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Informist, Friday, Dec. 26, 2025 

 

--MCX Feb gold contract hits fresh record high tracking COMEX prices

--MCX March silver contract hits fresh record high tracking COMEX prices 

--COMEX Feb gold contract hits new record high of $4,561.6 per ounce 

--COMEX March silver contract hits new record high of $75.5 per ounce 

 

MUMBAI – Futures contract of gold and silver on the Multi Commodity Exchange of India hit fresh record highs on Friday, tracking gains on COMEX. Futures contracts of gold and silver on COMEX hit record highs earlier in the day due to a weak greenback and higher safe-haven demand. A weak dollar makes dollar-denominated commodities more appealing for other currency holders, boosting demand. 

 

Prices rose amid ongoing geopolitical tensions between the US and Venezuela, as well as between Russia and Ukraine. US President Donald Trump intensified the US naval blockade of Venezuelan oil tankers. While Venezuelan crude accounts for only a small share of global supply, it remains a vital source of revenue for the government. Expectations of a quick resolution to Russia's war against Ukraine faded as both countries continue to target each other's energy infrastructure. 

 

Rising expectations of rate cuts by the US Federal Reserve in 2026 also supported gold prices. "I think (the Fed is) going to cut rates twice in 2026 because the labour market is a lot weaker than the numbers are telling us," Reuters quoted Peter Cardillo, chief market economist at Spartan Capital Securities in New York, as saying. Typically, a lower interest-rate environment boosts the appeal of non-interest-yielding precious metals.

 

"At the same time, markets are increasingly confident the Federal Reserve will deliver two quarter-point rate cuts next year as inflation cools and labour conditions soften, despite policy-makers signalling internal disagreement," Kedia Advisory said in a note. "The metal's rally has been exceptional, with gains exceeding 70% this year, the strongest annual performance since 1979. Persistent central-bank purchases and steady ETF (exchange traded funds) inflows continue to provide structural support," it added.

 

At 0941 IST, the most-active February gold contract on the MCX was up 0.7% at INR 139,051 per 10 grams, after touching a record high of INR 138,994 per 10 grams. The gold contract with the same expiry on COMEX was up 0.6% at $4,532 per ounce, after hitting a record high of $4,561.6 per ounce earlier in the day.

 

At 0941 IST, the most-active March silver contract on the MCX was up 3.7% at INR 232,085 per kg, after touching a record high of INR 232,741 per kg. The March silver contract on COMEX was up 4.3% at $75.7 per ounce, after hitting a record high of $75.5 per ounce.  End

 

US$1 = INR 89.82

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

 

Reported by Udita S. Jaiswal

Edited by Avishek Dutta

 

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