Daijiworld Media Network - New Delhi

New Delhi, Sep 8: Gold and silver prices soared to historic highs on Monday, driven by rising geopolitical tensions and uncertainty over U.S. tariff policy. Strong expectations of a U.S. Federal Reserve rate cut also buoyed investor sentiment, pushing precious metals to new peaks in both domestic and international markets.

According to the India Bullion and Jewellers Association (IBJA), 24-carat gold surged by Rs 1,699 to Rs 1,08,037 per 10 grams, while 22-carat gold rose to Rs 98,962, and 18-carat gold jumped to Rs 81,028. Silver followed suit, gaining Rs 1,243 to hit Rs 1,24,413 per kilogram, marking another all-time high.

Futures trading reflected the same bullish sentiment. On the Multi Commodity Exchange (MCX), October gold contracts were up 0.39% at Rs 1,08,147, while silver for December delivery rose 0.70% to Rs 1,25,569.

Global markets mirrored the trend, with gold on Comex rising 0.20% to $3,660.42 per ounce, and silver climbing 0.87% to $41.915 per ounce.
Jateen Trivedi of LKP Securities said gold rallied following weaker-than-expected U.S. non-farm payroll data, which bolstered hopes of an imminent Fed rate cut. “Tariff uncertainties along with firm rate cut expectations continue to provide strong support to gold,” he said.

Looking ahead, all eyes are on the upcoming U.S. CPI and Core CPI data, which are expected to impact market volatility and trend direction. Key technical levels show support for gold at $3,560 (Rs 1,06,500) and resistance at $3,650 (Rs 1,09,500), according to Trivedi.