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Informist, Monday, Sept. 1, 2025

 

--MCX Oct gold contract hits fresh record high of INR 105,937 per 10 gm

--COMEX Dec gold contract hits fresh record high of $3,552.4 per ounce

--MCX Dec silver contract hits fresh record high of INR 124,214 per kg

 

MUMBAI – Prices of gold and silver on the Multi Commodity Exchange of India hit all-time highs on Monday due to a weak domestic currency. Globally too, gold prices rose to a fresh lifetime high due to a weak dollar index and rising hope of a rate cut by the US Federal Reserve later this month. Analysts expect prices of both the precious metals in the domestic market to hit fresh lifetime highs during the day. 

 

At 0955 IST, the most-active October gold contract on the MCX was 1% higher at INR 104,980 per 10 grams, after touching an all-time high of INR 105,937 per 10 grams earlier Monday. On COMEX, the most-active December gold contract was up 0.8% from the previous close at $3,542.3 per ounce after hitting a new lifetime high of $3,552.4 per ounce, despite the US market being shut on account of Labor Day.

 

The rally in domestic gold prices is continuing for the ninth consecutive session, supported by a weak rupee amid US tariff worries. When the rupee depreciates against the dollar, prices of gold in the domestic market adjust as the precious metal is priced in rupees. At 0956 IST, the rupee was largely steady at 88.22 after falling to a low of 88.255 against the dollar earlier Monday.  

 

This has also supported silver prices, pushing them to a new all-time high of INR 124,214 per kilogram on the MCX. At 0957 IST, the most-active silver contract was up nearly 2% at INR 124,143 per kg. 

 

"Geopolitical tensions, trade war risks, and China's consistent buying added to safe-haven demand," Kedia Advisory said in a note. The market also expects a rate cut by the US central bank at its meeting later this month, which also supported the rally. According to the CME's FedWatch tool, traders see an 87.6% probability of a 25-basis-point rate cut by the Fed, higher than 84.7% last week. Lower rates increase the appeal of the non-interest-yielding precious metal. 

 

Other than the safe-have demand, silver also continues to benefit from robust industrial use, with China's solar boom driving solar cell exports up over 70% in the first half of 2025, led by strong Indian demand, Kedia Advisory said. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 103,200–INR 106,400 per 10 grams

--COMEX gold seen at $3,515–$3,575 an ounce

--MCX silver seen at INR 122,000-INR 126,000 per kg

--COMEX silver seen at $39.10-$42.20 an ounce

 

End

 

US$1 = INR 88.25

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

 

Reported by J. Navya Sruthi

Edited by Avishek Dutta

 

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