MCX, COMEX gold hits new high on geopolitical uncertainty, Fed rate cut hope
This story was originally published at 10:12 IST on 8 October 2025
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--COMEX December gold contract hits new record high of $4,036.8 per ounce
--MCX December gold contract hits new record high of INR 122,101 per 10 gm
NEW DELHI – Gold futures rose to a fresh record high on the Multi Commodity Exchange of India Wednesday, tracking gains in COMEX contracts. International gold prices also hit a fresh record high as investors continued to buy the safe-haven asset amid economic uncertainty in the US and political crisis in France. Expectations of further rate cuts by the US Federal Reserve also supported gold prices.
At 0940 IST, the most active December contract of gold on the MCX hit another high at INR 122,185 per 10 grams after touching a record high of INR 122,101 per 10 grams earlier in the day. The most active December gold contract on COMEX also touched another high of $4,039.5 per ounce, after hitting a fresh record high of $4,036.8 per ounce earlier in the day.
"Technically, the market is under fresh buying," Kedia Advisory said in a note. Gold is expected to trade between NR 121,000 per 10 grams and INR 122,500, SMC Global Securities said.
Gold prices rose as the US government shutdown has now extended into the 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. In Japan, Sanae Takaichi, considered a fiscal dove, was elected to lead the ruling party and become the next prime minister. Takaichi's election has sparked concern about the prospect of a deeper deficit spending in Japan.
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 expectation 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 metals. End
US$1 = INR 88.77
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Afra Abubacker
Edited by Akul Nishant Akhoury
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