Gold Price Today: Gold and Silver Hit Fresh Record Highs on MCX
Gold and silver prices soared to new record highs in the domestic futures market on Monday (September 1), supported by robust spot demand, a weaker dollar, growing expectations of a US Fed rate cut in September, and ongoing concerns over US President Donald Trump’s tariff policies and their impact on global growth.
On the MCX, Gold October 3 contracts surged over 2% to an all-time high of ₹1,05,937 per 10 grams, while Silver December 5 contracts jumped more than 2% to a record ₹1,24,990 per kg.
By 4:20 PM, Gold October futures were trading 1% higher at ₹1,04,866 per 10 grams, and Silver December futures were up 2.09% at ₹1,24,415 per kg.
Why Are Gold Prices Rising?
Gold prices are climbing on the back of renewed expectations of a US Federal Reserve rate cut in September. The rally gained momentum after Fed Chair Jerome Powell hinted at the possibility of easing during his Jackson Hole speech. Since then, several Fed officials have reinforced the likelihood of a rate cut this month.
According to Reuters, Fed Governor Christopher Waller said last Thursday he would back a September rate cut, followed by further reductions over the next three to six months. A day later, San Francisco Fed President Mary Daly, in a social media post, also reiterated her support for a rate cut, citing risks to the labour market.
The CME FedWatch Tool indicates that markets are pricing in an 87% chance of a 25-basis-point rate cut by the US Federal Reserve this month. The decision will be taken at the FOMC meeting on September 16–17.
Beyond rate cut hopes, uncertainty over President Donald Trump’s tariff policies is also fueling demand. With shifting tones and unpredictable policy moves, investors are turning to the yellow metal as a safe haven amid fears of slowing global growth.
While the Trump administration is holding talks with key trading partners, the outcome remains uncertain. Reports suggest that India has made it clear it will only discuss a trade deal if the 25% secondary tariffs are withdrawn first.
The weakness of the US dollar index is further supporting. On August 31, the index slipped about 0.10%, extending its monthly decline to over 2%. Since gold is priced in dollars, a weaker greenback makes the metal cheaper in other currencies, boosting global demand.
Attention now turns to key US labour market data—including job openings, ADP employment, and non-farm payrolls—due this week. These numbers could play a decisive role in shaping expectations for the Fed’s next policy move.
“Eeared a record high as investors weighed the outlook for Federal Reserve rate cuts and uncertainty around Trump’s tariffs. Support also came from last week’s US inflation data, which reinforced expectations of a Fed rate cut later this month,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Is It the Right Time to Buy Gold?
Analysts expect gold and silver prices to remain on an upward trajectory, advising investors to avoid short selling and adopt a buy-on-dips strategy.
“Expected to test ₹1,07,000 and silver ₹1,27,000 in the short term. We recommend avoiding profit-booking and instead buying on corrective dips,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
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According to Jain, support at $3,500–3,474 and resistance at $3,555–3,584 per troy ounce, while silver is supported at $40.20–39.80 with resistance at $41.10–41.65. On the MCX, gold shows support at ₹1,03,330–1,02,800 and resistance at ₹1,04,220–1,04,700, while silver has support at ₹1,20,650–1,19,500 and resistance at ₹1,23,000–1,24,400.
Rahul Kalantri, VP-commodities at Mehta Equities, pegged support at $3,420–3,395 with resistance at $3,465–3,480, and silver support at $39.35–39.10 with resistance at $40.05–40.35. In INR terms, gold has support at ₹1,03,340–1,02,940 and resistance at ₹1,04,450–1,04,750, while silver’s support stands at ₹1,19,450–1,18,850 and resistance at ₹1,20,950–1,21,650.
Meanwhile, Jateen Trivedi, VP-Research Analyst, Commodity and Currency at LKP Securities, highlighted strong support for gold at ₹1,02,500, with resistance at ₹1,07,000. “A decisive break above resistance could open the path to higher highs, while dips toward support are likely to attract strong buying interest,” he said.
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