Gold on the Multi Commodity Exchange (MCX) has achieved a historic milestone in its 20-year history, delivering positive returns every month so far in 2025. Monthly gains stand at January 7.7%, February 3.7%, March 4.6%, April 5.9%, May 1.2%, June 0.6%, July 2.5%, August 4%, and September a sharp 11.7% month-to-date.
Domestic prices
On Wednesday, September 24, 24-karat gold was priced at ₹11,537 per gram, 22-karat at ₹10,575, and 18-karat (999 gold) at ₹8,653 per gram, according to Goodreturns. Analysts attribute sustained demand to festival and wedding season buying, safe-haven preference, and a gradually weakening rupee.
Aksha Kamboj, Vice President of IBJA, said, “Gold has kept rising, supported by expectations of US interest-rate cuts and dollar weakness, alongside domestic festival-driven demand.” Colin Shah, MD of Kama Jewelry, added, “The surge above ₹1.10 lakh per 10 grams reflects global factors such as geopolitical tensions, trade disruptions, and US economic indicators prompting rate reductions. While high prices may temper short-term retail buying, festival and wedding demand sustains consumption. Consumers are increasingly opting for lightweight 14K–18K jewellery, while gold coins and bars continue to appeal to investors.”
Global trends
Globally, gold prices eased on September 24 after touching an all-time high the previous day. Spot gold slipped 0.3% to $3,753.22 per ounce, while US December futures dropped 0.8% to $3,785.90. Analysts said the decline was due to profit booking and cautious remarks from US Fed Chair Jerome Powell, who stressed balancing inflation risks with a slowing job market.
Kelvin Wong of OANDA noted, “Overbought technical indicators are prompting profit-taking, but medium- and short-term trends remain bullish.” Gold’s RSI stands at 78, signaling overbought conditions.
Markets currently expect two 25-bps US rate cuts this year, with a 93% probability in October and 77% in December, according to the CME FedWatch tool. Key upcoming US data, including weekly jobless claims and the PCE index, will provide further cues.
