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Informist, Monday, Dec. 29, 2025

 

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India and the COMEX on Monday due to profit booking after prices hit a record high in the previous session, analysts said. On Friday, the most-active February gold contract on the COMEX hit a record high of $4,584 per ounce and on the MCX, it hit a record high of INR 140,465 per 10 grams.

 

Easing geopolitical tensions between Russia and Ukraine also weighed on gold prices, said Ajay Kedia, director, Kedia Advisory. On Sunday, US President Donald Trump said that he and Ukrainian President Volodymyr Zelenskiy were "getting a lot closer, maybe very close" to an agreement to end the war in Ukraine. Both leaders reported progress on two of the most contentious issues in peace talks, security guarantees for Ukraine and the division of eastern Ukraine's Donbas region that Russia has sought to capture. 

 

"Ukrainian President Volodymyr Zelensky also agreed upon 90% of the framework and US-Ukraine security guarantee, though some key issues remain," ICICI Direct said in a report.

 

At 1622 IST, the most-active February GOLD contract on the MCX was down 1.2% at INR 138,247 per 10 grams. The most-active February gold contract on COMEX was down 1.5% at $4,485.9 per ounce. However, the fall in prices was limited due to expectations of a rate cut by the US Federal Reserve in 2026. "Markets continue to price in two rate cuts in 2026 as inflation cools and employment conditions soften, despite divided views among policymakers," Kedia Advisory said in a note. 

 

SILVER contracts also fell on the MCX and COMEX due to profit booking after hitting a record high earlier in the day, analysts said. At 1622 IST, the most-active March silver contract on the MCX was down nearly 2% at INR 235,980 per kg after hitting a record high of INR 254,174 per kg. The March silver contract on COMEX was down nearly 3% at $75.11 per ounce, after hitting a record high of $82.67 per ounce.

 

However, the fall in price was limited due to a rise in demand from jewellers, medical device makers, electric-vehicle manufacturers, data-centre developers and especially solar-panel factories, The Wall Street Journal reported, citing Citigroup analysts. "Even though there's been a push away from solar in the US, countries in Europe and China are not slowing down with solar capacity installation, and that's consuming a lot of silver," the report quoted John Ciampaglia, chief executive of Sprott Asset Management, as saying. 

 

Spot gold of 99.9% purity was trading in the Mumbai market at INR 138,161 per 10 grams, up from INR 137,956 per 10 grams on Friday. The spot silver of 99.9% purity edged higher at INR 243,483 per kg, compared with INR 228,107 per kg on Friday, Kumar Jain, spokesperson, India Bullion and Jewellers Association, said. "There is no discount in gold and silver prices," Jain said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 138,500–INR 140,500 per 10 grams

--COMEX gold seen at $4,420.0–$4,560.0 an ounce

--MCX silver seen at INR 230,000-INR 243,000 per kg

--COMEX silver seen at $73.00-$77.00 an ounce

End

 

US$1 = INR 89.97

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

 

Reported by Reshma Ravi

Edited by Akul Nishant Akhoury

 

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