Gold price today: MCX Gold October futures hit a fresh record high of ₹1,09,000 per 10 grams in early trade on Tuesday, September 9, supported by healthy spot demand, weaker dollar and expectations of US Fed rate cuts next week.
Gold’s October contracts on the MCX traded 0.22 per cent higher at ₹1,08,754 per 10 grams at 9:15 am, while MCX Silver December futures were almost flat at ₹1,25,601 per kg at that time.
The dollar index declined about 0.10 per cent during the session, making gold cheaper in other currencies and enhancing its demand.
The biggest driver of gold prices this month has been the Fed rate cut expectations.
Apart from signals from Fed officials, the latest US macro data has strengthened the expectations of rate cuts this month.
US job growth weakened sharply in August, and the unemployment rate increased to a nearly four-year high of 4.3 per cent.
“Payrolls grew by 22,000 in August after an upwardly revised gain of 79,000 in July. June numbers were revised lower by 27,000. With these revisions, employment in June and July combined is 21,000 lower than previously reported. The labour market is coming to a standstill as businesses slow the pace of hiring and await clarity on tariffs and Fed policy,” Jeffrey Roach, Chief Economist for LPL Financial, observed.
Domestic spot gold prices have surged about 42 per cent this year so far, strongly outperforming the equity benchmark Nifty 50 which has gained just over 4 per cent in the same period.
On December 31 last year, spot gold traded near ₹76,000 per 10 grams. On September 8 this year, it was near ₹1,08,000 per 10 grams.
Heightened global uncertainties due to US tariffs and geopolitical tensions, the dollar’s weakness, strong buying by central banks, dovish monetary policies, and concerns over global economic growth have boosted gold prices this year.
(This is a developing story. Please check back for fresh updates.)
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
