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Informist, Friday, Nov. 21, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold rose on the Multi Commodity Exchange of India Friday, despite weak cues from COMEX, because of a sharp fall in the rupee against the dollar. On the COMEX, gold contracts fell after stronger-than-expected US jobs reports dimmed hopes of a US Federal Reserve interest rate cut in December.

 

At 1649 IST, the most-active December GOLD contract on the COMEX was 0.5% lower at $4,039.2 per ounce. The most-active December gold contract on the MCX was 0.3% higher at INR 123,077 per 10 grams. On the domestic exchange, gold prices rose after closing lower in the previous session because of a sharp fall in the rupee against the dollar. 

 

The rupee logged its worst day in more than six months on Friday and ended at a record closing low of 89.4800 against the dollar. The domestic currency hit a lifetime low of 89.4950 a dollar during the day. When the rupee depreciates against the dollar, prices of gold in the domestic market adjust as the precious metal is priced in rupees.

 

Meanwhile, the long-awaited US employment report for September painted a mixed picture of the US labour market. The data, released Thursday, suggested the labour market was stabilising before the government shutdown. The US added 119,000 non-farm payrolls in September, against a poll estimate of 50,000. The unemployment rate in the same month rose to 4.4%, the highest level in almost four years, above the consensus of 4.3%. The data has been delayed after the six-week US government shutdown, which was resolved only last week, and is likely the last large-scale labour market datapoint before the US Federal Open Market Committee's December meeting.

 

"Gold pushed lower as doubt increases over the Fed's next move on interest rates," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. "US jobs growth topped expectations in September, but the employment rate continued to rise. This underscores the lingering fragility of the labour market. Officials also remain divided over whether the slowdown in the labour market justifies another rate cut," Hynes said.

 

SILVER contracts fell on the MCX and on the COMEX Friday. At 1657 IST, the most-active December silver contract on the MCX was down 1.9% at INR 151,182 per kg. The same-month contract on COMEX was down 3.6% at $48.47 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 $4,000.0–$4,070.0 an ounce

--MCX silver seen at INR 149,000-INR 153,000 per kg

--COMEX silver seen at $47.70-$48.70 an ounce

End

 

US$1 = INR 89.48

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

 

Edited by Saji George Titus

 

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