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  5. MCX Gold and Silver extend record breaking rally, Crude oil slips 2%; check today’s trade setup

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MCX Gold and Silver extend record breaking rally, Crude oil slips 2%; check today’s trade setup

Upstox
By Upstox News Desk

3 min read | Updated on September 03, 2025, 18:57 IST

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SUMMARY

MCX Gold prices extended their winning streak to an eleventh consecutive session, surpassing ₹1,06,000 per 10 gram. Over the past two weeks, the yellow metal has gained over 7%, demonstrating strong momentum.

MCX_Silver_price_today

MCX Silver prices have surged sharply, extending their strong upward trend | Image: Shutterstock

Market recap (as of 6:00 pm)

  • Gold 3 Oct Futures: ₹1,06,283/ 10 gram (▲ 0.4%)
  • Silver 5 Sept Futures: ₹1,22,931/ 1 kg (▲ 0.2%)
  • Crude Oil 19 Sept Futures: ₹5,658/ 1 BBL (▼ 2.2%)
Gold: The yellow metal traded higher today, with gold futures contract trading at $3,622 per ounce, up 0.8%. The gold prices hit record highs as concern over global fiscal health and US trade tariffs kept traders and investors biased towards safe haven assets. Meanwhile, Silver also traded higher in the international markets, up 0.4% at $41.7 per ounce in the futures market.
Crude Oil: International crude oil futures traded lower, with Brent Futures trading around $68.1, down 1.4%, while WTI Crude traded 1.6% lower, around $64.5. Oil prices declined by nearly 2% intraday ahead of Organization of the Petroleum Exporting Countries (OPEC+) meeting on September 7. As per reports, OPEC+ nations could consider another increase in production to boost globa oil supplies.

Technical view

MCX Gold prices extended their winning streak for the eleventh straight session, surging past the ₹1,06,000 mark. The yellow metal has gained over 7% in the past two weeks, highlighting robust bullish momentum. However, the risk-reward setup now appears stretched, making fresh long entries less attractive at current levels. Traders may watch for consolidation near the highs for directional cues. As long as gold holds above the immediate support zone of ₹1,04,558, the broader uptrend is likely to remain intact.

GOLD-03OCT25-FUT_2025-09-03_14-1.webp

Silver prices have surged sharply, extending their strong upward trend and reaching new record highs. On 2 September 2025, the price of silver climbed to around ₹125,000 per kilogram, marking a year-to-date increase of over 42% and surpassing the rise in the price of gold this year. This rally has been fuelled by robust industrial demand, persistent safe-haven buying and a weaker rupee.

SILVER-05DEC25-FUT_2025-09-03_14.webp

Crude oil prices zoomed past the immediate resistance zone of ₹5,700, forming a bullish candle on 2 September. It is consolidating within the previous session’s range and is forming an inside candle on the daily chart. The technical structure suggests consolidation within the range of ₹6,000 and ₹5,300. Unless it breaks this range, the trend may remain sideways.

CRUDEOIL-19SEP25-FUT_2025-09-03_.webp

Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.