More Stories

Informist, Monday, Nov. 24, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and COMEX fell on Monday as market participants cautiously awaited US economic data for further cues on an interest rate cut by the US Federal Reserve in December. However, the losses in gold were limited due to rising expectations of a rate cut by the Fed in December.

 

At 1550 IST, the most active December GOLD contract on the MCX was down 0.6% at INR 123,450 per 10 grams. The most active December contract on the COMEX was down 0.3% at $4,068.3 per ounce.  

"The dollar index is up near six-month highs, it's above 100 and if it continues to trade above 100, then there will be further pressure on gold prices," Reuters quoted Jigar Trivedi, senior research analyst at brokerage Reliance Securities, as saying. At 1551 IST, the dollar index was at 100.08, after it hit a six-month high of 100.395 on Friday.

Market participants are waiting for the US retail sales and producer price index data for September, which is due on Tuesday, and the weekly jobless claims on Wednesday for further cues on a Fed rate cut in December. 

 

However, the fall in gold prices was limited due to rising expectation of a rate cut by the US Federal Reserve in December after dovish comments by New York Fed President John Williams. On Friday, Williams said the Fed could still trim interest rates in the near term, without risking its inflation goal. According to the CME's FedWatch tool, 71.5% of traders are now pricing in a 25-basis-point rate cut in December, up from 42.4% a week ago. Typically, lower interest rate environments boost the appeal of non-yielding precious metals.

 

Meanwhile, other officials maintained a hawkish stance. Dallas Fed President Lorie Logan spke about leaving the policy rate on hold "for a time", while Fed President for Chicago and Celeveland both said that a rate cut right now would present a wide range of risks to the economy, Reuters reported.

 

"Next three to five weeks will see a flattish to negative undertone in gold as there is no major significant support coming for the bulls in the absence of geopolitical tensions," Reuters quoted Trivedi as saying.

 

SILVER contracts on the MCX and COMEX fell. At 1601 IST, the most active December silver contract on the MCX was down 0.4% at INR 153,551 per kg. The same contract on the COMEX was down 0.2% at $49.83 per ounce. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 122,000–INR 124,800 per 10 grams

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

--MCX silver seen at INR 152,000-INR 155,500 per kg

--COMEX silver seen at $49.10-$50.20 an ounce

 

End

 

US$1 = INR 89.23

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

 

Edited by Avishek Dutta

 

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.