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Informist, Tuesday, Dec. 16, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold on Multi Commodity Exchange of India fell due to profit booking after prices hit a record high in the previous session, analysts said. Gold prices on the domestic market also fell, tracking losses on COMEX as market participants were cautious ahead of the US jobs report, due later in the day. 

 

At 1538 IST, the most-active February GOLD contract on the MCX was down 0.3% at INR 133,793 per 10 grams. The most-active February contract on the COMEX was down 0.7% at $4,305.8 per ounce. Meanwhile, Mumbai spot gold of 99.9% purity edged lower to INR 131,848–INR 132,179 per 10 grams on Tuesday, from INR 133,334–INR 133,535 per 10 grams on Monday.

 

"Prices would get support on the expectation of a weaker set of US November jobs report. Forecast of a rising unemployment rate and sluggish growth in the labour market would force the US Fed to lower the rates again in the coming year," ICIC Direct said in a report. 

 

Easing tensions between Russia and Ukraine weighed on safe-haven demand for gold, Manoj Jain, director at Prithvi Finmart, said. The US has offered to provide Ukraine with North Atlantic Treaty Organization-style security guarantees, Reuters reported. "Ukrainian President (Volodymyr) Zelensky said that the discussions between the US and Ukraine were very constructive. Also, Zelensky added that with real progress being made, an agreement may be reached soon," Dow Jones quoted ANZ analysts as saying.

 

Gold prices on the domestic market fell amid profit booking after hitting a record high in the previous session. However, the price decline was limited as the rupee fell sharply, Ajay Kedia, director at Kedia Advisory, said. The rupee hit a record low of 91.0775 a dollar during the day. When the rupee depreciates against the dollar, gold prices in the domestic market adjust as the precious metal is priced in rupees. "We still see prices in an upward direction due to geopolitical tensions and a fall in the dollar index," Jain said. 

 

SILVER contracts on the MCX and COMEX were down, tracking gold. At 1546 IST, the most-active March silver contract on the MCX was down 0.5% at INR 196,917 per kg. The most-active March contract on COMEX was down 0.9% at $62.99 per ounce. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 132,000–INR 135,200 per 10 grams

--COMEX gold seen at $4,270.0–$4,350.0 an ounce

--MCX silver seen at INR 195,500-INR 200,000 per kg

--COMEX silver seen at $62.50-$63.60 an ounce

 

End

 

US$1 = INR 91.02

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

 

Edited by Saji George Titus

 

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