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Informist, Tuesday, Aug. 5, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold edged lower on the Multi Commodity Exchange of India and the COMEX Tuesday as traders resorted to book profits after a sharp rise in prices in the last two trading sessions. Market participants are now waiting for the US trade balance data and the final services purchasing managers' index, both due later in the day.

At 1622 IST, the most-active December GOLD contract on the COMEX was 0.4% lower at $3,411.5 per ounce. The most-active October gold contract on the MCX was at INR 100,000 per 10 grams, down 0.3% from the previous close.

Gold prices rose in the previous two sessions as softer-than-expected US jobs report raised hopes of an interest rate cut by the US Federal Open Market Committee in September. US non-farm payrolls rose by 73,000 in July, according to the US Bureau of Labor Statistics. This reading was worse than the market expectation of 110,000, and followed the increase of 14,000 in revised figure recorded for June. This pointed to a worse off labour market than earlier thought and raised investors' expectations of a rate cut by the US Federal Reserve.

The CME's FedWatch tool now shows 90% chances of a rate cut by the US FOMC in September, against 63% a week ago. Lower interest rates make the non-interest-bearing precious metal more attractive to investors.

SILVER contracts were steady on the MCX while they rose on the COMEX. At 1627 IST, the most-active September silver contract on the MCX was steady at INR 112,213 per kg. The same-month contract on COMEX was 0.2% higher at $37.42 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 99,362–INR 102,308 per 10 grams

--COMEX gold seen at $3,298.1–$3,423.2 an ounce

--MCX silver seen at INR 109,921-INR 114,955 per kg

--COMEX silver seen at $36.36-$38.35 an ounce

End

US$1 = INR 87.80

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

Edited by Tanima Banerjee

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