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Informist, Tuesday, Sept. 23, 2025

By Reshma Ravi

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India hit record highs on Tuesday, tracking gains in COMEX contracts amid expectation of more rate cuts by the US Federal Reserve later in the year. Investors are closely watching a series of speeches by Fed officials this week, including by Chair Jerome Powell later in the day, for fresh signals on the central bank's monetary policy path.

At 1535 IST, the most-active October GOLD contract on the MCX was up 1.5% at INR 113,954 per 10 grams, after touching an all-time high of INR 114,179 per 10 grams. The most-active December GOLD contract on the COMEX was up 1.2% at $3,818.5 per ounce, after touching an all-time high of $3,824.6 per ounce.

"Expectations of continued monetary loosening have reinforced demand for the non-yielding asset," Dow Jones quoted FFA Kings' Founder and CEO Fadi Al Kurdi as saying in an e-mail. According to the CME FedWatch tool, nearly 90% of the traders are pricing in a 25-basis-point rate cut in October, and 10% anticipate the rates to remain unchanged at 4.00-4.25%. Lower interest rates increase the appeal of non-interest-yielding precious metals.

Meanwhile, gold prices were also supported by dovish comments from the new US Federal Reserve Governor Stephen Miran, according to analysts. Miran said Monday that the Fed is misreading how tight it has set monetary policy and will put the job market at risk without aggressive rate cuts, SMC Research said in a report. He said the appropriate Fed funds rate should be in the 2.0-2.5% range. 

SILVER contracts rose to a record high on MCX, tracking the gains in gold. Expectations of further rate cuts by the Fed later this year also supported prices. At 1542 IST, the most-active December silver contract on the MCX was up 1.0% at INR 135,095 per kilogram, after touching an all-time high of INR 135,100 per kg. The same-month contract on COMEX was up 0.7% at $44.50 per ounce. 

Market participants also await the US unemployment claims data due Thursday and Personal Consumption Expenditures data due Friday for further cues on rate cuts by the Federal Reserve later this year.

Outlook for the rest of the session:

--MCX Oct gold seen at INR 111,600–INR 115,600 per 10 grams

--COMEX Dec gold seen at $3,760.0–$3,840.0 an ounce

--MCX Dec silver seen at INR 133,000-INR 136,800 per kg

--COMEX Dec silver seen at $44.00-$45.00 an ounce

End

US$1 = INR 88.75

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

Edited by Vandana Hingorani

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