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Informist, Tuesday, Jul. 22, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India were steady on Tuesday despite weak cues from COMEX, because of a fall in the rupee against the dollar. Market participants are waiting for a speech by US Federal Reserve Chair Jerome Powell later in the day for further cues about the interest rate trajectory.

At 1721 IST, the most-active August GOLD contract on the COMEX was 0.2% lower at $3,398.9 per ounce. The most-active August gold contract on MCX was steady at INR 99,371 per 10 grams. Gold prices on the COMEX dropped as investors booked profits after prices rose to a near-five-week high in the previous session.

"Gold prices edged lower (on the COMEX) to about $3,380 per ounce on Tuesday but held near a five-week high hit in the previous session, as traders weighed global trade and monetary policy signals," Kedia Advisory said in a note. "Investors are closely watching high-stakes EU-US trade talks this week, with President (Donald) Trump threatening to impose sweeping 30% tariffs on most EU exports starting August 1 if no deal is reached. In response, the EU is preparing a broader package of possible countermeasures," the brokerage added.

Gold prices on COMEX rose to a near-five-week high Monday as US Federal Reserve Governor Chris Waller suggested a potential rate cut. Waller suggested last week that the central bank should cut interest rates at the upcoming monetary policy meeting, which triggered a fall in US Treasury yields, supporting the gold market. Lower interest rates make the non-interest-bearing precious metal attractive to investors, increasing demand.

The rupee ended near a one-month low of 86.3675 against the dollar Tuesday. When the rupee depreciates against the dollar, prices of gold and silver adjust in the domestic market as the precious metal is priced in rupees.

At 1726 IST, the most-active September silver contract on the MCX was steady at INR 115,060 per kilogram. The same-month contract on COMEX was down 0.3% at $39.21 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 97,974–INR 100,574 per 10 grams

--COMEX gold seen at $3,332.1–$3,441.5 an ounce

--MCX silver seen at INR 112,332-INR 117,068 per kg

--COMEX silver seen at $37.95-$39.81 an ounce

End

US$1 = INR 86.37

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

Edited by Avishek Dutta

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