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Informist, Friday, Oct. 10, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and the COMEX rose Friday, after a brief correction in the previous session, on firm safe-haven demand amid political and economic uncertainties. Expectations of additional rate cuts by the US Federal Reserve and strong flows into gold exchange-traded funds also supported prices.

 

At 1651 IST, the most-active December GOLD contract on the MCX was up 0.8% at INR 121,507 per 10 grams. The most-active December gold contract on the COMEX was up 1.0% at $4,012.1 per ounce.

 

Gold prices have surged past the $4,000 per ounce mark and are on track for the eighth straight weekly gain. The prolonged shutdown of the US government, which has delayed key economic data releases, has increased uncertainties in the market and driven safe-haven flows into gold. "While participants in other markets are waiting for new data from the US, gold is benefiting from the fact that none is being published, as this once again underscores the high level of political uncertainty," Barbara Lambrecht, commodity analyst at Commerzbank, said in a report.

 

Gold prices had fallen in the previous session after a ceasefire deal between Israel and Hamas and also because traders booked profits at higher levels. Lambrecht said Thursday's correction in response to the Gaza agreement could be a "harbinger of a breather".

 

SILVER contracts rose on the MCX and the COMEX, tracking gains in gold. At 1706 IST, the most-active December contract on the domestic exchange was 1.6% higher at INR 148,696 per kg. The same-month contract on COMEX was 2.8% higher at $48.47 per ounce.

 

On the COMEX Thursday, spot prices surged to a record high after 14 years because of soaring safe-haven demand and intensified supply shortages in the London bullion market. "There are suggestions that a lack of readily available silver in London is driving prices up, largely due to fears of potential US tariffs that have triggered a rush to ship silver across the Atlantic," ING analysts said in a report. COMEX silver futures also rose to a record high of $49.96 per ounce on Thursday while spot prices rose briefly above the $50 per ounce level, though prices fell later in the day.

 

Outlook for the rest of the session:

--MCX Dec gold seen at INR 120,500–INR 122,500 per 10 grams

--COMEX Dec gold seen at $3,970.0-$4,040.0 an ounce

--MCX Dec silver seen at INR 147,000-INR 150,000 per kg

--COMEX Dec silver seen at $47.80-$48.80 an ounce

End

 

US$1 = INR 88.68

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

 

Edited by Ashish Shirke

 

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