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Informist, Thursday, Jul. 31, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India Thursday after the US Federal Open Market Committee kept the federal funds target rate range unchanged at 4.25-4.50% for the fifth consecutive meeting. Gold contracts were steady on the COMEX as market participants now await the US non-farm employment change data, due Friday. Higher interest rates make the non-interest-bearing precious metal less attractive to investors.

At 1942 IST, the most-active December GOLD contract on the COMEX was steady at $3,352.6 per ounce. The most-active October gold contract on the MCX was down 0.1% at INR 98,860 per 10 grams. "Today, gold is trading flat near $3,300 as markets now focus on upcoming US PCE and jobless claims data for further monetary policy cues, with the CME FedWatch Tool now showing a 54% probability of a 25-bps cut in September, down from 60%," Kaynat Chainwala, associate vice president at Kotak Securities, said in a note.

Meanwhile, the World Gold Council sees further upside in global gold-exchange traded funds in the second half of 2025 apart from some near-term headwinds. The council modestly revised down the demand from central banks for the same period.

SILVER contracts fell sharply on the MCX and the COMEX after the US FOMC decided to keep interest rates unchanged. At 1956 IST, the most-active September silver contract on the MCX was down at 2.9% INR 109,660 per kg. The same-month contract on COMEX was down 2.9% at $36.80 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 97,046–INR 99,664 per 10 grams

--COMEX gold seen at $3,243.9–$3,370.2 an ounce

--MCX silver seen at INR 108,244-INR 113,206 per kg

--COMEX silver seen at $35.80-$37.86 an ounce

End

US$1 = INR 87.59

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

Edited by Akul Nishant Akhoury

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