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Informist, Friday, Nov. 28, 2025

 

By Reshma Ravi

 

MUMBAI - Futures contracts of gold rose to a near two-week high on the Multi Commodity Exchange of India and COMEX Friday amid growing expectations of a rate cut by the US Federal Reserve in December. In the previous sessions, gold prices had slipped as traders likely booked profits after they rose for four straight sessions. Prices were also under pressure earlier due to thin trading as the US markets were closed for the Thanksgiving holiday.

 

At 1552 IST, the most-active February GOLD contract on the MCX was up 0.6% at INR 128,411 per 10 grams. The most-active 

February contract on the COMEX rose 0.5% to $4,221.3 per ounce. The gold contract on the MCX had risen to a near two-week high of INR 128,525 per 10 grams earlier, and on the COMEX it rose to $4,227.5 per ounce.

 

Gold prices are up on rising expectations of a rate cut by the Federal Reserve in the December meeting, Ajay Kedia, director of Kedia Advisory, said. According to the CME's FedWatch tool, 84.7% of traders are now pricing in a 25-basis-point rate cut in December, up from 71.0% a week ago. Typically, lower interest rate environment boosts the appeal of non-yielding precious metals.   

 

Gold prices also rose as Kevin Hassett, a close ally of US President Donald Trump, emerged as the frontrunner for the next Fed chair. Prices may rally as the concern over Fed independence resurfaced after White House National Economic Council Director Hassett emerged as the front runner to serve as the next Fed chair, ICICI said in a report. Hassett argued that the bank should reduce interest rates despite September jobs growth, and criticised Powell's monetary policy as "partisan" and suggested that the next chair should "clean house", The Financial Express reported, citing a Yahoo Finance interview.  

 

SILVER contracts on the MCX and COMEX were up, tracking a rise in gold contracts. At 1553 IST, the most-active March silver contract on the MCX was up 1.1% at INR 167,743 per kg. The most-active March contract on the COMEX rose 2% to $54.65 per ounce. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 126,000–INR 130,000 per 10 grams

--COMEX gold seen at $4,180.0–$4,260.0 an ounce

--MCX silver seen at INR 165,000-INR 170,000 per kg

--COMEX silver seen at $54.00-$55.10 an ounce

 

End

 

US$1 = INR 89.45

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

 

Edited by Subhojit Sarkar

 

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