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Informist, Tuesday, Aug. 12, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and the COMEX edged lower Tuesday on easing safe-haven demand after US President Donald Trump delayed higher tariffs on Chinese goods from snapping back into place for another 90 days. Prices of gold were also under pressure after Trump announced that the precious metal would remain tariff free.

Gold prices surged Friday after The Financial Times reported that the US was planning to impose tariffs on imports of one-kilo and 100-ounce gold bars. The US administration termed these reports as "misinformation" and later announced that it planned to issue an executive order on the same. Trump late Monday posted on TruthSocial that "Gold will not be tariffed".

At 1807 IST, the most-active December GOLD contract on the COMEX was 0.5% lower at $3,387.1 per ounce. The most-active October gold contract on the MCX was at INR 100,150 per 10 grams, down 0.2% from the previous close. Gold prices fell after Trump said that the precious metal won't be subject to US tariffs. Trump announced the move on social media, although a formal updated policy is yet to be posted, according to Daniel Hynes, senior commodity strategist at ANZ Research.

Market participants are now waiting for the speeches of US FOMC members Thomas Barkin and Jeffrey Schmid later Tuesday.

SILVER contracts fell on the MCX and the COMEX, tracking losses in gold. At 1813 IST, the most-active September silver contract on the MCX was 0.1% lower at INR 113,200 per kg. The same-month contract on COMEX was steady at down 0.2% at $37.72 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 98,683–INR 101,553 per 10 grams

--COMEX gold seen at $3,360.0–$3,430.0 an ounce

--MCX silver seen at INR 110,937-INR 115,429 per kg

--COMEX silver seen at $36.84-$38.62 an ounce

End

US$1 = INR 87.71

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

Edited by Nishant Maher

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