MCX gold hits fresh record high tracking COMEX gains on safe-haven demand
This story was originally published at 10:49 IST on 15 October 2025
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--MCX December gold contract hits new record high of INR 127,500 per 10 gm
NEW DELHI – Futures contracts of gold on the Multi Commodity Exchange of India rose to a fresh record high Wednesday, tracking gains in prices on COMEX. Investors bought the safe-haven asset amid renewed trade tensions between the US and China and the ongoing US government shutdown. Expectations of more rate cuts by the US Federal Reserve this year also supported prices of the precious metal.
At 0955 IST, the most active December contract of gold on the MCX was up 0.2% at INR 126,520 per 10 grams after touching a record high of INR 127,500. The most active December gold contract on COMEX was 1% higher at $4,194.2 per ounce, after hitting a fresh all-time high of $4,210 per ounce.
Gold now finds support at INR 124,690-INR 123,125 per 10 grams, while resistance is seen with a potential test of INR 128,495 per 10 grams if the bullish momentum persists, Kedia Advisory said in a note. India's physical gold demand remains robust despite record high prices, with jewellers stocking up ahead of key festivals, pushing local premiums higher, it added.
On Tuesday, US President Donald Trump said his administration was planning to produce a list on Friday of "Democrat programmes" that would be closed as a result of the ongoing federal government shutdown. The government shutdown in the US entered its third week, with Republican and Democratic lawmakers continuing to blame each other for the impasse.
In addition, trade tensions between the US and China intensified after Trump Tuesday threatened to terminate trade in cooking oil with Beijing. "I believe that China purposefully not buying our soybeans and causing difficulty for our soybean farmers, is an economically hostile act. We are considering terminating business with China having to do with cooking oil, and other elements of trade, as retribution," Trump said on social media. Meanwhile, China also placed restrictions on five US entities linked to a major South Korean shipbuilder and threatened further retaliatory measures.
Further, Fed Chair Jerome Powell, speaking at the NABE annual meeting, warned that the sharp slowdown in hiring has increasingly threatened the US economy, hinting at the possibility of two more rate cuts this year. According to CME's FedWatch, 95.7% traders are pricing in a 25-basis-point rate cut in the FOMC meet this month, while 4.3% anticipate rates to remain unchanged at 4.00-4.25%. Gold prices typically rise during times of economic and geopolitical uncertainties and low-interest-rate environments. End
US$1 = INR 88.36
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Afra Abubacker
Edited by Nishant Maher
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