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Informist, Tuesday, Apr. 22, 2025

 

--COMEX June gold contract hits fresh all-time high of $3,485.9 per ounce

--MCX June gold contract hits fresh all-time high of INR 98,893 per 10 gm 

 

MUMBAI – Futures contracts of gold on the COMEX hit a fresh peak in early Asian trade Tuesday amid rising risk aversion driven by growing global economic uncertainty. US President Donald Trump continued his attacks on Federal Reserve Chair Jerome Powell on Monday, keeping markets on the edge and pulling down the dollar index. Gold prices on MCX also hit record all-time highs, tracking prices on the COMEX.

 

At 0920 IST, the most active June contract on COMEX hit a fresh lifetime high of $3,500.8 per ounce after hitting earlier highs of $3,495.5 per ounce and $3,485.9 per ounce.

 

At 0925 IST, the most active June gold contract on the MCX was up 1.71% at INR 98,946 per 10 grams, after touching a record high of INR 98,893 per 10 grams, and soaring to INR 99,178 per 10 gm a while later. 

 

Trump renewed his attacks on US Federal Reserve Chair Jerome Powell, branding the central bank boss a "major loser" and "Mr Too Late" on social media for not moving faster to cut interest rates, Al Jazeera reported. Trump suggested the possibility of removing Powell, and warned that the US economy could slow unless interest rates are cut immediately.

 

These remarks raised concerns about the politicisation of US monetary policy, potentially undermining the central bank's credibility and eroding investor confidence in the economy. In response, the dollar languished near its lowest level in three years on Tuesday. The dollar index sank to 97.2783 late on Monday, a level not seen since March 2022. A weaker dollar makes gold less expensive for holders of other currencies.

 

Meanwhile, safe-haven demand for the precious metal also rose amid trade war tensions between the US and China. On Monday, China warned countries against striking a broader economic deal with the US at its expense, and emphasised that any such agreements detrimental to its interests would prompt reciprocal countermeasures. 

 

Given the global uncertainties, Goldman Sachs has raised its outlook for gold to $3,700 an ounce by the end of 2025, the third such hike this year, reports showed. In March, the investment bank had hiked its 2025 gold price target to $3,300 per ounce. 

 

In India, gold prices in the local spot markets are likely to hit INR 100,000 per 10 gm, which includes the 3% goods and services tax.  End

 

US$1 = INR 85.13

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

 

Reported by Shreya Shetty

Edited by Tanima Banerjee

 

 

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