India Bullion
Gold down as investors cautious ahead of US inflation data
This story was originally published at 17:18 IST on 8 December 2025
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By Pallavi Singhal
NEW DELHI – Futures contracts of gold on the Multi Commodity Exchange of India were down Monday, tracking a fall in contracts on COMEX, as investors remained cautious ahead of key US inflation data that are likely to influence the US Federal Reserve's upcoming policy decision, according to Kotak Securities. However, a softer US dollar and the continued Russia-Ukraine conflict, which drive demand for safe-haven assets, supported the precious metal, the brokerage said in a note.
The dollar index has remained broadly soft ahead of an expected rate cut by the Fed Wednesday. Traders are pricing an 87.5% probability of a 25-basis-point cut, according to the CME Group's FedWatch tool. At 1635 IST, the dollar index, which measures the strength in the dollar against a basket of six major currencies, was at 98.95, down from 98.99 Friday and 99.07 Thursday. A weaker dollar makes GOLD cheaper for buyers using other currencies, helping limit the downside for the yellow metal.
At 1644 IST, the most-active February gold contract on the MCX was down 0.15% at INR 130,270 per 10 grams. The most-active February contract on COMEX was down 0.3% at $4,231.2 per ounce. Meanwhile, Mumbai spot gold of 99.9% purity edged higher to INR 128,414–INR 128,715 per 10 grams Monday, from INR 128,013–INR 128,033 per 10 grams Saturday.
SILVER contracts on the MCX and COMEX fell, tracking the fall in gold contracts. At 1655 IST, the most-active March silver contract on the MCX was down 0.3% at INR 182,777 per kg. The most-active March contract on COMEX was down 0.4% at $58.8 per ounce.
Analysts said gold and silver markets are likely to experience increased volatility until the Fed provides clarity on its interest rate path. End
US$1 = INR 90.07
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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