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Informist, Tuesday, Dec. 23, 2025

--MCX Feb gold contract hits fresh record high tracking COMEX prices

--MCX March silver contract hits fresh record high tracking COMEX prices 

MUMBAI – Futures contracts of gold and silver on the Multi Commodity Exchange hit new lifetime highs on Tuesday, tracking record high prices on the COMEX. Prices rose due to a rise in geopolitical tensions between the US and Venezuela and a weakening dollar. 

Safe-haven demand for the precious metals surged following an escalation in tensions between the US and Venezuela. After US President Donald Trump announced a "blockade" of all sanctioned oil tankers entering and leaving Venezuela last week, tanker loading at the country's ports has slowed, with most ships moving oil cargoes only between domestic ports, according to Reuters.

Meanwhile, Trump called for Venezuela's president Nicolas Maduro to leave power again, and reiterated that the US would keep or sell the oil it had seized off the coast of Venezuela in recent weeks, The Guardian reported. China and Russia have expressed support for Venezuela as it confronts a US blockade of sanctioned oil tankers, while Trump continues to ramp up his pressure campaign on the Venezuelan president, the report said.

The dollar has faced downward pressure since the US Federal Reserve's 25 basis-point rate reduction at its last policy meeting. A weak dollar makes dollar-denominated commodities more appealing for other currency holders, boosting demand. 

Hope of further rate cuts by the US central bank has also supported prices of precious metals. Trump could name a new Fed Chair by early January, replacing Jerome Powell, who is set to retire in mid-2026, as markets watch closely amid expectations the new chair may align with Trump's push for further rate cuts, CNBC reported. Typically, a lower interest-rate environment boosts the appeal of non-interest-yielding precious metals.

The drivers behind silver's recent highs have centred on the persistent supply-demand deficit and import demand growing in India over the festive period, Reuters reported, quoting Macquarie strategists, who added that they expect silver to average $57 an ounce in 2026.

"Silver, meanwhile, benefits from a dual demand profile. In addition to its safe-haven appeal, strong industrial demand from sectors such as solar power, electric vehicles, and data centres provides structural support to prices," Kedia Advisory said in a note.

At 0933 IST, the most-active February gold contract on the MCX was up 1.2% at INR 138,336 per 10 gm after touching a record high of INR 138,381 per 10 gm. The Mrach contract of silver on the MCX was up 1.4% at INR 215,767 per kg after hitting a new high of INR 216,596 per kg earlier in the day.  End

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

Reported by Shreya Shetty

Edited by Avishek Dutta

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