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Informist, Thursday, Oct. 9, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India were steady Thursday while those on the COMEX traded in the red as investors evaluated the ceasefire deal between Israel and Hamas and broader geopolitical and economic developments, according to analysts. A firmer dollar also weighed on market sentiment.

 

At 1618 IST, the most-active December GOLD contract on the MCX was steady at INR 123,219 per 10 grams. The most-active December gold contract on COMEX was down 0.3% at $4,058.8 per ounce. Despite the minor pullback, the bullish momentum in gold remains intact on expectations of rate cuts by the US Federal Reserve and safe-haven inflows amid the prolonged US government shutdown.

 

"The shutdown's delay of key data releases and signs of labour market weakness reinforced expectations of further rate cuts," Kotak Securities said in a report. According to the CME FedWatch tool, around 95% traders are pricing in a 25-basis-point rate cut by the US Federal Reserve in its October meeting and around 5% expect the rate to remain unchanged at 4.00-4.25%. Lower interest rates increase the appeal of the non-interest-yielding precious metals.

 

At 1626 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.1% at 98.94. A stronger dollar makes dollar-denominated commodities such as gold expensive for those holding other currencies, thereby denting demand. Market participants are now waiting for a speech by Fed Chair Jerome Powell later in the day for further cues on the trajectory of rate cuts in the country.

 

SILVER contracts were steady on MCX while they fell on COMEX. At 1646 IST, the most-active December contract on the domestic exchange was steady at INR 149,801 per kg. The same-month contract on COMEX was 0.9% lower at $48.54 per ounce.

 

Outlook for the rest of the session:

--MCX Dec gold seen at INR 120,769–INR 125,309 per 10 grams

--COMEX Dec gold seen at $3,955.5-$4,121.3 an ounce

--MCX Dec silver seen at INR 144,406-INR 155,644 per kg

--COMEX Dec silver seen at $47.74-$51.59 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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