MCX gold soars over ₹1.20 lakh per 10 grams; Silver futures also rises on longest US gov shutdown, weak dollar

On the MCX, yellow metal futures for the February 2026 expiry stood at ₹1,22,001 per 10 grams, up ₹163 or 0.13%, at around 10:55 am.

Globally, Comex gold futures for December delivery were marginally up at $3,994.40 per ounce.

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

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.16% to 99.90.

Furthermore, 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.

"This comes against the backdrop of a hawkish tone from several Fed officials, aligning with Chair Jerome Powell's recent remarks suggesting that the latest rate cut could be the last for this year," Trivedi added.

On the MCX, silver futures for December delivery were trading ₹338 or 0.23% higher at ₹1,47,659 per kilogram.

White metal contracts for the March 2026 expiry stood at ₹1,49,601 per kilogram, up ₹502 or 0.34%, on the MCX.

In the international markets, silver futures for December (expiry) were trading 0.10% higher at $48.075 per ounce.

According to commodities market experts, investors are likely to remain cautious ahead of speeches from several Federal Reserve officials later in the day. The commentary will provide more impetus on the central bank's monetary policy path and could influence the near-term trajectory for bullion prices.