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Informist, Wednesday, Oct. 1, 2025

 

--COMEX December gold contract hits new record high of $3,904.1 per ounce 

--MCX December gold contract hits new record high of INR 117,800 per 10 gm 

--MCX December silver contract hits new record high of INR 144,844 per kg 

 

MUMBAI – Futures contracts of gold and silver rose to fresh all-time highs Wednesday on the Multi Commodity Exchange of India, tracking the rally in COMEX gold prices on firm safe-haven demand after the US government beging shutdown of its operations as senators failed to pass a last-minute funding bill. Further expectations of a rate cut by the US Federal Reserve this month also supported prices of precious metals.   

 

The shutdown, the first since 2018-19, could bring some – but not all – US government services to a temporary halt, BBC news reported. In the letter from Phillip Swagel, the office estimates 750,000 federal employees could be furloughed each day, with a total daily cost of around $400 million, it reported. Citing the letter, the news agency said that this projected number of furloughed employees could vary daily, as some agencies might furlough more employees the longer the shutdown persists, while others might recall some initially furloughed employees.

 

At 1009 IST, the most active December gold contract on the MCX was 0.2% higher at INR 117,504 per 10 grams, after touching an all-time high of INR 117,800 per 10 grams. The most active December gold contract on the COMEX was up 0.4% at $3,888.2 per ounce, after touching a record high of $3,904.1 per ounce. The most active December silver contract on the MCX was nearly 1% higher from the previous close at INR 145,172 per kilogram, after touching an all-time high of 144,844 per kg.  

 

Prices also rose on hopes of a rate cut by the US Federal Reserve in October. According to the CME FedWatch tool, 94.6% of the traders are pricing in a 25-basis-point rate cut this month, higher than 89.8% seen on Tuesday. Currently, 5.4% traders anticipate the rates to remain unchanged at 4.00-4.25%, against 10.2% expecting steady rates Tuesday. Lower interest rates increase the appeal of non-interest yielding precious metals. 

 

Outlook for the rest of the session:

--MCX Oct gold seen at INR 115,890–INR 120,550 per 10 grams

--COMEX Dec gold seen at $3,814.13–$3,940.63 an ounce

--MCX Dec silver seen at INR 135,740-INR 148,580 per kg

--COMEX Dec silver seen at $45.19-$48.3 an ounce 

 

End

 

US$1 = INR 88.71

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

 

Reported by J. Navya Sruthi

Edited by Tanima Banerjee

 

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