gold seen at $3,311.8–$3,415.2 an ounce

--MCX silver seen at INR 110,085-INR 115,329 per kg

--COMEX silver seen at $37.17-$39.44 an ounce

End

US$1 = INR 85.81

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

Edited by Saji George Titus

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