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Informist, Friday, Jul. 18, 2025

By Pallavi Singhal

NEW DELHI – Future contracts of gold on the Multi Commodity Exchange of India and COMEX rose Friday on a weaker dollar and persistent geopolitical tensions, though easing concerns over the US Federal Reserve's independence and strong US economic data capped gains, according to analysts.

At 1834 IST, the dollar index, which tracks the strength of the greenback against six major currencies, was down 0.4%. A weaker dollar tends to make GOLD cheaper for buyers holding other currencies.

US retail sales in June exceeded expectations, while initial jobless claims were fewer than expected. Retail sales rose 0.6% in June from the prior month, the US Commerce Department said Thursday, rebounding from the steep 0.9% decline in May. The jobless rate fell to 4.1% in June after holding at 4.2% for three straight months. The positive data signalled the possibility of a rate cut by the Fed. When interest rates are low, gold becomes attractive as an investment. "San Francisco Fed President (Mary) Daly suggested two rate cuts are reasonable this year, advocating timely action amidst political pressure on the central bank," Kotak Securities said in a report.

Meanwhile, rising global tensions are providing further support to prices of the precious metal. The European Union agreed to an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to its oil and energy industry, Reuters reported. 

At 1904 IST, the most-active August gold contract on COMEX was up 0.6% at $3,364.3 per ounce. The most-active August gold contract on the MCX was up 0.5% at INR 98,000 per 10 grams. 

SILVER contracts were up on the MCX and COMEX, tracking a rise in prices of gold and industrial metals. At 1906 IST, the most-active September silver contract on the MCX was up 0.5% at INR 112,903 per kg. The same-month contract on COMEX was up 0.9% at $38.63 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 96,654–INR 99,350 per 10 grams

--COMEX gold seen at $3,294.2–$3,405.2 an ounce

--MCX silver seen at INR 110,987-INR 116,035 per kg

--COMEX silver seen at $37.38-$39.36 an ounce

End

US$1 = INR 86.14

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

Edited by Rajeev Pai

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