More Stories

Informist, Thursday, Dec. 11, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India and the COMEX rose Thursday, with silver hitting fresh record highs on both exchanges after the US Federal Open Market Committee cut the federal funds target range by 25 basis points for the third straight meeting to 3.50-3.75%, as widely expected.

 

At 1539 IST, the most-active March SILVER contract on the MCX was up 2.7% at INR 193,758 per kg, after hitting a record high of INR 193,889 per kg earlier in the day. The most-active March contract on COMEX was up 2.2% at $62.34 per ounce, after hitting a fresh all-time high of $63.25 per ounce.

 

At 1541 IST, the most-active February GOLD contract on the MCX was up 0.9% at INR 130,950 per 10 grams. The most-active February contract on the COMEX was up 0.5% at $4,246.8 per ounce. Spot gold of 99.9% purity rose to INR 128,364-INR 128,615 per 10 grams in Mumbai on Thursday from INR 127,591-INR 128,013 per 10 grams on Wednesday.

 

The Federal Reserve's decision drew three dissents: Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid argued that the policy rate should be kept unchanged, while Fed Governor Stephen Miran again called for a larger 50-bps reduction, Informist reported earlier in the day. The summary of economic projections showed only one 25-bps rate reduction in the policy rate in 2026, as per the median of expectations of Fed officials. Policymakers raised the estimate for GDP growth in 2026 to 2.3% from 1.8% and maintained expectations of a 4.4% unemployment rate at the end of next year.

 

At the post-policy press briefing, Fed Chairman Jerome Powell said the Fed's interest rate policy was well positioned to respond to what lies ahead for the economy, declining to provide guidance on another interest rate cut in the near future. "Monetary policy is not on a preset course, and we will make our decisions on a meeting by meeting basis," he said. Powell added that the US central bank's next move was unlikely to be a rate hike, considering that is not the base case reflected in new projections from policymakers.

 

"Silver prices are up around 110% so far this year, outpacing gold. Silver is supported by fears that the metal could be targeted in future US tariffs after being added to the Geological Survey's list of critical minerals last month," analysts at ING said in a report.

 

Net inflows into Indian gold and silver exhange-traded funds plunged in November, according to data released by the Association of Mutual Funds in India Thursday. Net inflows into 23 gold exchange-traded funds in November were INR 37.42 billion, down nearly 52% on month, while assets under management in gold ETFs rose over 8% on month to INR 1.10 trillion. Net inflows into silver exchange-traded funds in November fell nearly 37% on year to INR 21.54 billion. The assets under management in silver ETFs, however, rose over 15% on month to INR 490.82 billion in November.

 

Outlook for the rest of the session:

--MCX gold seen at INR 129,000–INR 132,500 per 10 grams

--COMEX gold seen at $4,200.0–$4,290.0 an ounce

--MCX silver seen at INR 190,000-INR 196,000 per kg

--COMEX silver seen at $61.60-$63.00 an ounce

End

 

US$1 = INR 90.37

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.