More Stories

Informist, Tuesday, Dec. 23, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver hit a record high on the Multi Commodity Exchange of India Tuesday, tracking gains on the COMEX due to weakness in the dollar. Prices also rose due to rising safe-haven demand amid increased geopolitical tensions between the US and Venezuela and the ongoing Russia-Ukraine conflict. 

 

At 1529 IST, the most-active February GOLD contract on the MCX was up 1% at INR 138,111 per 10 grams, after touching a record high of INR 138,444 per 10 grams. The most-active February contract on the COMEX was up 1% at $4,511.9 per ounce, after touching a record high of $4,530.8 per ounce. Meanwhile, Mumbai spot gold of 99.9% purity edged higher to INR 136,085–INR 136,346 per 10 grams on Tuesday, compared to INR 134,037–INR 134,107 per 10 grams on Monday.

 

At 1530 IST, the most-active March SILVER contract on the MCX was up 1.3% at INR 215,599 per kg, after touching a record high of INR 216,596 per kg. The most-active March contract on COMEX was up 1.4% at $69.52 per ounce, after touching a record high of $70.155 per ounce.

 

At 1531 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.3% at 97.96. A weaker dollar makes dollar-denominated commodities such as gold and silver cheaper for those holding other currencies, aiding demand. 

 

Prices rose to a record high due to the weak dollar, and geopolitical tensions between the US and Venezuela, and Russia and Ukraine, Manoj Jain, director at Prithvi Finmart, said. In his pressure campaign on Venezuela, which includes a blockade on oil tankers under sanction entering and leaving the country, US President Donald Trump on Monday said he might keep or sell the oil seized in recent weeks. Trump also warned Venezuelan President Nicolas Maduro to leave power, saying "it would be smart" of him not to "play tough". 

 

Meanwhile, late on Monday, Russian forces attacked Ukraine's Black Sea port, damaging port facilities and a ship, in the second attack on the region in less than 24 hours. A Ukrainian drone attack damaged two vessels, two piers and sparked a fire in a village in Russia's Krasnodar region on Monday. 

 

Growing expectations of a rate cut by the US Federal Reserve in 2026 also supported the bullion. "The sharp price performance has been largely driven by growing confidence that the US Federal Reserve will maintain an easing bias into 2026 and beyond. Recent economic indicators point to moderating inflation pressures and a cooling labour market, prompting markets to price in at least two interest rate cuts next year," Kedia Advisory said in a note. Typically, a lower-interest-rate environment boosts the appeal of non-interest-yielding precious metals.

 

"...gold prices rose to an all-time high on Tuesday — the 50th day it's broken records this year — as investors weighed escalating geopolitical tensions and the prospects for more US rate cuts," Nirmal Bang Securities said in a report.

 

"Silver, meanwhile, benefits from a dual demand profile. In addition to its safe-haven appeal, strong industrial demand from sectors such as solar power, electric vehicles, and data centres provides structural support to prices," Kedia Advisory said in a note.

 

Outlook for the rest of the session:

--MCX gold seen at INR 136,000–INR 140,000 per 10 grams

--COMEX gold seen at $4,470.0–$4,570.0 an ounce

--MCX silver seen at INR 212,000-INR 218,500 per kg

--COMEX silver seen at $68.80-$70.25 an ounce

 

End

 

US$1 = INR 89.68

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

 

Edited by Tanima Banerjee

 

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.