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Informist, Friday, Aug. 1, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India and the COMEX Friday as market participants are waiting for the US non-farm payrolls data for July, due later in the day.

At 1658 IST, the most-active December GOLD contract on the COMEX was steady at $3,351.4 per ounce. The most-active October gold contract on the MCX was steady at INR 98,785 per 10 grams.

US President Donald Trump Thursday signed an executive order, which modified reciprocal tariffs on several countries, with updated tariffs now ranging from 10-40%. Trump said countries that are not listed in the latest order will face an additional tariff of 10%. According to the White House, all goods that are considered to have been transhipped to avoid the import duties will be subjected to additional 40% tariff. Canada now faces a 35% duty and Brazil was slapped with 50%. India faces 25%, Taiwan 20%, and Switzerland is subjected to 39% of import duty.

Gold prices are heading for the third straight weekly fall because of a rise in the dollar index. On Friday, the dollar index, which measures the strength of the greenback against a basket of six currencies, was at 100.06 against 98.46 on Jul. 14. A stronger dollar makes dollar-denominated commodities such as gold expensive for those holding other currencies, denting demand.

Meanwhile, the US Federal Open Market Committee kept the federal funds target rate range unchanged at 4.25-4.50% for the fifth consecutive meeting, further weighing on market sentiment. Higher interest rates make the non-interest-bearing precious metal less attractive to investors.

SILVER contracts fell on the MCX and the COMEX, tracking fall in industrial metals. At 1714 IST, the most-active September silver contract on the MCX was down 0.5% at INR 109,400 per kg. The same-month contract on COMEX was down 0.6% at $36.51 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 97,371–INR 99,767 per 10 grams

--COMEX gold seen at $3,333.0–$3,357.0 an ounce

--MCX silver seen at INR 107,375-INR 112,231 per kg

--COMEX silver seen at $35.55-$37.65 an ounce

End

US$1 = INR 87.54

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

Edited by Nishant Maher

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