Informist, Friday, Jul. 4, 2025

By Afra Abubacker

NEW DELHI – Futures contracts of gold on COMEX and the Multi Commodity Exchange of India were largely flat on Friday amid thin trading due to the US Independence Day holiday and lack of any fresh triggers, analysts said. Though concerns about mounting US debt due to the passage of US President Donald Trump's tax cut and spending bill offered some support to gold prices, stronger-than-expected US jobs data capped gains, they said.  

Trump's multi-trillion-dollar tax bill and spending package is estimated to add $3.4 trillion to the country's $36.2 trillion debt over the next decade, Reuters reported. At 1816 IST, the most-active August GOLD contract on the COMEX was steady at $3,356.3 per ounce. The most-active August gold contract on the MCX was flat at INR 96,930 per 10 grams.

On Thursday, gold prices had ended down on stronger-than-expected US nonfarm payroll data, which lowered the odds of near-term Federal Reserve interest rate cuts and pushed up the US dollar. Higher interest rates typically dampen the appeal of the non-interest-yielding precious metal. US job growth was unexpectedly solid in June, with the unemployment rate falling to 4.1% last month from 4.2% in May, Labor Department's data showed Thursday. 

However, the precious metal is poised to post weekly amid growing fiscal concerns and safe-haven inflows amid looming trade uncertainties over the Jul. 9 deadline for trade deals, analysts said.  

SILVER contracts were also flat on the MCX and COMEX, tracking gold prices. At 1803 IST, the most-active September silver contract on the MCX was flat at INR 108,234 per kilogram. The same-month contract on COMEX was flat at $36.93 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 95,675–INR 98,335 per 10 grams 

--COMEX gold seen at $3,286.1–$3,409.7 an ounce

--MCX silver seen at INR 106,545-INR 109,575 per kg  

--COMEX silver seen at $35.75-$37.84 an ounce

End

US$1 = INR 85.39

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

Edited by Saji George Titus

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