Informist, Wednesday, Jul. 9, 2025

By Pallavi Singhal

NEW DELHI – Futures contracts of gold extended losses Wednesday on the Multi Commodity Exchange of India, tracking a fall in contracts on COMEX after US President Donald Trump's move to delay the reciprocal tariffs on the country's trading partners to Aug. 1. The initial deadline was Jul. 9.

"This extension aims to facilitate ongoing trade negotiations, easing immediate fears of a global trade worst-case scenario and consequently dampening safe haven demand for gold," Kotak Securities said in a note. The extension offers traders reassurance that the likelihood of a sudden imposition of tariffs is declining and strengthens the perception that Trump is genuinely committed to reaching trade agreements, XS.com's Samer Hasn was quoted by Dow Jones as saying.

However, the downside may be limited as safe-haven demand can persist because of geopolitical tensions and signs of weakness in the Chinese economy. Moreover, the potential for new tariffs on copper and pharmaceuticals, as hinted at by Trump, could reignite interest, Kotak said.  

At 1721 IST, the most-active August GOLD contract on COMEX was 0.7% lower at $3,293.9 per ounce. The most-active August gold contract on the MCX was 0.6% lower at INR 95,913 per 10 grams.

SILVER contracts fell on the MCX but were steady on COMEX. At 1723 IST, the most-active September silver contract on the MCX was down 0.3% at INR 107,708 per kg. The same-month contract on COMEX was steady at $36.75 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 94,534–INR 97,350 per 10 grams

--COMEX gold seen at $3,231.0–$3,351.4 an ounce

--MCX silver seen at INR 105,847-INR 109,7234 per kg

--COMEX silver seen at $35.70-$37.52 an ounce

End

1$ = INR 85.67

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

Edited by Nishant Maher

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