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Informist, Thursday, Jul. 24, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold edged lower on the Multi Commodity Exchange of India and the COMEX for the second consecutive session on Thursday as easing trade tensions lowered the safe-haven appeal of the precious metal.

Media reports suggest that the US may be close to reaching an agreement with the European Union, which could be on the lines of the trade deal with Japan. The potential trade deal, as per reports, would impose a 15% tariff on exports of EU goods to the US while both parties would waive tariffs on certain products. US President Donald Trump, late Tuesday, announced that the US had finalised a trade agreement with Japan and the Philippines. As per the agreements, the US would levy a 15% tariff on imported goods from Japan and a 19% tariff on goods imported from the Philippines. 

At 1717 IST, the most-active August GOLD contract on COMEX was down 0.8% at $3,369.6 per ounce. The most-active August gold contract on the MCX was down 0.8% at INR 98,586 per 10 grams. 

"Comex Gold August futures down about 1% today trading below $3,370 an ounce, following a 1.3% drop in the previous session weigh down easing safe-haven demand as trade negotiations between the US and key partners gained momentum," Kotak Securities said in a report. However, optimism around trade deals was partially offset after Trump renewed threats of imposing 15-50% tariffs on South Korea and India, the report said.

SILVER contracts also fell, tracking a fall in prices of gold. At 1721 IST, the most-active September silver contract on the MCX was down 0.4% at INR 115,235 per kilogram. The same-month contract on COMEX was down 0.5% at $39.30 per ounce.

Market participants are awaiting US flash manufacturing purchasing managers' index, due later in the day for further cues.

Outlook for the rest of the session:

--MCX gold seen at INR 97,056–INR 100,104 per 10 grams

--COMEX gold seen at $3,302.5–$3,425.5 an ounce

--MCX silver seen at INR 113,004-INR 117,714 per kg

--COMEX silver seen at $38.18-$40.01 an ounce

End

US$1 = INR 86.40

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

Edited by Subhojit Sarkar

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