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Informist, Tuesday, Nov. 11, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold on the Multi Commodity of India and the COMEX rose to near three-week highs Tuesday due to growing expectations of a rate cut by the US Federal Reserve in December. Market sentiment was also lifted by signs of an end to the US government shutdown, which will give investors more clarity on US economic data for cues on further Fed rate cuts.  

 

At 1556 IST, the most-active December GOLD contract on the MCX was up 0.8% at INR 124,910 per 10 grams. The most-active December gold contract on the COMEX was up 0.6% at $4,141.9 per ounce. The gold contract on the domestic exchange rose to INR 125,839 per 10 grams and on COMEX it rose to $4,155.0 per ounce.

 

"Optimism over further US interest rate cuts grew following a bipartisan deal to end the country's longest-ever government shutdown," Dow Jones quoted Soojin Kim from MUFG as saying. "The reopening is expected to unlock delayed economic data that will likely reveal a weakening outlook, reinforcing expectations of more monetary easing," Kim said. 

 

In the previous session, gold prices rose due to weak US consumer sentiment data. The index dropped to 50.3 this month, the lowest level since June 2022, against a reading of 53.6 in October. Economists polled by Reuters had forecast the index to dip to 53.2. In the previous week, the private sector job report indicated weakness in the US labour market. 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. Weak data typically increases the likelihood of an interest rate cut by the US Federal Reserve. 

 

Fed Governor Stephen Miran said that a 50 basis point rate cut at the December Federal Open Market Committee meeting was "imperative" with quickly falling inflation and weakness in the labour market, Reuters reported.

 

SILVER contracts on the MCX and COMEX rose Tuesday, tracking gains in gold. At 1556 IST, the most-active December silver contract on the MCX rose 0.9% to INR 155,096 per kg. The same-month contract on COMEX was up 0.8% at $50.72 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 123,000–INR 126,000 per 10 grams

--COMEX gold seen at $4,100.0–$4,200.0 an ounce

--MCX silver seen at INR 153,000-INR 156,000 per kg

--COMEX silver seen at $50.00-$51.00 an ounce

 

End

 

US$1 = INR 88.57

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

 

Edited by Avishek Dutta

 

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