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Informist, Wednesday, Dec. 24, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold and silver hit fresh record highs on Multi Commodity Exchange of India and the COMEX on Wednesday. Prices rose due to rising safe-haven demand amid geopolitical tensions between the US and Venezuela. Growing expectations of a rate cut by the US Federal Reserve next year also supported bullion. Gold and silver prices have hit record highs for the third consecutive day on both the exchanges.

 

At 1609 IST, the most-active February GOLD contract on the MCX was up 0.3% at INR 138,231 per 10 grams, after touching a record high of INR 138,676 per 10 grams. The most-active February contract on the COMEX was up 0.3% at $4,517.9 per ounce, after touching a record high of $4,555.1 per ounce.

 

At 1618 IST, the most-active March SILVER contract on the MCX was up 1.6% at INR 223,301 per kg, after touching a record high of INR 224,300 per kg. The most-active March contract on COMEX was up 1.3% at $72.05 per ounce, after touching a record high of $72.75 per ounce.
 

"Gold's haven appeal has also been amplified in the last week by rising geopolitical tensions, particularly in Venezuela, where the US has blockaded oil tankers as it ratchets up pressure on the government of President Nicols Maduro," Nirmal Bang Securities said in a report. The US continues its efforts to intercept oil tankers off the coast of Venezuela, as Washington intensifies pressure on President Nicolas Maduro's administration. The US has deployed large numbers of special-operations aircraft, troops, and equipment to the Caribbean area this week, providing Washington with additional options for possible military action in Venezuela, The Wall Street Journal reported.

 

Prices also rose due to growing expectations of a rate cut by the US Federal Reserve in 2026 because of potential appointment of a dovish US Fed Chair and a weak dollar, Manoj Jain, director, Prithvi Finmart, said. On Tuesday, the Commerce Department reported that the US economy expanded 4.3% in the third quarter.

 

"However, weaker durable goods orders, softer industrial production, and a continued decline in consumer confidence showed underlying economic instability," Kotak Securities said in a report. US consumer confidence declined in December due to increasing worries about jobs and income. The Conference Board announced Tuesday that its consumer confidence index dropped by 3.8 points to 89.1 for this month. 

 

"In present context of US, upbeat GDP data is indicating for more policy easing to support soft job-markets. US President (Donald Trump) is focusing on more employments and increasing manufacturing activities and that is why he wants soft interest rates," Jain said.

 

Moreover, "Fed Governor Christopher Waller, who is in the running to be chosen as Fed Chair Jerome Powell's successor, said last week that the Fed still had more room to cut rates. Traders are still pricing in two interest rate cuts by the US Federal Reserve next year," SMC Global Securities said in a report.

 

Outlook for the rest of the session:

--MCX gold seen at INR 136,000–INR 140,800 per 10 grams

--COMEX gold seen at $4,470.0–$4,575.0 an ounce

--MCX silver seen at INR 218,000-INR 226,500 per kg

--COMEX silver seen at $71.00-$73.50 an ounce

 

End

 

US$1 = INR 89.78

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

 

 

Edited by Tanima Banerjee

 

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