Gold surpasses ₹1.07 lakh per 10 gram in Delhi, yellow metal futures at record high; silver trades flat

Gold prices touched new all-time highs on Wednesday, September 3, on the back of increased demand for safe-haven assets amid US trade tariff uncertainty and weak equities. Gold futures for the October delivery climbed to their lifetime high of ₹1,06,730 per 10 gram on the Multi Commodity Exchange. 

In the last two weeks (11 trading sessions), gold futures have soared 6.4% from ₹1,00,258 per 10 gram on August 20 to ₹1,06,199 per 10 gram. 

Gold rates (24K, 99.9% purity) in India touched an all-time high on Wednesday as well, surpassing the ₹1.07 lakh mark to hit ₹1,07,070 per 10 gram in Delhi, as per All India Sarafa Association data. 

In the overseas markets, spot gold climbed to its all-time high of $3,547.09 per ounce. 

"Gold continues to rise higher as safe-haven demand stays strong amid hopes of Fed easing rates, mounting geopolitical tensions and growing worries around the US economy," a PTI report quoted Chintan Mehta, CEO, Abans Financial Services, as saying.

Mehta added, "Later this week, OPEC+ will hold a meeting, while Russia supplies concerns persist as a recent Ukrainian attack hurt 17% of Russian oil processing capacity, due to which oil prices have bounced back from recent lows.”

Many factors, including geopolitical uncertainties, central bank buying, market fluctuations, tariff concerns and risks of higher inflation, are keeping demand for gold up. 

Gold is a safe-haven metal, which means that it rises when other investments seem risky in the market. With a weak dollar and a lower rupee, gold rates in both international and domestic markets have been witnessing an upward trend. 

Silver prices

Silver futures for December delivery touched a record high of ₹1,25,341 per kg on the MCX on Wednesday. The white metal has also seen a remarkable bull run over the last 10 days on the back of rising tariff uncertainties and rising industrial demand.  

Domestic silver prices in the national capital traded flat at ₹1,26,100 per kg at their all-time high level, as per the All India Sarafa Association. 

Globally, spot silver traded 0.11% lower at $40.84 per ounce in New York.