Gold and silver prices on the domestic commodity exchange witnessed a significant upswing on Wednesday, December 3, 2025, breaking key psychological levels. The surge was driven by a combination of international trends and local currency dynamics, as investors globally held their breath for crucial economic data from the United States.
MCX Gold and Silver Prices Leap Higher
The trading session on the Multi Commodity Exchange of India (MCX) opened with strong gains for precious metals. The MCX gold rate opened higher at ₹1,30,550 per 10 grams. This marked a notable jump from its previous closing level of ₹1,29,759. Simultaneously, the MCX silver price opened higher at ₹1,83,799 per kilogram, a sharp rise from its prior close of ₹1,81,601. This represented a spike of approximately 1.5% for silver at the opening bell.
International Markets and the Fed Watch
The domestic rally followed movements in the international bullion market, which were supported by a weakening Indian rupee that hit a record low against the US dollar. However, in global spot trading, activity was more subdued. Spot gold price was steady at $4,207.43 per ounce after registering a 1% drop in the previous session. US gold futures for December delivery showed more strength, rising 0.5% to $4,239.50 per ounce.
Market participants are in a cautious holding pattern, eagerly awaiting key US economic data releases. This information is expected to provide vital clues on the potential timing of interest rate cuts by the US Federal Reserve, with a policy decision due later in the week. According to the CME’s FedWatch tool, US rate futures are pricing in an 89% chance of a rate cut in December.
Other Precious Metals and Market Outlook
While gold and silver shined on the MCX, other precious metals presented a mixed picture in international trade. The silver spot price edged down by 0.2% to $58.32 per ounce. Platinum prices also saw a decline, falling 0.4% to $1,631.10 per ounce.
The immediate trajectory for gold and silver prices in India will hinge on two major factors: the outcome of the US Federal Reserve's meeting and the subsequent movement of the Indian rupee against the dollar. A decisive rate cut could provide further fuel for the bullion rally, while rupee stability or strength might cap some of the domestic gains. Investors are advised to monitor these developments closely as they navigate the volatile commodity markets.
