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Informist, Thursday, Nov. 6, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India Wednesday, tracking gains in contracts on the COMEX due to a weak dollar. Market sentiment was also lifted on the back of firm safe-haven demand due to uncertainty over the US economic outlook amid a prolonged government shutdown, which is currently in its sixth week and marking one of the longest period of time when the American government has been closed. 

 

At 1616 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.2% at 99.95. A weaker dollar makes dollar-denominated commodities such as gold cheaper for those holding other currencies, aiding demand. 

 

At 1617 IST, the most-active December GOLD contract on the MCX was up 0.6% at INR 121,202 per 10 grams. The most-active December gold contract on COMEX was up 0.6% at $4,015.5 per ounce.

 

However, the gains in gold were capped due to better-than-expected US private payrolls data, which reduced the expectations for a rate cut by the Federal Reserve in December, diminishing the appeal of the non-interest bearing precious metal. On Wednesday, the US ADP national employment report showed the US private payrolls rose by 42,000 jobs in October, after declining by 29,000 in September, and exceeding expectations of a 28,000 rise, according to a Reuters poll of economists. According to the latest CME's FedWatch tool, 67.3% of traders are now pricing in a 25-basis-point rate cut in December, down from 72.8% a week ago.

 

SILVER contracts rose on the MCX and COMEX on Thursday. At 1628 IST, the most-active December silver contract on the MCX was up 0.9% at INR 148,603 per kilogram. The same-month contract on COMEX was up 0.8% at $48.40 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 119,800–INR 122,800 per 10 grams

--COMEX gold seen at $3,960.0–$4,080.0 an ounce

--MCX silver seen at INR 147,000-INR 150,500 per kg

--COMEX silver seen at $48.00-$49.20 an ounce

 

End

 

US$1 = INR 88.61

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

 

Edited by Tanima Banerjee

 

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