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Informist, Thursday, Jul. 17, 2025

By Pallavi Singhal

NEW DELHI – Futures contracts of gold slid on the Multi Commodity Exchange of India and the COMEX Thursday on a stronger dollar after US President Donald Trump denied talks of ousting US Federal Reserve Chair Jerome Powell. Trump said it was "highly unlikely" he will fire the head of the US central bank, hours after asking lawmakers whether he should sack Powell.

At 1835 IST, dollar index was up 0.45% against its rivals, making greenback-priced bullion more expensive for other currency holders. Reports of Trump open to the idea of firing Powell had pushed gold prices up as much as 1.6% Wednesday, Reuters said.

Meanwhile, US Producer Price Index data for June came in weaker than expected, rising 2.3% on year against the forecast 2.5%, reinforcing expectations for continued Fed policy easing.

However, the fall in prices could be limited as geopolitical tensions in West Asia could boost safe-haven demand for the precious metal. Israeli warplanes struck Syrian military headquarters and near the presidential palace in Damascus Wednesday, Dow Jones reported. Sectarian clashes in the southern part of the country have quickly spiralled into a crisis for Syria's new government, the report said.

Investors are now awaiting further cues from the release of US retail sales data, employment numbers, and speeches by several Fed officials that may offer insights into the central bank's policy outlook, due later Thursday. 

At 1840 IST, the most-active August GOLD contract on COMEX was down 1.2% at $3,318.5 per ounce. The most-active August gold contract on the MCX was down 0.9% at INR 96,918 per 10 grams. 

SILVER contracts were down on the MCX and COMEX, tracking a fall in prices of gold and other industrial metals. At 1842 IST, the most-active September silver contract on the MCX was down 0.4% at INR 111,147 per kilogram. The same-month contract on COMEX was up 0.8% at $37.8 per ounce. End

Edited by Subhojit Sarkar

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