Gold rate today: Gold prices hit all-time high in futures market; here is what you need to know

Gold prices jumped by ₹458 to scale an all-time high of ₹110,047 per 10 grams in the domestic futures market on Tuesday, September 8, tracking a rally in the global trend where the precious metal hit fresh peaks amid weakness in the US dollar following disappointing labour market data.

Spot gold gained 0.4% to $3,651.38 per ounce as of 0249 GMT. US gold futures for December delivery added 0.4% to $3,690.90.

On the MCX, the yellow metal futures for December delivery appreciated ₹458, or 0.41%, to hit a lifetime high of ₹110,047 per 10 grams.

Also, the most traded gold futures for October delivery increased ₹482, or 0.44%, to hit a record peak of ₹109,000 per 10 grams on the Multi Commodity Exchange (MCX).

In the overseas markets, Comex gold futures for December delivery rose to hit an all-time high of $3,694.75 per ounce.

Investors now look ahead to the US producer price data due on Wednesday and consumer price figures on Thursday for further direction on the Fed’s policy outlook. Gold has advanced 38% this year, after rising 27% in 2024, supported by a weaker dollar, robust central bank purchases, accommodative monetary policy and global uncertainty.

Meanwhile, the US unemployment rate climbed to a near four-year high of 4.3% as job growth slowed considerably in August. This signifies a cooling labour market and cements expectations of a Fed rate cut next week.

Traders see an 89.4% probability of a 25-basis-point cut at this month’s meeting and a 10.6% chance of a larger 50-basis-point cut, according to the CME Group’s FedWatch tool, Reuters reported.

The lower rates typically weigh on the dollar and bond yields, increasing the appeal of non-interest-bearing bullion. The dollar index fell to nearly a seven-week low against peers, boosting gold’s attractiveness for holders of other currencies, while the benchmark US 10-year Treasury yield slipped to a five-month low.

Among other metals, spot silver edged up 0.1% to $41.36 per ounce. Platinum rose 1% to $1,396.42, while palladium added 1.4% to $1,149.47.