Gold and silver prices significantly declined in futures trading on Tuesday, continuing their downward trend for the third consecutive day as diminished hopes for an interest rate cut by the US Federal Reserve in December impacted investor sentiment.
On the Multi Commodity Exchange (MCX), gold futures for the December contract fell by ₹1,807, or 1.47%, settling at ₹1,21,120 per 10 grams. Similarly, the February 2026 contract dropped by ₹1,833, also a 1.47% decrease, to ₹1,22,841 per 10 grams. Silver futures followed suit, with the December contract plummeting by ₹3,660, or 2.36%, to ₹1,51,652 per kilogram, while the March 2026 contract decreased by ₹3,368, or 2.13%, to ₹1,54,557 per kg.
“Gold and silver extended losses as expectations of a December US rate cut continued to diminish. With no major positive fundamental triggers in recent days, bulls remain hesitant, especially with both metals still trading at historically high levels,” stated Rahul Kalantri, Vice-President of Commodities at Mehta Equities Ltd.
In international markets, Comex gold futures for December delivery decreased by $65, or 1.60%, to $4,009.5 per ounce, marking the fourth straight session of losses. Over the past four sessions, gold has declined by $204.1, or 4.84%, from $4,213.6 per ounce recorded on November 12.
“Gold prices fell to around $4,010 per ounce, marking a fourth consecutive session of losses amid diminishing expectations for a US interest rate cut as investors await the release of delayed US economic reports this week,” commented Jigar Trivedi, Senior Research Analyst at Reliance Securities. He highlighted that the absence of macroeconomic data in recent weeks, together with hawkish remarks from several Fed officials, has reduced prospects for a rate cut in December.
Federal Reserve Vice Chair Philip Jefferson remarked on Monday that the Fed should proceed “slowly” with further rate reductions, acknowledging the increased risks to employment despite easing inflationary pressure.
In overseas markets, Comex silver futures for December delivery fell 2.38% to $49.50 per ounce, down from $50.71 per ounce on Monday.
On the domestic front, India’s gold imports surged nearly threefold to a record high of $14.72 billion in October, primarily driven by heightened demand during festival and wedding seasons, according to the commerce ministry. In contrast, gold imports in October 2024 were recorded at $4.92 billion. Cumulatively, imports from April to October in this fiscal year rose by 21.44% to $41.23 billion from $34 billion a year earlier.
The surge in gold imports has contributed to a record trade deficit of $41.68 billion in October.
“Traders will closely monitor Thursday’s September jobs report for insights into the US economy, while the release of the Fed’s latest meeting minutes on Wednesday will offer additional guidance on interest rates,” noted Jigar Trivedi from Reliance Securities.
Published on November 18, 2025.
