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Informist, Tuesday, Jul. 29, 2025

By J. Navya Sruthi

MUMBAI – Futures contracts of gold and silver rose Tuesday on the Multi Commodity Exchange of India tracking the contracts on COMEX. However, the upside in prices of both the precious metals was restricted by a firm dollar and easing global trade tensions. 

GOLD exchange-traded funds continued to add gold for the fifth straight session, pushing total gold holdings to their highest level since July 2023, Kaynat Chainwala, associate vice president for commodity research at Kotak Securities, said in a note. ETFs added 42,493 troy ounces of gold to their holdings in the last trading session, bringing this year's net purchases to 8.4 million ounces, according to data compiled by Bloomberg. 

The purchases were equivalent to $141.8 million at the previous spot price, Nirmal Bang said in a report. "Total gold held by ETFs rose 10% this year to 91.8 million ounces, the highest level since Jul. 31, 2023." 

SILVER prices also rose on the MCX tracking those on COMEX and taking cues from gold. Investors are watching out for the Federal Reserve's upcoming policy decision, seeking clues on a potential rate cut in September. 

At 1816 IST, the most-active August gold contract on COMEX was up 0.3% at $3,319.5 per ounce. The most-active August gold contract on the MCX was up 0.3% at INR 97,830 per 10 grams. At 1816 IST, the most-active September silver contract on the MCX was up 0.12% at INR 113,186 per kg. The same-month contract on COMEX was up 0.2% at $38.30 per ounce.

However, the upside in gold and siver prices was restricted. Currently, gold prices are hovering near a three-week low of $3,320 per ounce on the COMEX, as a firm dollar and signs of easing trade tensions weighed on safe-haven demand, according to Kedia Advisory. At 1819 IST, the dollar index was up 0.4% at 99.04.

Similarly, silver prices are hovering around $38.20 per ounce on COMEX, which is also a two-week low. "With three major upcoming events on the way--tariff negotiations, Federal Reserve interest-rate decisions and US nonfarm payroll index data--volatility is set to remain high short-term," Dow Jones quoted Pepperstone's Dilin Wu as saying in a note. 

Outlook for the rest of the session:

--MCX gold seen at INR 97,200–INR 98,800 per 10 grams

--COMEX gold seen at $3,290–$3,355 an ounce

--MCX silver seen at INR 111,800-INR 115,000 per kg

--COMEX silver seen at $37.80-$38.80 an ounce

End

US$1 = INR 86.15

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

Edited by Tanima Banerjee

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