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Informist, Monday, Oct. 13, 2025

--COMEX Dec gold contract hits fresh record high of $4,104.3 per ounce 

--MCX Dec gold contract hits fresh record high of INR 123,997 per 10 gm 

MUMBAI – Futures contracts of gold on the Multi Commodity Exchange of India and COMEX rose to fresh record highs Monday on strong safe-haven demand amid renewed trade tensions between China and the US, according to analysts. Expectations of more rate cuts by the US Federal Reserve this year also lifted market sentiment.

At 1720 IST, the most active December contract of gold on the MCX was 2.1% higher at INR 123,876 per 10 grams after touching a record high of INR 123,997 per 10 grams. The most active December gold contract on COMEX was 2.4% higher at $4,095.9 per ounce, after hitting a fresh all-time high of $4,104.3 per ounce.
 

Friday, US President Donald Trump threatened an additional 100% tariff on China, ending months of truce in a trade war between the world's two largest economies, after Beijing expanded export controls on rare earths earlier in the week. However, Trump scaled back his threat during the weekend. China Sunday threatened to retaliate if Trump failed to back down on his threat and defended its curbs on exports of rare earth elements and equipment as a response to US aggression.

"President Trump's threat to impose 100% tariffs on Chinese exports and restrict critical software sales from November 1 rattled markets, though he later adopted a softer tone, stating the US seeks cooperation, not conflict, with China," Kotak Securities said in a report.

Meanwhile, almost 98% of traders are pricing in a 25 basis-point rate cut by the Fed this month and 91% expect another 25-bp cut in December, according to the CME FedWatch tool. Gold prices typically rise during times of economic and geopolitical uncertainty and in low interest rate environments.  End

US$1 = INR 88.67

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

Reported by Ashutosh Pati

Edited by Rajeev Pai

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