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Informist, Friday, Dec. 26, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange of India and the COMEX surged to fresh all-time highs Friday amid safe-haven demand and rising expectation of rate cuts by the US Federal Reserve next year. COMEX silver prices soared past $75 per ounce mark earlier in the day while gold prices have sustained above the $4,500 per ounce for the third trading day in a row.

 

At 1600 IST, the most-active February GOLD contract on the MCX was up 1.0% at INR 139,454 per 10 grams, after touching a record high of INR 139,500 per 10 grams. The most-active February contract on the COMEX was up 1.1% at $4,552.1 per ounce, after touching a record high of $4,561.6 per ounce.

 

At 1601 IST, the most-active March SILVER contract on the MCX was up 4.9% at INR 234,806 per kg, after touching a record high of INR 235,059 per kg. The most-active March contract on COMEX was up 5.0% at $75.25 per ounce, after touching a record high of $75.49 per ounce.

 

Ongoing geopolitical tensions between the US and Venezuela and between Russia and Ukraine boosted the safe-haven appeal of the precious metals. 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. Expectation of a quick resolution to Russia's war against Ukraine faded as both the countries continued to target each other's energy infrastructure.

 

"Gold has benefited from multiple factors this year, including US interest rate cuts and bets of further easing, international conflicts, robust central bank demand in attempted diversification from the US dollar, and rising investment demand in exchange-traded funds," SMC Global Securities said in a report.

 

Meanwhile, spot gold and silver prices also rose Friday, tracking futures prices on MCX and COMEX. Spot gold of 99.9% purity was trading in the Mumbai market at INR 141,200 per 10 grams, up from to INR 136,635 per 10 grams on Wednesday. The spot silver of 99.9% purity edged higher at INR 233,000 per kg, compared with INR 218,954 per kg on Wednesday, according to jewellers. "Spot gold rates have shot up, and discount are gone in gold and silver," a jeweller said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 138,500–INR 141,500 per 10 grams

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

--MCX silver seen at INR 230,500-INR 237,000 per kg

--COMEX silver seen at $72.50-$76.50 an ounce

End

 

US$1 = INR 89.85

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

 

Edited by Akul Nishant Akhoury

 

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