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Informist, Wednesday, Sept. 10, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and the COMEX rose Wednesday as traders weighed revisions to US labour data which reinforced expectations of interest rate cuts by the US Federal Reserve this month. Market sentiment was also lifted by rising safe-haven demand amid after Israel launched attacks on Hamas leaders in Doha.

 

At 1718 IST, the most active December GOLD contract on COMEX was 0.3% higher at $3,691.6 per ounce. The most active October gold contract on the MCX was up 0.2% at INR 109,212 per 10 grams. 

 

On Tuesday, Labor Department's Bureau of Labor Statistics said the US added 911,000 fewer jobs over the 12 months ended March. The revision was more than 50% higher than adjustments made a year ago and the largest on record going back to 2002. On a monthly basis, the data showed average job growth of 76,000 less than initially reported. Disappointing recent economic data from the US and Fed Chair Jerome Powell's comments at the Jackson Hole symposium last month have raised expectations of a rate cut in September, triggering the rally in gold where prices are hitting record highs almost every other day.

 

Market participants are now eyeing US inflation data due Thursday to gauge the quantum of rate cuts likely this year. Market sentiment could be dampened significantly if US inflation data show a stronger-than-expected rise in prices, Thu Lan Nguyen, head of foreign exchange and commodity research at Commerzbank, said in a report. "...the inflation figures have great potential for a sharp market correction if they show a significantly stronger price surge. If, on the other hand, they turn out to be surprisingly weak, the market is likely to bet more heavily on a 50-basis-point interest rate hike, pushing gold further upward."

 

SILVER contracts rose on the MCX and COMEX, tracking gains in gold prices. At 1730 IST, the most active December silver contract on the MCX was 0.6% higher at INR 125,183 per kg. The same-month contract on COMEX was up 0.7% at $41.64 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 107,531–INR 110,889 per 10 grams

--COMEX gold seen at $3,587.4–$3,723.1 an ounce

--MCX silver seen at INR 122,267-INR 128,171 per kg

--COMEX silver seen at $40.09-$42.30 an ounce  

End

 

US$1 = INR 88.10

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

 

Edited by Deepshikha Bhardwaj

 

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