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Informist, Thursday, Oct. 16, 2025

 

--COMEX Dec gold contract hits fresh record high of $4,255.4 per ounce 

--COMEX Dec silver contract hits fresh record high of $52.76 per ounce 

--MCX Dec gold contract hits fresh record high of INR 128,395 per 10 gm 

--MCX Dec silver contract hits fresh record high of INR 164,150 per kg 

 

MUMBAI – Gold and silver futures on the Multi Commodity Exchange of India surged to fresh all-time highs Thursday, tracking sharp rise in contracts on the COMEX because of a weaker dollar. Firm safe-haven demand for the precious metals amid renewed tensions between China and the US and expectations of more rate cuts by the US Federal Reserve also supported prices.

 

At 0939 IST, the most active December contract of gold on MCX was up 0.6% at INR 128,010 per 10 grams after touching a record high of INR 128,395. The most active December gold contract on COMEX was 1.1% higher at $4,246.9 per ounce, after hitting a fresh all-time high of $4,255.4 per ounce. Similarly, the most-active December silver contract on the domestic bourse was 1.2% higher at INR 164,096 per kg after touching a new record high of INR 164,150 per kg, and the December silver contract on COMEX surged to a record high of $52.76 per ounce and is currently trading 1.9% higher at $52.34 per ounce.

 

"Gold's rally is showing no signs of abating, with the precious metal breaking through $4,200/oz," Daniel Hynes, senior commodity strategist at ANZ Research said in a note. "(US Federal Reserve Chair Jerome) Powell's dovish comments boosted confidence in further rate cuts this year. However, investors are also seeking havens against the increasingly challenging economic outlook," Hynes said.

 

Meanwhile, tensions between Washington and Beijing showed little signs of easing. US Treasury Secretary Scott Bessent proposed a longer pause on high tariffs on Chinese goods to resolve a conflict over Beijing's export controls on critical minerals, which have fuelled tensions recently. However, US President Donald Trump declared the US was now locked in a trade war with China. Trump still expects to meet Chinese President Xi Jinping in South Korea this month, Bessent said.

 

"The US government shutdown has entered its third week, with no sign (of) either side willing to budge on key issues. The rapid ascent has also triggered a wave of 'fear of missing out' among investors, despite concerns over heightened volatility and the potential for a sharp technical correction (in gold)," Hynes added.

 

Silver prices continue to get support from a supply squeeze in London. Strong demand in India due to the coming festival and wedding seasons has also raised supply concerns. "Silver rebounded above $52/oz and on MCX above (INR) 160,000, near record highs as a global supply crunch fuelled a historic rally," brokerage Kedia Advisory said in a note.  End

 

US$1 = INR 87.81

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

 

Reported by Ashutosh Pati

Edited by Nishant Maher

 

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