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Informist, Monday, Sept. 8, 2025

 

--COMEX Dec gold contract hits new record high of $3,662.5 per ounce

--MCX Oct gold contract hits new record high of INR 108,175 per 10 gm

--MCX Dec silver contract hits fresh record high of INR 126,400 per kg

 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India rose to a fresh record high, tracking gains in COMEX gold prices due to a weak dollar and rising expectations of an interest rate cut by the US Federal Reserve later this month. Similarly, silver prices also rose to a new all-time high on the domestic exchange tracking gains in gold prices. 

 

At 1718 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down nearly 0.3% at 97.65. A weak dollar makes dollar-denominated commodities such as gold less expensive for those holding other currencies, hence increasing demand for such metals.

 

At 1719 IST, the most active October gold contract on the MCX was up 0.3% at INR 108,040 per 10 grams, after touching a record high of INR 108,175 per 10 grams. The most active December gold contract on the COMEX was steady at $3,655.3 per ounce. Gold prices on COMEX rose to a new record high of $3,662.5 per ounce earlier in the day. 

 

"Non-farm payrolls rose by only 22,000 in August, well below expectations of 75,000. July's job gains were revised up slightly to 79,000, but June's figures were adjusted down significantly, showing a net loss of 13,000 jobs after a prior downward revision of 27,000. These changes suggest the labour market has been softer than initially reported over the summer", Kaynat Chainwala, associate vice-president for commodity and currency at Kotak Securities.

 

The data showed US job growth weakened sharply in August and the unemployment rate increased to a nearly four-year high of 4.3%, confirming that labour market conditions were softening and sealing the case for a Fed rate cut next week, SMC Research said in a report. According to the CME FedWatch tool, traders now see a 90.1% probability of a 25-basis-point rate cut by the Fed in the September meeting, higher than 86.4% last week. Lower rates increase the appeal of the non-interest-yielding precious metal. 

Further, increased safe-haven demand due to trade uncertainties, concerns over US Fed independence, and lingering geopolitical tensions have also lifted market sentiment, analysts said.

 

Tracking gold prices, silver prices also rose to a new all-time high of INR 126,400 per kilogram on the domestic exchange earlier Monday. At 1722 IST, the most active December silver contract on the MCX was up nearly 0.7% at INR 125,504 per kilogram. The same-month contract on COMEX was also up nearly 0.7% at $41.85 per ounce.  End

 

US$1 = INR 88.26

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

 

Reported by Reshma Ravi

Edited by Deepshikha Bhardwaj

 

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