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Informist, Wednesday, Jul. 23, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of silver rose to new record highs on the Multi Commodity Exchange of India Wednesday because of a weak rupee against the dollar. Silver contracts also rose, tracking a rise in contracts on the COMEX, where prices are trading near multi-year highs.

Earlier in the day, the SILVER contract for September delivery on the MCX rose to a fresh record high of INR 116,551 per kilogram, while the December contract rose to a high of INR 118,270 per kg. At 1712 IST, the most active September silver contract was up 0.7% at INR 116,480 per kg on the MCX and the same month contract on the COMEX was 0.5% higher at $39.77 per ounce.

Gold contracts were up on the MCX despite weak cues from the COMEX because of a weak rupee. The rupee ended at a one-month low of 86.4075 against the dollar Wednesday, falling for the sixth consecutive trading day. 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 1716 IST, the most active August GOLD contract on the COMEX was 0.1% lower at $3,439.9 per ounce. The most active August gold contract on MCX was 0.1% higher at INR 100,472 per 10 grams. Gold prices on the COMEX dropped as easing trade tensions lowered the safe-haven appeal of the precious metal.

Trump, late Tuesday, announced that the US had finalised a trade agreement with Japan and the Philippines. As per the agreements, the US will levy a 15% tariff on imported goods from Japan, and a 19% tariff on goods imported from the Philippines. "We just completed a massive Deal with Japan, perhaps the largest Deal ever made. Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits", Trump announced in a post on his social media platform Truth Social.

"Despite short-term relief, global uncertainty remains, particularly around the upcoming US-China negotiations in Stockholm. Traders are closely monitoring the Federal Reserve's direction ahead of the July 29–30 policy meeting," Kotak Securities said in a report.

Outlook for the rest of the session:

--MCX gold seen at INR 99,140–INR 101,920 per 10 grams

--COMEX gold seen at $3,372.4–$3,485.9 an ounce

--MCX silver seen at INR 114,120-INR 118,880 per kg

--COMEX silver seen at $38.45-$40.25 an ounce

End

US$1 = INR 86.41

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

Edited by Deepshikha Bhardwaj

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