MCX Gold soars over ₹1.25 lakh/10 grams; Silver also advances on renewed Fed rate cut hopes

On the MCX, the yellow metal contract for the February 2026 expiry stood at ₹1,27,013 per 10 grams, reflecting a ₹1,471 or 1.17% jump, at around 10:54 am.

Similarly, silver futures for December delivery were at ₹1,57,011 per kilogram, marking a ₹2,529 or 1.64% jump. The white metal contracts for the March 2026 expiry advanced by ₹2,697 or 1.70% to ₹1,60,899 per kilogram, on the MCX.

In the international market, Comex gold rose 0.14% to $4,175.90 per ounce. Meanwhile, Comex silver stood at $51.28 per troy ounce, up by 0.24%.

Precious metal prices turned positive following dovish remarks from some members of the Federal Reserve's rate-setting committee, who voiced their concerns about the labour market. This comes at a time when the markets had thought that a rate cut was unlikely, especially given the cautious comments from Fed officials in the past few weeks.

As of Monday, the odds of a quarter-point cut sat at 80.9%, according to the CME Group's FedWatch.

This week, investors will focus on key US macroeconomic data, including retail sales and the Producer Price Index (PPI) figures for September, which are scheduled for release today, along with the jobless claims report on Wednesday. They will also track the US GDP and Core Personal Consumption Expenditures (PCE) inflation index data.

Meanwhile, bullion holdings in the People's Bank of China (PBoC) reserves climbed to 74.09 million troy ounces in October, marking the 12th consecutive month of accumulation, signalling strong central bank demand.

According to the World Gold Council, global central banks bought 220 MT of gold in Q3, up 28% from Q2.