Gold prices surged in the domestic futures market on Tuesday morning (September 2), driven by a weaker US dollar and growing expectations of a Federal Reserve rate cut this month. Concerns around US President Donald Trump’s tariff policies also added to the precious metal’s appeal as a safe haven.
At around 9:15 AM, gold October futures on the MCX were up by 0.47% at ₹1,05,280 per 10 grams, while silver December futures rose 0.18% to ₹1,24,889 per kg. Globally, gold hit a record high, with US December gold futures climbing over 1% to $3,578.20. Investors are now awaiting Friday’s US non-farm payrolls data for further cues on Fed policy.
Analysts note that trade tensions and the weakening dollar are boosting demand for gold, which becomes cheaper for international buyers. Reliance Securities’ Jigar Trivedi highlighted rising safe-haven demand due to uncertainty surrounding the Fed and Trump’s trade measures.
Experts expect gold to move towards $3,700, with silver possibly reaching $48. Technical support and resistance levels for MCX gold are at ₹1,04,220–1,03,650 and ₹1,05,200–1,05,850, respectively. Buying on dips is advised, with short-term targets of ₹1,07,000 for gold and ₹1,27,000 for silver.
