More Stories

Informist, Monday, Sept. 29, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver rose to record highs on the Multi Commodity Exchange of India Monday, tracking a sharp rise in contracts on the COMEX. Bullion prices surged due to rising safe-haven demand as traders assessed the possibility of a government shutdown in the US if the US Congress does not pass a short-term spending bill. Market sentiment was also lifted on expectations of a rate cut by the US Federal Reserve in October.

 

At 1636 IST, the most-active October GOLD contract on the MCX was up 1.2% at INR 115,145 per 10 grams, after touching an all-time high of INR 115,253 per 10 grams. The most-active December GOLD contract on the COMEX was up 1.0% at $3,847.7 per ounce, after touching an all-time high of $3,849.4 per ounce.

 

Top leaders from the US Republican and Democratic parties are set to meet President Donald Trump on Monday for last-minute talks to avoid a shutdown. Market participants fear that if the government shuts down partially, Friday's US employment report for September may not be released. The data is crucial in assessing whether the Fed will continue cutting interest rates next month. 

 

"Reports regarding US (government) shut down, also led to strong safe haven buying, if the debt bill is not passed before Oct. 1, it could push bullion further," Motilal Oswal Wealth Management said in a report.

 

SILVER contracts rose to a record high on MCX, tracking the gains in gold. At 1648 IST, the most-active December silver contract on the MCX was up 1.4% at INR 143,833 per kilogram, after touching an all-time high of INR 144,179 per kg earlier in the day. The same-month contract on COMEX was up 1.1% at $47.16 per ounce. Silver prices surged above the $47 per ounce mark on the COMEX for the first time since May 2011.

 

"A tightening supply outlook, driven by both industrial demand for solar panels and persistent deficits, has underpinned the move. The metal's high-beta nature has amplified inflows from investors seeking leverage to gold's record-breaking run," Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.

 

Traders are now waiting for a slew of economic data from the US, including the job openings and labor turnover survey, and the ADP private sector jobs.

 

Outlook for the rest of the session:

--MCX Oct gold seen at INR 115,000–INR 117,000 per 10 grams

--COMEX Dec gold seen at $3,810.0–$3,875.0 an ounce

--MCX Dec silver seen at INR 142,000-INR 145,000 per kg

--COMEX Dec silver seen at $46.60-$47.50 an ounce

End

 

US$1 = INR 88.76

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

 

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.