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Informist, Tuesday, Sept. 30, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India were steady Tuesday ahead of the US Job Openings and Labor Turnover survey data due later in the day. Gold prices witnessed a volatile session as prices rose to fresh all-time highs earlier in the day on safe-haven demand amid concerns around a potential US government shutdown. However, prices retreated from these levels and fell as traders took profits.

 

At 1849 IST, the most-active October GOLD contract on the MCX was steady at INR 116,358 per 10 grams, after touching an all-time high of INR 117,788 per 10 grams. The most-active December gold contract on COMEX was down 0.3% at $3,843.1 per ounce after touching an all-time high of $3,899.2 per ounce.

 

A meeting between Republican and Democratic leaders and US President Donald Trump did not yield any constructive result. The likelihood of a US government shutdown increased after Vice-President J.D. Vance said he believed it was likely. If Congress does not pass a short-term spending bill, the government will shut partially starting Wednesday. Investors fear Friday's US employment report for September and other government data may either not be released or be inaccurate. The data is crucial to assess whether the US Federal Reserve will continue cutting interest rates next month.

 

SILVER contracts also rose to a record high on MCX earlier in the day, tracking gains in gold. However, prices fell later. At 1858 IST, the most-active December silver contract on the MCX was down 1.5% at INR 140,954 per kg, after touching an all-time high of INR 144,330 per kg earlier in the day. The same-month contract on COMEX was down 1.6% at $46.26 per ounce.

 

Outlook for the rest of the session:

--MCX Oct gold seen at INR 113,331–INR 117,589 per 10 grams

--COMEX Dec gold seen at $3,781.4–$3,903.9 an ounce

--MCX Dec silver seen at INR 135,425-INR 144,851 per kg

--COMEX Dec silver seen at $44.31-$47.72 an ounce 

 

End

 

US$1 = INR 88.78

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

 

Edited by Nishant Maher

 

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