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Informist, Monday, Jul. 28, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India rose because of a sharp fall in the rupee against the dollar. On COMEX, gold contracts were steady ahead of the US Job Openings and Labor Turnover Survey monthly report due Tuesday.

The rupee ended at a five-week low of 86.6650 against the dollar Monday. When the rupee depreciates against the dollar, prices of GOLD in the domestic market adjust as the precious metal is priced in rupees.

At 1702 IST, the most-active August gold contract on COMEX was steady at $3,336 per ounce. The most-active August gold contract on the MCX was up 0.2% at INR 98,055 per 10 grams. "Market sentiment remains cautious, with multiple nations racing to finalise trade terms with the US before the August 1 deadline. Until concrete developments emerge, gold remains sensitive to shifting trade and geopolitical signals," Kotak Securities said in a report.

Meanwhile, the US and the European Union reached a trade agreement Sunday. Imports of most goods from the EU into the US would attract a tariff of 15%. Earlier, the US had threatened to impose 30% tariff on imports from the bloc. The deal follows several weeks of intense negotiations and after recent indications that the talks were faltering.

SILVER contracts were steady on the MCX though they fell on COMEX. At 1724 IST, the most-active September silver contract on the MCX was steady at INR 113,038 per kg. The same-month contract on COMEX was down 0.3% at $38.25 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 96,727–INR 99,415 per 10 grams

--COMEX gold seen at $3,278.6–$3,395.2 an ounce

--MCX silver seen at INR 110,738-INR 115,522 per kg

--COMEX silver seen at $37.19-$39.10 an ounce

End

US$1 = INR 86.66

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

Edited by Nishant Maher

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