New Delhi, Sep 3: Gold and silver prices surged to new all-time highs on Wednesday, continuing their upward momentum in both domestic and international markets.

According to the India Bullion and Jewellers Association (IBJA), the evening rates showed that the price of 24-carat gold climbed to Rs 1,06,021 per 10 grams, up from Rs 1,04,424 on Tuesday. This marks a rise of Rs 1,597 in just 24 hours.

Meanwhile, the price of 22-carat gold reached Rs 97,115 per 10 grams (up from Rs 95,652), while 18-carat gold rose to Rs 79,516 per 10 grams (up from Rs 78,318).

Silver, too, witnessed an upswing. Prices increased to Rs 1,23,220 per kilogram, compared to Rs 1,22,833 on the previous trading day, reflecting a gain of Rs 387 per kg.

The IBJA updates the rates of gold and silver twice daily, in the morning and evening.

The rally extended to the futures market as well. On the Multi Commodity Exchange (MCX), gold for October 3, 2025 delivery rose 0.62 per cent to Rs 1,06,447, while silver for December 5, 2025 delivery advanced 0.27 per cent to Rs 1,24,863.

Global trends also supported the rise. On Comex, gold was up 0.63 per cent at $3,615.00 per ounce, while silver gained 0.41 per cent to $41.240 per ounce.

This upside momentum has more to do with the structural changes than any speculative spike. It’s a deliberate reshaping of the global Central Banks' foreign exchange reserves, catching up with the gold prices.

"Gold extends beyond being only a hedge against inflation, as the US Federal Reserve is on the verge of starting to cut interest rates with hotter inflation. Expectations of a rate cut by the US Federal Reserve rate cut this month and lingering uncertainty over President Donald Trump’s tariff policies continue to support gold. The pace of this rally sends cautious signals to investors," said N.S. Ramaswamy, Head, Commodity Desk and CRM, Ventura.

Gold is thickening while the faith in the US dollar seems to be thinning. Adding to this are the persistent concerns over global fiscal health and US trade tariffs, attracting all towards safe-haven assets.

"In this hot gold rally, profit booking wouldn’t come up soon. We expect gold futures to rally further in the range of $3600 - $3680. In order to find opportunities to buy gold in dips, the upside range is expected to move beyond $3600; thus, the dips also remain at elevated levels of $3450 - $3500," Ramaswamy said.

(IANS)

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