New Delhi, September 8: Precious metals rallied sharply on Monday, with both gold and silver hitting fresh all-time highs amid global geopolitical tensions and persistent US tariff concerns.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold prices rose by ₹1,699 to ₹1,08,037 per 10 grams, compared to ₹1,06,338 in the previous session. Prices of 22-carat and 18-carat gold also climbed to ₹98,962 and ₹81,028 per 10 grams, respectively.
Silver too witnessed a strong rally, gaining ₹1,243 to touch a record ₹1,24,413 per kilogram, against ₹1,23,170 earlier.
The momentum was reflected in futures trade as well. On the Multi Commodity Exchange (MCX), October gold futures traded 0.39% higher at ₹1,08,147, while December silver futures advanced 0.70% to ₹1,25,569.
Global cues supported the uptrend, with gold on Comex edging 0.20% higher to $3,660.42 an ounce and silver gaining 0.87% to $41.915 an ounce.
“Gold took positive cues with a $28 rise to $3,615 on Comex and a ₹300 jump to ₹1,08,000 on MCX, after weaker US Non-Farm Payrolls data bolstered expectations of a Fed rate cut,” said Jateen Trivedi of LKP Securities.
He added that tariff uncertainties, coupled with firm rate cut bets, are keeping gold prices elevated. Market focus now shifts to this week’s US CPI and Core CPI data, which will be crucial in shaping price trends.
Trivedi noted that key support for gold stands at $3,560/₹1,06,500, while resistance is pegged at $3,650/₹1,09,500.
