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Informist, Tuesday, Sept. 23, 2025

--MCX Oct gold contract hits new record high of INR 114,179 per 10 gm

--MCX Dec gold contract hits new record high of INR 115,139 per 10 gm

--COMEX Dec gold contract hits new record high of $3,824.6 per ounce

--MCX Dec silver contract hits new record high of INR 135,233 per kg

MUMBAI – Gold and silver futures on the Multi Commodity Exchange of India rose to fresh record highs Tuesday due to expectations of further interest rate cuts by the US Federal Reserve this year. Dovish comments by the newly appointed Fed Governor Stephen Miran and strong flows into gold exchange-traded funds also lifted market sentiment.

At 1624 IST, the most-active October gold contract on the MCX was 1.5% higher at INR 113,920 per 10 grams, after touching an all-time high of INR 114,179 per 10 grams. The December contract rose to a record high of INR 115,139 per 10 gm earlier in the day. On COMEX, the most-active December gold contract was up 1.1% at $3,816.7 per ounce, after touching a record high of $3,824.6 per ounce.

Similarly, at 1630 IST, the most-active December silver contract was 1.2% higher at INR 135,223 per kilogram, after touching an all-time high of INR 135,233 per kg. On the COMEX, the most-active December gold contract was up 0.8% at $44.58 per ounce.

Investors assessed a slew of comments from US Federal Reserve officials just days after the US Federal Open Market Committee cut the federal funds target rate range by 25 basis points, delivering the first cut in 2025. While Federal Reserve Bank of St. Louis President Alberto Musalem said he saw limited room for further cuts due to higher inflation, newly appointed Fed Governor Miran said the appropriate Fed funds rate should be in the range of 2.0-2.5%, citing risks to unemployment. According to the CME FedWatch tool, around 90% of traders are pricing in a 25-basis-point cut by the Fed at the October meeting and 75% are pricing in another 25-basis point cut at the December meeting.

Along with the persisting hopes of a rate cut by the US Fed, the weak rupee is also supporting domestic prices of bullion, Kedia Advisory said. The domestic currency fell to a record low of 88.7975 per dollar earlier Tuesday.

Gold ETFs tracked by Bloomberg recorded inflows of nearly 27 tonnes on Friday, the strongest one-day increase in ETF holdings since January 2022, Carsten Fritsch, commodity analyst at Commerzbank said in a report. Of the 27 tonnes, almost 19 tonnes were attributable to the world's largest gold ETF in the US, which in turn represented the strongest daily inflow into this ETF in six months. Monday, a further 8.7 tonnes were added in total. "Strong buying interest from ETF investors is likely to have given the gold price a boost," Fritsch said. 

"In addition to expectations of interest rate cuts, the US president's ongoing attacks on the Fed's independence and geopolitical developments are also likely to play a role. As a result, the surge in the gold price could continue," Fritsch added.  End

US$1 = INR 88.75

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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