Gold surges to fresh record high on MCX as rupee hits lifetime low vs dollar
This story was originally published at 15:57 IST on 15 December 2025
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--MCX Feb gold contract hits fresh record high of INR 135,496 per 10 gm
MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India rose to a record high Monday due to a sharp fall in the rupee against the dollar. Gold prices on the domestic exchange also rose, tracking gains in the COMEX amid concerns over US labor market and strong central bank buying, according to analysts.
At 1518 IST, the most active February gold contract on MCX was up 1.3% at INR 135,257 per 10 grams, after hitting a new record high of INR 135,496 per 10 grams.
The rupee hit a lifetime low of 90.7900 a dollar earlier in 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.
"Prices would get support due to escalating geopolitical tension and growing bets of assigning a dovish Fed chair in early 2026. Further, concerns over US labor market, strong central bank buying and investment inflows would be positive for the prices," ICICI Direct said in a report.
Market participants await the economic data, delayed by the US government shutdown in Oct-Nov, for further cues on the Fed rate cut path in 2026. A host of delayed employment, inflation and other data is coming this week, which will give a long-anticipated view of the US economy. The US jobs report for November is due Tuesday, while the monthly CPI, which is closely watched for inflation trends, is due Thursday. End
US$1 = INR 90.73
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Tanima Banerjee
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