Gold prices declined by ₹125 to ₹1,12,430 per 10 grams in the domestic futures market on Thursday, reflecting a stable trend internationally as traders exercised caution ahead of significant U.S. inflation data.
On the Multi Commodity Exchange (MCX), gold futures for October delivery fell by ₹125, or 0.11 percent, resulting in a business turnover of 6,314 lots. The December contract also decreased by ₹147, or 0.13 percent, to ₹1,13,500 per 10 grams with a volume of 11,823 lots.
In contrast, silver futures for the December contract increased by ₹124, or 0.09 percent, reaching ₹1,34,126 per kilogram across 17,121 lots. The March 2026 contract saw an uptick of ₹147, or 0.11 percent, climbing to ₹1,35,563 per kg.
Globally, gold and silver futures traded flat at $3,768.50 per ounce and $44.19 per ounce, respectively. Analysts noted that gold prices remained stable near the $3,750 mark. Expectations surrounding the U.S. central bank potentially cutting rates twice this year limited the dollar’s rally, providing some support for bullion.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, stated, “U.S. macroeconomic data has complicated the outlook. New-home sales in August unexpectedly surged to their fastest pace since early 2022, easing concerns over an economic slowdown and complicating expectations for further easing by the Federal Reserve.”
He emphasized that gold’s appeal as a safe-haven asset continues to be bolstered by geopolitical tensions, particularly amid the escalating Russia-Ukraine conflict and ongoing unrest in the Middle East.
Fed Chair Jerome Powell maintained a cautious stance, highlighting the challenges of managing persistent inflation in a deteriorating labor market. While some Federal Reserve policymakers advocate for two more rate cuts this year, others are pushing for either a slower or more decisive approach, which keeps gold prices constrained.
Market experts are closely monitoring U.S. macroeconomic data releases, including the final second-quarter GDP figures, weekly jobless claims, and durable goods orders expected later in the day.
“Attention will also focus on Friday’s release of the Personal Consumption Expenditure (PCE) Price Index, regarded as the Fed’s preferred inflation metric, alongside upcoming addresses from Federal Open Market Committee members for insights on the future direction of monetary policy,” an expert remarked.
Published on September 25, 2025