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Informist, Monday, Sept. 22, 2025

--MCX Oct gold contract hits new record high of INR 111,727 per 10 gm 

--MCX Dec gold contract hits new record high of INR 112,729 per 10 gm 

--COMEX Dec gold contract hits new record high of $3,763.1 per ounce 

--MCX Dec silver contract hits new record high of INR 132,980 per kg

MUMBAI – Gold and silver futures on the Multi Commodity Exchange of India surged to fresh record highs Monday, tracking gains in contracts on the COMEX because of a weak dollar and on expectation of more rate cuts by the US Federal Reserve this year. Silver prices on the COMEX are currently trading at a 14-year high while those of gold recorded a new all-time high.

At 1748 IST, the most-active October gold contract on the MCX was 1.5% higher at INR 111,430 per 10 grams, after touching a record high of INR 111,727 per 10 grams. The December gold contract on MCX was 1.3% higher at INR 112,403 per 10 grams, after touching a record high of INR 112,729 per 10 grams. On COMEX, the most-active December gold contract hit a record high of $3,763.1 per ounce and was trading 1.4% higher at $3,757.2 per ounce.

"The rally was driven by expectations of additional US Federal Reserve rate cuts after last week's widely anticipated 25 basis point reduction, the first since December," Kedia Advisory said in a note. The CME's Fedwatch tool shows 92% traders pricing in a 25-basis-point cut by the Fed in October.

Similarly, the most-active December silver contract on the domestic exchange was 1.7% higher at INR 132,041 per kg while the same month contract on the COMEX was at $43.84 per ounce, up 2.1%. The silver contract on MCX had hit a record high of INR 132,980 per kg earlier in the day. "Strong fundamentals, including tight supply, supported the upward trend, while robust industrial demand from the solar, electric vehicle, and electronics sectors added further momentum to silver prices," the brokerage said.

At 1800 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was down 0.2% at 97.47. A weak dollar makes dollar-denominated commodities such as gold and silver cheaper for those holding other currencies, thereby aiding demand.

Market participants are now awaiting speeches by several US Federal Open Market Committee officials later in the day and Fed Chair Jerome Powell's key speech Tuesday to gauge the central bank's monetary policy outlook.  End

US$1 = INR 88.31

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

Reported by Ashutosh Pati

Edited by Subhojit Sarkar

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