MCX gold futures decline to trade over ₹1.22 lakh, Silver falls despite strong global trend

Gold futures for December fell as much as ₹1,098 or 0.89% to ₹1,22,111 per 10 grams on the Multi-Commodity Exchange (MCX) on Thursday, October 9, despite strong trends amid looming geopolitical uncertainties triggered by the prolonged shutdown of the US government.

Furthermore, the latest minutes from the Federal Reserve’s September meeting suggest that the US Federal Reserve is leaning toward further rate cuts this year. In September, Fed chair Jerome Powell announced a 25 basis points (bps) rate cut.

On the MCX, the yellow metal contracts for February 2026 delivery declined ₹772 or 0.62% to ₹1,23,762 per 10 grams, breaking its nine-day rally.

On Wednesday, gold prices in New Delhi rallied for the third straight day and gained ₹2,600 to hit a fresh lifetime high of ₹1,26,600 per 10 grams. Furthermore, the yellow metal of 99.5% purity appreciated by ₹2,600 to touch an all-time high of ₹1,26,000 per 10 grams (inclusive of all taxes) in the local bullion market.

So far in this year, gold prices have added ₹47,650, or 60.35%, rallying from ₹78,950 per 10 grams on December 31, 2024.

According to World Gold Council data, net inflows into Indian gold exchange-traded funds totalled $902 million in September 2025, a 285% increase from $232 million in August.

This was the fourth consecutive month of inflows, and all months of 2025 saw positive traction except in March and May.

In the global market, gold futures soared over the $4,000 an ounce level for the first time on Wednesday.

Analysts said the ongoing US government shutdown and rising global geopolitical tensions have fuelled the flows into the safe-haven asset.

Silver futures for December delivery were trading ₹5,955 or 3.97% lower at ₹1,43,900 per kilogram on Thursday on the MCX. The day prior, the white metal had hit a lifetime high of ₹1,50,282 per kilogram.

On the MCX, silver futures for March 2026 delivery slipped ₹2,497 or 1.64% to trade at ₹1,49,000 per kilogram, declining from a record high of ₹1,51,795 per kilogram it hit on Wednesday.

On Wednesday, domestic silver prices surged by ₹3,000 to trade near their record high at ₹1,57,000 per kilogram (inclusive of all taxes) in New Delhi.

Domestic silver prices have risen by ₹67,300, or 75.03%, skyrocketing from ₹89,700 per kilogram on December 31, 2024.