Gold, Silver Hit Record High

Gold and silver prices hit new record highs in India’s domestic futures market on Monday, September 1, driven by strong spot demand, a weakening dollar, expectations of a US Federal Reserve rate cut, and ongoing uncertainty over President Trump’s tariff policies affecting global growth. MCX Gold October contracts surged 2% to ₹1,05,937 per 10 grams, while MCX Silver December contracts also rose nearly 2% to ₹1,24,990 per kg. By mid-afternoon, gold futures traded 0.76% higher at ₹1,04,610, and silver was up 1.98% at ₹1,24,285.

The main reason behind the rise is growing optimism about a US rate cut in September, supported by comments from Fed officials and an 87% market probability for a 25 basis points cut. Additionally, tariff uncertainties and a weaker dollar, which fell 0.10% on August 31, boosted demand since gold priced in dollars becomes cheaper for other currencies.

Experts advise buying on dips, expecting gold to test ₹1,07,000 and silver ₹1,27,000 soon, with specific support and resistance levels outlined for both metals in dollar and rupee terms.