MCX December gold contract hits new record high, tracking COMEX gold gains
This story was originally published at 10:33 IST on 7 October 2025
Register to read our real-time news.Informist, Tuesday, Oct. 7, 2025
--MCX December gold contract hits new record high of INR 120,879 per 10 gm
NEW DELHI – Gold futures rose to fresh record high on the Multi Commodity Exchange of India Tuesday, tracking gains in COMEX contracts. International gold prices rose to record highs due to increased safe-haven demand amid economic and political uncertainties in the US and France. Expectations of further rate cuts by the US Federal Reserve also supported gold prices.
At 0956 IST, the most active December contract of gold on the MCX was 0.5% higher at INR 120,815 per 10 grams after touching a record high of INR 120,879 per 10 grams. The most active December gold contract on COMEX was 0.5% higher at $3,996.3 per ounce, after hitting a record high of $4,000.1 per ounce earlier in the day.
Gold prices rose as the US government shutdown has now extended into a second week, delaying key economic data releases. Meanwhile, in France, the newly appointed Prime Minister Sebastien Lecornu resigned on Monday after struggling to pass a budget through the fractured French Parliament amid a debt crisis. Lecornu named his ministers on Sunday evening, but quit some hours later, making his government one of the shortest lived in French history.
In Japan, Sanae Takaichi, considered a fiscal dove, was elected to lead the ruling party and become the next prime minister. "The political shakeups in France and Japan are adding to fiscal concerns and contributing to the rally in gold," Bloomberg quoted Nicky Shiels, head of research and metals strategy at MKS PAMP SA, as saying in a note. "A mix of retail (especially in Europe and Japan) and institutional inflows have driven" the latest surge, she added.
In addition, Goldman Sachs on Monday raised its December 2026 gold price forecast to $4,900 per ounce from $4,300, citing strong Western exchange traded fund inflows and likely central bank buying. Growing expectations of further rate cuts by the US Fed also supported the yellow metal. According to the CME FedWatch tool, 92.5% of traders are pricing in a 25-basis-point rate cut in the US this month, and 7.5% anticipate the rate to remain unchanged at 4.00-4.25%. Lower interest rates increase the appeal of non-interest-yielding precious metal. End
US$1 = INR 88.72
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Afra Abubacker
Edited by Deepshikha Bhardwaj
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000 /+91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
