23-Jul-2025      15:23

Global gold $50 below peak, MCX edges toward record levels

old futures regained momentum in the mid-Asia session, rising to $3444.50 per ounce after an early dip below $3430, bolstered by persistent weakness in the US dollar, with DXY lingering near 97. On the domestic front, MCX bullion futures advanced 0.2% to ₹100515 per 10 grams. Domestic prices are now just ₹500 away from the record high of ₹101078, whereas global gold remains more than $50 below its lifetime peak, creating a sharp contrast between the two markets. The rally is supported by a softer US dollar, with the DXY slipping near 97 after three sessions of losses, and renewed optimism following President Trump's trade agreement with Japan, featuring a 15% tariff on exports and a $550 billion US investment pledge. Meanwhile, the Fed's latest minutes signaled caution on additional rate cuts, warning that tariffs could add inflationary pressure.

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