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Informist, Friday, Aug. 29, 2025

 

--MCX Oct gold contract hits another record high of INR 102,813 per 10 gm 

--MCX Sept silver contract hits fresh record high of INR 117,825 per kg 

--MCX Dec silver contract hits fresh record high of INR 119,285 per kg 

 

MUMBAI – Futures contracts of gold and silver hit all-time highs Friday on the Multi Commodity Exchange of India after the rupee fell sharply against the dollar and closed at a record low. Gold prices have risen for eight consecutive sessions on the domestic exchange, further supported by a rising safe-haven demand amid concern over the independence of the US Federal Reserve.

 

At 1610 IST, the most-active October gold contract on the MCX was 0.5% higher at INR 102,587 per 10 grams, after touching an all-time high of INR 102,813 per 10 grams. The silver contract for December delivery rose to a fresh record high of INR 119,285 per kg and the contract for September delivery rose to a record high of INR 117,825 per kg. At 1615 IST, the most-active December silver contract was up 0.1% at INR 119,285 per kg on the MCX. Gold contracts on the COMEX traded slightly lower at $3,466.4 per ounce as market participants await key economic data from the US later in the day.

 

The rupee settled below the psychologically-crucial 88-per-dollar for the first time and ended at a record closing low of 88.1950 against the dollar Friday. When the rupee depreciates against the dollar, prices of gold in the domestic market adjust as the precious metal is priced in rupees.

 

US Federal Reserve Governor Lisa Cook has filed a lawsuit against US President Donald Trump, stating that the president had no right to fire her. The legal battle could challenge established norms on the independence of the US Federal Reserve. The lawsuit also said Trump violated Cook's right to due process because he fired her without a notice or a hearing.

 

"The reputation and independence of the Fed are at stake. US Vice President Vance added fuel to the fire in the dispute with the Fed. In his opinion, the government will not allow monetary policy decisions to be made without the input from the people who were elected to serve the American people," Carsten Fritsch, commodity analyst at Commerzbank, said in a report. "In other words, Vance is demanding that the US government should have a say in monetary policy. This would mark the end of independent monetary policy. Gold is benefiting from this uncertainty, as shown by inflows into gold ETFs of just under 15 tons (tonnes) in the last two days," Fritsch said.  End

 

US$1 = INR 88.19

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

 

Reported by Ashutosh Pati

Edited by Akul Nishant Akhoury

 

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