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Informist, Friday, Nov. 7, 2025

By Reshma Ravi

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India and the COMEX Friday, supported by growing expectations of another US Federal Reserve rate cut in December as a private-sector jobs report indicated weakness in the US labor market. Sentiment was further boosted by rising safe-haven demand amid the prolonged US government shutdown, now in its sixth week and among the longest on record.

At 1754 IST, the most-active December GOLD contract on the MCX was up 0.3% at INR 121,009 per 10 grams. The most-active December gold contract on the COMEX rose 0.6% to $4,014.1 per ounce.

"The US economy shed jobs in October amid losses in the government and retail sectors while cost-cutting and the adoption of artificial intelligence by businesses led to a surge in announced layoffs, data showed on Thursday," SMC said in a report. Job cuts in October totalled 153,074, a 183% surge from September and 175% higher than the same month a year ago. This was the highest level for any October since 2003. This has been the worst year for announced layoffs since 2009. A weak jobs market typically increases the likelihood of interest rate cuts.

According to the latest CME's FedWatch tool, 65% of traders are now pricing in a 25-basis-point rate cut in December, up from 62% a week ago.

Additionally, the People's Bank of China continued to add to its gold holdings for a 12th straight month, with reserves edging up to 74.09 million fine troy ounces in October from 74.06 million in September. 

SILVER contracts rose on the MCX and the COMEX Friday. At 1755 IST, the most-active December silver contract on the MCX rose 1.2% at INR 148,886 per kilogram. The same-month contract on COMEX was up 1.4% at $48.61 per ounce.

Outlook for the rest of the session:

--MCX gold seen at INR 120,000–INR 122,200 per 10 grams

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

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

--COMEX silver seen at $48.20-$49.00 an ounce

End

US$1 = INR 88.66

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

Edited by Subhojit Sarkar

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