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Informist, Wednesday, Oct. 1, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India hit fresh record highs on Wednesday, tracking sharp gains in contracts on COMEX, due to increased safe-haven demand after the US government began the shutdown of its operations. Expectations of more rate cuts by the US Federal Reserve also supported the bullish sentiment.

 

At 1613 IST, the most-active December GOLD contract on the MCX was 0.8% higher at INR 118,180 per 10 grams, after touching an all-time high of INR 118,444 per 10 grams. The most-active December gold contract on COMEX was up 1.1% at $3,914.4 per ounce after touching an all-time high of $3,922.7 per ounce.

 

The US government began a shutdown of its operations on Wednesday, for the first time since 2018, after lawmakers failed to agree on a stopgap arrangement that would have kept government operations running, according to several media reports. Authorities are expected to announce furloughs for several federal staff and reduce public services following the impasse. This could also delay the release of the September payroll data, due on Friday.

 

Economic data in the US showed consumer confidence wobbling while employment remained lacklustre. The September Conference Board consumer confidence index fell more than expected to 94.2 from 97.4, while the job openings and labour turnover survey for August showed job openings in the US rose marginally, while hiring fell. Around 95% of traders now expect the Fed to lower rates by 25 basis points in October, according to the CME FedWatch tool.

 

SILVER contracts also rose to a record high on MCX earlier in the day, tracking gains in gold. At 1622 IST, the most-active December silver contract on the MCX was up 1.4% at INR 144,149 per kilogram, after touching an all-time high of INR 144,844 per kg earlier in the day. The same-month contract on COMEX was up 1.6% at $47.37 per ounce.

 

Outlook for the rest of the session:

--MCX Oct gold seen at INR 115,890–INR 120,550 per 10 grams

--COMEX Dec gold seen at $3,814.1–$3,940.6 an ounce

--MCX Dec silver seen at INR 135,740-INR 148,580 per kg

--COMEX Dec silver seen at $45.19-$48.30 an ounce

End

 

US$1 = INR 88.69

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

 

Edited by Saji George Titus

 

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