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Informist, Friday, Oct. 3, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India. However, they rose on the COMEX because of a weak dollar index. The sentiment was also lifted due to safe-haven demand after the shutdown of the US government and expectation of a rate cut by the US Federal Reserve this month.

 

At 1716 IST, the most-active October GOLD contract on the MCX was steady at INR 117,543 per 10 grams. The most-active December gold contract on COMEX was up 0.3% at $3,881.0 per ounce.

 

 

The US government entered a full shutdown Wednesday as Democrats and Republicans were unable to agree on a budget for the new fiscal year started Oct. 1. On Thursday, US Treasury Secretary Scott Bessent said the shutdown may hit GDP growth in the world's largest economy. "The shutdown, now in its third day, has delayed key releases such as the non-farm payrolls, with alternative data pointing to a stagnant job market in September," Kotak Securities said in a report.

 

ADP said US private payrolls shrank by 32,000 in September, against expectations of a 45,000 increase. The data gains greater importance as the US government did not release its usual data on weekly unemployment claims Thursday and is unlikely to provide its full non-farm payrolls report on Friday as scheduled. According to the CME FedWatch tool, nearly 98% of traders are pricing in a 25-basis-point rate cut this month and 2% anticipate the rates to remain unchanged at 4.00-4.25%. Lower interest rates increase the appeal of non-interest-yielding precious metals.

 

At 1725 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was down 0.1% at 97.74. A weak dollar makes commodities priced in the currency, such as gold, more appealing for holders of other currencies, aiding their demand.

 

Gold prices edged higher and are poised for the seventh consecutive weekly gain as US private jobs data suggests a sluggish labor market, keeping the odds of a Fed rate cut this month near 100%, amid uncertainty surrounding the official government payroll report, said Kaynat Chainwala, assistant vice president commodity research at Kotak Securities, in a note.

 

SILVER contracts on MCX were steady while those of COMEX rose Friday. At 1726 IST, the most-active December silver contract on the MCX was steady at INR 146,200 per kg. The same-month contract on COMEX was up 2.2% at $47.41 per ounce.

 

Outlook for the rest of the session:

--MCX Dec gold seen at INR 115,557–INR 119,395 per 10 grams

--COMEX Dec gold seen at $3,790.2–$3,939.2 an ounce

--MCX Dec silver seen at INR 139,287-INR 148,461 per kg

--COMEX Dec silver seen at $45.62-$49.17 an ounce

End

 

US$1 = INR 88.77

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

 

Edited by Akul Nishant Akhoury

 

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