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Informist, Thursday, Oct. 30, 2025

By Reshma Ravi

MUMBAI – Futures contracts of gold were steady on the Multi Commodity Exchange of India Thursday, tracking prices on the COMEX. Earlier gains in the yellow metal, following the US Federal Reserve's interest rate cut, were offset by hawkish remarks from Fed Chair Jerome Powell regarding the possibility of further rate reduction in December.

The Federal Reserve cut its interest rate by 25 basis points Wednesday, bringing its benchmark to a target range of 3.75-4.00%. Lower interest rates increase the appeal of the non-interest-yielding precious metal. Meanwhile, "Officials are struggling to reach a consensus about what lies ahead for monetary policy and that financial markets should not assume another rate cut will happen at the end of the year," Reuters quoted Powell as saying. Powell said the rate cut in December was "far from" a foregone conclusion. This could weigh on prices.

At 1608 IST, the most-active December GOLD contract on the MCX was steady at INR 120,680 per 10 grams. The most-active December gold contract on COMEX was steady at $3,998.0 per ounce.

Further, market participant are eyeing a potential trade truce between US and China, which could reduce the safe-haven demand for gold. "The precious metal is expected to face subdued haven buying amid promising U.S.-China trade talks," Dow Jones quoted ANZ Research analysts as saying in a note. The two countries are likely to finalise a deal, which will probably lead to lower US tariffs on Chinese goods, the analysts added.    

SILVER contracts rose on the MCX and was down on the COMEX. At 1610 IST, the most-active December silver contract on the MCX was up 0.3% at INR 146,551 per kilogram. The same-month contract on the COMEX was down 0.3% at $47.79 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 120,000–INR 122,500 per 10 grams

--COMEX gold seen at $3,950.0–$4,060.0 an ounce

--MCX silver seen at INR 145,500-INR 148,500 per kg

--COMEX silver seen at $47.40-$48.60 an ounce

End

US$1 = INR 88.69

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

Edited by Subhojit Sarkar

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