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Informist, Wednesday, Aug. 20, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and COMEX were trading with gains Wednesday ahead of the release of minutes of US Federal Open Market Committee's July meeting later in the day. Market participants are also waiting for the US Fed's Jackson Hole symposium, where Fed Chair Jerome Powell's remarks will be closely monitored.

 

At 1745 IST, the most-active December GOLD contract on the COMEX was 0.6% higher at $3,377.6 per ounce. The most-active October gold contract on the MCX was 0.4% higher at INR 99,076 per 10 grams.

 

However, the rise in gold prices was capped as easing geopolitical tensions reduced the safe-haven appeal of the precious metal. Traders were optimistic of a peace deal between Ukraine and Russia after US President Donald Trump's push for a trilateral meeting between the US, Russia and Ukraine.

 

"The precious metal has been broadly range-bound for around 10 weeks," Dow Jones quoted David Morrison, senior market analyst at Trade Nation, as saying in a note. "Traders are likely keeping a close eye on the US dollar, as a significant change could be the catalyst for gold to break out of its current range," Morrison added. "Possible triggers for a dollar change could include Federal Reserve meeting minutes due Wednesday, or more likely Fed Chair Jerome Powell's Jackson Hole speech on Friday."

 

Meanwhile, the World Gold Council Wednesday said that there were signs of a revival in demand for gold jewellery in India as the market gears up for the upcoming festival and wedding seasons in the country. Overall demand for the precious metal could also receive a boost in the coming months with investment interest holding firm, it added.

 

SILVER contracts on the MCX and COMEX rose, tracking gains in gold. At 1809 IST, the most-active September silver contract on the MCX was 0.6% higher at INR 112,003 per kg. The same-month contract on the COMEX was up 0.3% at $37.43 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 98,600–INR 99,700 per 10 grams

--COMEX gold seen at $3,350.0–$3,410.0 an ounce

--MCX silver seen at INR 110,800-INR 113,200 per kg

--COMEX silver seen at $37.10-$37.90 an ounce

 

End

 

US$1 = INR 87.07

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

 

Edited by Avishek Dutta

 

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