MCX gold achieves this landmark for the first time in 20-year history

Gold on MCX achieved a landmark in its 20-year history, registering positive returns every month so far in 2025. Monthly growth stands 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 a sharp 11.7% jump in September month-to-date.

In India, gold continues to draw investor and consumer interest.

On Wednesday (September 24), 24-karat gold is 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 domestic buying to festival and wedding season demand, safe-haven purchases, and gradual rupee depreciation.

Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, 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, noted, “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 slipped on Wednesday (September 24) after hitting an all-time high the previous day. Spot gold fell 0.3% to $3,753.22 per ounce, while US December futures dropped 0.8% to $3,785.90 an ounce.

The decline followed profit-booking and cautious remarks from US Federal Reserve Chair Jerome Powell, who emphasised balancing high inflation against a weakening job market without signaling clear moves on future rate cuts.

Kelvin Wong, senior market analyst at OANDA, said, “Overbought technical indicators are prompting profit-taking, but medium- and short-term trends remain bullish.” Gold’s relative strength index (RSI) stands at 78, reflecting overbought conditions.

Markets currently anticipate two 25-basis-point rate cuts this year, with probabilities of 93% in October and 77% in December, according to the CME FedWatch tool. Investors will also monitor upcoming US economic data, including weekly jobless claims and the Personal Consumption Expenditures index, for further direction.

-With Reuters inputs