MCX gold rises past ₹1.21 lakh/10 grams; Silver futures surge to ₹1.48 lakh/kg amid firm global cues

The safe-haven metal contract for the February 2026 expiry stood at ₹1,22,404 per 10 grams, up ₹335 or 0.29%, on the MCX, at around 10:37 am.

On the MCX, silver futures for the December expiry were trading ₹1,431 or 0.97% higher at ₹1,48,500 per kilogram.

White metal futures for March 2026 delivery were at ₹1,50,364 per kilogram, up ₹1,433 or 0.96%, on the MCX.

In the international markets, Comex gold futures for December were trading at $4,005.40 per ounce, up 0.36%. Similarly, silver was in the green at $48.335.

On Thursday, some US Federal Reserve officials signaled comfort with cutting interest rates again, stating that the US’s trade tariffs were putting less pressure on inflation than many expected; thus, their attention is more on the labour market.

"That interest rate cut we took -- and we projected we might take more -- those were cuts designed to risk-manage as we move both our inflation goal and our employment goal to a more perfect balance," said San Francisco Fed President Mary Daly.

Earlier, the ADP employment data revealed that the US private sector employment increased by 42,000 in October, with an annual pay rise of 4.5%. The ISM Services PMI climbed to an eight-month high. The improvement in the job market data makes a Fed rate cut in December uncertain. Additionally, Federal Reserve Chair Jerome Powell had already said another rate cut was not assured.

Meanwhile, the US Supreme Court began its hearing on President Donald Trump’s tariffs, raising doubts about the legality of imposing billions of dollars in duties under the International Emergency Economic Powers Act (IEEPA).

On Wednesday, the US government shutdown surpassed the 36-day mark, marking the longest shutdown in history. The shutdown has delayed several key economic releases, including the monthly jobs report, creating uncertainty in the markets.

“Optimism around the US-China trade deal could limit further upside in gold prices. Market participants will closely watch the upcoming US Manufacturing and Non-Manufacturing PMI data for cues,” a PTI report said, citing Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.