Gold rates in India kicked off this week's trading session with a mild decline across 24 carats, 22 carats, and 18 carats. The 10-gram gold futures at MCX were near the Rs 108,500 level. Broadly, precious metals stayed around their record highs as expectations of a rate cut from the US Federal Reserve next week heightened. The outlook is bullish on gold ahead!
Gold Rates In India:
24-carat gold rates stood at Rs 108,380 per 10 grams on September 8th, while 22 carat of the same was at Rs 99,350.
With that, gold prices have pulled back from their all-time highs of Rs 1,08,490 per 10 grams in 24 carat and Rs 99,450 per 10 grams in 22 carat that were recorded on September 6th. Despite this, gold is up by 2.4% in the first 8 days of September.
Silver Rates In India:
Silver prices also pulled back slightly on September 8th, with 1Kg price falling by Rs 1,000 to Rs 1,27,000. Silver rates of 100 grams and 10 grams stood at Rs 12,700 and Rs 1,270, respectively.
Unlike August, when silver outperformed gold, silver has gained a little over 0.7% from September 1st to 8th.
MCX Gold Price + MCX Silver Price
MCX gold price with October 2025 expiry, closed at Rs 1,08,495 per 10 grams, down by Rs 23 after market hours of September 8th. This comes after bullion clocked a new historic high of Rs 1,08,732 per 10 grams.
Furthermore, MCX silver price with December 2025 expiry, also corrected after hitting a new lifetime high of Rs 1,26,730 per 1kg on September 8th. Silver closed at Rs 1,25,412 per 1kg, down by Rs 159 on Monday.
Gold Prices Outlook
"Gold took positive cues with gains of $28 at $3615 on COMEX and Rs 300 at Rs 1,08,000 on MCX, after last week's weak Non-Farm Payrolls data strengthened expectations of a Fed rate cut in the upcoming meeting. Tariff uncertainties along with firm rate cut expectations continue to provide strong support to Gold," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
"This week, US CPI and Core CPI data will play a key role in guiding trend and volatility. Key support for Gold is seen at $3560 / Rs 1,06,500, while resistance is placed at $3650 / Rs 1,09,500," he added.
Furthermore, Riya Singh - Research Analyst, Commodities and Currency , Emkay Global Financial Services said, while technical gauges signal overbought conditions, with gold advancing over 6% in just seven sessions, the broader backdrop of Fed easing expectations, political pressure on U.S. monetary independence, and intensifying geopolitical tensions continues to anchor the bullish trajectory. This week, attention shifts to U.S. inflation prints (PPI and CPI), which may determine whether momentum extends toward higher levels or consolidates ahead of the September 16-17 FOMC meeting. For MCX, gold is already trading at highs and can test 110000 with support at 106000 - 104000.
Spot Gold Price + Spot Silver Price
Gold hit a fresh all-time high at around $3,650 per ounce on Tuesday, supported by mounting expectations of Federal Reserve rate cuts through year-end. An unexpectedly weak US jobs report last Friday led markets to price in three rate cuts this year, including a 25bps cut at the Fed's meeting next week, as per Trading Economics. Silver futures climbed back above $41 per ounce, their highest level since August 2011.