More Stories

Informist, Friday, Aug. 8, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India surged to another record high Friday after a media report that the US has imposed tariffs on imports of one-kilo and 100 ounce gold bars. On the COMEX, gold contracts rose above the $3,500 per ounce level and were trading near record highs.

At 1915 IST, the most-active October GOLD contract on the MCX was 0.5% higher at INR 101,994 per 10 grams, after touching an intraday peak of INR 102,250 per 10 grams. The most-active December gold contract on COMEX was 0.9% higher at $3,482.6 per ounce. Earlier in the day, the contract hit a high of $3,534.1 per ounce, close to the record high of $3,539.3 per ounce.

The US has imposed tariffs on imports of one-kilo gold bars, the Financial Times reported Thursday, citing a letter from the Customs Border Protection. The move could impact Switzerland, which is the world's largest refining hub. "It would mean that gold bars of this size imported from Switzerland into the US would be subject to a 39% tariff. Switzerland is a major supplier of gold bars because it is home to many gold refineries that melt down gold into specific bar sizes," Carsten Fritsch, commodity analyst at Commerzbank, said in a report.

"The policy shift could tighten supply and lift prices. Gold also benefited from broader trade tensions, following President Trump's sweeping 10% to 50% tariffs on dozens of countries, along with a separate 100% duty on imported semiconductors," Kotak Securities said in a report.

The recent surge in gold prices is also driven by rising bets of a rate cut by the US Federal Open Market Committee at its September meeting. Concern over the independence of the US Fed after the resignation of Fed Governor Adriana Kugler also added to the bullish sentiment. The CME's FedWatch tool now shows an 89% chance of a rate cut by the US FOMC in September, against 61% a month ago. Lower interest rates make the non-interest-bearing precious metal more attractive to investors.

SILVER contracts rose on the MCX and the COMEX, tracking gains in gold prices. At 1930 IST, the most-active September silver contract on the MCX was 0.8% higher at INR 115,250 per kg. The same-month contract on COMEX was up 0.9% at $38.65 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 100,577–INR 103,503 per 10 grams

--COMEX gold seen at $3,472.0–$3,512.0 an ounce

--MCX silver seen at INR 112,796-INR 117,720 per kg

--COMEX silver seen at $37.48-$39.31 an ounce

End

US$1 = INR 87.66

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

Edited by Avishek Dutta

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.