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Informist, Monday, Dec. 15, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold hit a new record high on the Multi Commodity Exchange of India on Monday due to a sharp fall in the rupee. The contracts also rose tracking rise in gold prices on the COMEX due to concerns over the US labor market and strong purchases by central banks, according to analysts.

 

At 1650 IST, the most-active February GOLD contract on the MCX was up 1.2% at INR 135,246 per 10 grams, after hitting a new record high of INR 135,496 per 10 grams. The most-active February contract on the COMEX was up 1% at $4,373.2 per ounce. Meanwhile, price of Mumbai spot gold of 99.9% purity edged higher to INR 133,474–INR 133,515 per 10 grams, from INR 131,727–INR 131,179 per 10 grams Friday.

 

The rupee ended at a record closing low against the dollar Monday. After falling to a record low of 90.7900 a dollar during the day, the rupee settled at 90.7300, sharply lower than 90.4150 Friday. When the rupee depreciates against the dollar, prices of gold in the domestic market adjust as the precious metal is priced in rupees.

 

"(Gold) Prices would get support due to escalating geopolitical tension and growing bets of assigning a dovish Fed chair in early 2026. Further, concerns over the 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 economic data, delayed by the US government shutdown in Oct-Nov, for further cues on the US Federal Reserve's rate cut path in 2026. A host of delayed employment, inflation, and other data is due 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.

 

Market participants also await speeches by Federal Reserve Governor Stephen Miran and Federal Reserve Bank of New York President John Williams, for further cues on the interest rate path.

 

Moreover, market sentiment was lifted after Kevin Hassett, director of the White House's National Economic Council and a close ally of US President Donald Trump, emerged as the frontrunner as he is seen to be more dovish. "Prices would get support on growing bets that the US President would appoint a dovish fed chair in early 2026, which could turn out to be negative for the dollar and support the bullions to hold its gains," broking firm ICICI Direct said in a report.

 

SILVER contracts on the MCX and COMEX were up tracking gold. At 1652 IST, the most-active March silver contract on the MCX was up 3% at INR 198,555 per kg. The most-active March contract on COMEX was up 2.7% at $63.65 per ounce. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 133,000–INR 136,500 per 10 grams

--COMEX gold seen at $4,320.0–$4,420.0 an ounce

--MCX silver seen at INR 195,000-INR 202,000 per kg

--COMEX silver seen at $63.00-$64.25 an ounce

End

 

US$1 = INR 90.73

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

 

Edited by Ashish Shirke

 

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