Bullion extended its breakout run on Monday. COMEX gold futures climbed $59.20, or 1.45%, to trade at $4,134.10 an ounce in early international trade, building on a 4.5% advance logged over the previous week. Silver outpaced the yellow metal by a wide margin. The white metal jumped 2.63% to $53.31 an ounce—clearing its previous close of $51.61 after touching an intraday peak of $53.38—as institutional desks sought defensive positioning.
Pressures multiplied across global trading floors. Stronger-than-projected US payrolls had stoked market expectations that the Federal Reserve could lift interest rates in December, boosting Treasury yields and propping up the dollar. Non-yielding metals typically wither under higher borrowing costs. But short-sellers blinked. Bargain hunters stepped in aggressively, aided by safe-haven bids stemming from the US-Iran diplomatic standoff, the Russia-Ukraine war, and a sharp retreat in technology shares triggered by concerns over artificial intelligence capital expenditures.
Late-session profit booking trimmed peaks, but the physical floor held firm. The table below traces pricing action across primary international and domestic contracts:
| Contract | Traded Level | Session Change | Intraday Range / Prior Close |
|---|---|---|---|
| COMEX Gold (Spot/Active) | $4,134.10 / oz | +1.45% (+$59.20) | $4,062.50 – $4,134.70 |
| COMEX Silver (Active) | $53.31 / oz | +2.63% (+$1.368) | $51.415 – $53.38 |
| MCX Gold (Dec Contract) | ₹1.42 lakh / 10g | +3.00% (Weekly) | Up ₹3,682 over week |
| MCX Silver (Dec Contract) | ₹1.84 lakh / kg | +3.15% (Weekly) | Up ₹5,655 over week |
On the Multi Commodity Exchange in Mumbai, domestic contracts reflected the global surge. December gold futures had settled the prior week at ₹1.42 lakh per 10 grams after tacking on ₹3,682, while silver futures surged ₹5,655 to finish at ₹1.84 lakh per kilogram. Currency swings remain critical for domestic bookrunners. Because India imports virtually all of its domestic bullion supply, any weakness in the rupee against the greenback amplifies landed delivery costs for jewellers and retail buyers alike.
The forward trajectory hinges on a wave of economic data due over the coming sessions. Traders are monitoring consumer price prints from the United States, China, Germany, Japan, and India for concrete clues on interest rate policy. Festive retail turnover linked to Diwali continues to support physical demand in the domestic cash market, though exchange-traded operations face an immediate scheduling halt. Domestic commodity markets will remain closed during Tuesday's morning session for Diwali-Balipratipada, with regular evening clearing slated to resume later in the day.