National News
Gold futures on the MCX gain strong ground
Gold futures on the Multi Commodity Exchange (MCX) gained strong ground over the past week, rising by Rs 3,160 or 2.42 per cent to close at record highs. Prices stayed firm after the US Federal Reserve announced interest rate cuts and liquidity support measures. However, the Fed also adopted a cautious approach, saying it would wait for more economic data before making further cuts. This led to heavy selling in US Treasury bonds and weakened the dollar, which supported gold prices.
At the same time, rising geopolitical tensions between the US and Venezuela increased demand for gold as a safe-haven asset. Concerns over the possible unwinding of yen carry trades, ahead of the Bank of Japan’s expected 25-basis-point rate hike on December 18, also added to gold’s appeal. On Friday, MCX gold touched an all-time high of Rs 1,35,263 per 10 grams, supported by a softer dollar and strong investor buying interest.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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