Gold and Silver Prices Today (Sept 2, 2025): Precious metal futures off record high; MCX yellow metal hovers in Rs 1,04,550-1,05,350—Check city-wise gold rates

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Gold and Silver Hit Record Highs Today (September 2, 2025): Domestic precious metal rates were muted in trade on Tuesday, having retreated from their all-time highs registered the previous day, even as mounting expectations of a Fed rate hike in mid-September sent the global benchmark rate soaring to a fresh peak above $3,500 per ounce.

In the international market, gold hit a record high of $3,508.5 an ounce while silver hovered around the $40.5 an ounce mark after hitting a 14-year high of $40.98 an ounce.

Globally, markets are expecting the likelihood of a 25-bp rate cut on in the scheduled FOMC review, due on September 17.

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Typically, lower interest rates tend to boost yellow metal prices as they ease the opportunity cost of holding non-yielding assets like precious metals. Falling interest rates boost the appeal of gold as a store of value.

MCX gold and silver futures

At 2:30 pm on MCX, gold futures (October 3) were up 0.1 per cent at Rs 1,04,869, having gyrated in the range of 1,04,558-1,05,358 during intraday trade. Silver futures (December 5) were down 0.4 per cent at Rs 1,24,133, after see-sawing in the range of Rs 1,23,405-1,25,249 around the flatline.

The rupee began the day's trade at 88.15 against the US dollar, not from from its record low of 88.31 registered last Friday.

Weakness in the currency props up precious metal prices.

How analysts view gold and silver rates

"Safe-haven buying and global uncertainty due to US trade tariffs are driving precious metal prices. The Fed rate cut hopes and profit taking in the dollar index are also supporting gold and silver prices. The dollar index is sustaining below the 98 mark amid Fed rate cut hopes and gains in the euro and the Chinese yuan, and supporting gold prices... We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the rupee, and global uncertainties due to higher US trade tariffs," said Manoj Kumar Jain, director at Prithvi Finmart.

At MCX, he expects support at Rs 1,04,220-1,03,650 and resistance at Rs 1,05,200-1,05,850 for gold, and support at Rs 1,23,300-1,22,000 and resistance at Rs 1,25,850-1,27,000 for silver.

"We suggest buying gold and silver on dips for targets of Rs 1,07,000 and Rs 1,27,000, respectively, in the short term," he said.

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