MCX Gold soars to ₹1.27 lakh/10 grams; Silver futures also surge on shutdown relief, US Fed rate cut hope

Similarly, the yellow metal contracts for the February 2026 expiry stood at ₹1,28,693 per 10 grams, up by ₹733 or 0.57%, at around 10:39 am.

In the international market, Comex gold futures (for December) were trading 0.13% lower at $4,219.12 per ounce.

On Monday, US Fed Governor Stephen Miran stated that a rate drop of 50 basis points would be suitable for December, pointing out that the unemployment rate is gradually rising while inflation is declining.

Meanwhile, on Wednesday, US President Donald Trump signed the government funding bill, ending the country’s longest-ever 43-day shutdown. The US Senate voted on the stopgap funding package to restart disrupted food assistance, pay hundreds of thousands of federal workers, and revive a hobbled air traffic control system, news agency Reuters reported.

Investors are also awaiting a wave of official macroeconomic data as the government ends its longest-ever shutdown. The restart will also ease some economic uncertainty and is expected to reduce demand for safe-haven assets. Furthermore, they are also on the lookout for key inflation data, including the Consumer Price Index (CPI) and Core CPI in the US, as well as CPI and WPI inflation data in India, and economic numbers from China.

The Indian government on Wednesday approved an Export Promotion Mission (EPM) with an outlay of ₹25,060 crore for six financial years, beginning this fiscal year, a move that will help exporters deal with high tariffs imposed by the US. The mission will be implemented through two sub-schemes, Niryat Protsahan (₹10,401 crore) and Niryat Disha (₹14,659 crore).

At the same time, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading flat at 99.41.

On the MCX, silver contracts for the December expiry surged by ₹2,987 or 1.84% to ₹1,65,078 per kilogram. White metal futures for March 2026 delivery advanced ₹2,629 or 1.6% to ₹1,67,319 per kilogram.

Globally, Comex silver stood at $54.065 per troy ounce, marking a 1.14% jump.