More Stories

Informist, Thursday, Nov. 20, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India on Thursday, tracking a decline in contracts on the COMEX due to a stronger dollar. Gold prices also fell due to fading expectations of a US Federal Reserve rate cut in December, as minutes of the US Federal Open Market Committee showed a deep divide among members over the next policy action. Market participants await the September US non-farm payroll data later in the day, which will provide clarity on the Fed's future policy trajectory.

 

At 1545 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was up 0.1% to 100.18. A strong dollar makes commodities priced in the currency, such as gold, less appealing for holders of other currencies, denting demand.

 

At 1545 IST, the most-active December GOLD contract on the MCX was down 0.3% at INR 122,625 per 10 grams. The most-active December contract on the COMEX was down 0.4% at $4,065.5 per ounce.

 

Gold prices were weighed as the minutes of the US FOMC's October meeting showed a deep divide over the next policy action. Many participants favoured keeping rates unchanged, while several said it would be appropriate to lower rates. "Minutes from the Fed's October meeting released on Wednesday showed it cut interest rates even as policymakers cautioned that doing so could risk entrenched inflation and a loss of public trust in the US central bank," SMC Global said in a report. This hawkish outlook forced the market participants to scale back their bets on the US Fed rate cut in December.

 

On Wednesday, the US Bureau of Labor Statistics said that it would not publish the non-farm payroll data for October as the US government was shut down and was not able to gather the data. It also said November jobs data, which comes on the first Friday of the month, will be delayed to Dec. 16. This makes Thursday's non-farm payroll data a key datapoint before the FOMC meeting on December. 

According to the CME's FedWatch tool, nearly 32% of traders are now pricing in a 25-basis-point rate cut in December, down from 50% a week ago. Higher interest rates reduce the appeal of non-interest-yielding precious metals.

 

SILVER contracts fell on the MCX and on the COMEX, tracking gold. At 1614 IST, the most-active December silver contract on the MCX was down 0.3% at INR 154,703 per kg. The same-month contract on COMEX was down 0.3% at $50.70 per ounce.

 

Outlook for the rest of the session:

--MCX gold seen at INR 121,000–INR 124,500 per 10 grams

--COMEX gold seen at $4,020.0–$4,100.0 an ounce

--MCX silver seen at INR 153,000-INR 156,500 per kg

--COMEX silver seen at $50.20-$51.25 an ounce

 

End

 

US$1 = INR 88.71

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

 

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.