Gold price today : Rates at record high on Fed rate cut expectations; experts highlight key MCX levels to watch

Gold price today 9:34 AM on September 3, 2025: Gold rates hit a record high of ₹1,06,199 per 10 grams, rising by about half a per cent, in the domestic futures market on Wednesday (September 3) morning on a stable dollar amid expectations of a US Fed rate cut this month. MCX Gold October futures traded 0.19 per cent higher at ₹1,05,992 per 10 grams around 9:15 AM. However, MCX Silver December futures were down 0.11 per cent at ₹1,24,391 per kg at that time.

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Commodity Derivatives

• Comex Gold extended its winning streak for the sixth straight session, rising by more than 1% in the last trade. A similar run was last seen in Mar’25, reflecting strong bullish momentum in the metal. Growing expectations of a rate cut and heightened geopolitical risks have strengthened safe-haven demand, drawing investors toward gold.
• Nymex Crude Oil settled on a positive note ahead of the upcoming OPEC+ meeting and renewed U.S. sanctions on Iran. Prices climbed to a one-month high as concerns over supply disruptions supported the market.
• Comex Copper advanced further in the previous session, closing near a multi-month high. Optimism around a potential rate cut, coupled with comments from Chinese major Zijin that copper demand remains firm on the back of data centre expansion and electrification, lifted sentiment for the red metal.
• Nymex Natural Gas witnessed a volatile session before ending nearly unchanged. Prices were caught between forecasts for higher demand this week, strength in other energy futures, and record-high production levels. Abundant storage supplies, reduced LNG export flows, and expectations of milder weather next week capped any significant upside.

Gold prices have been rising due to persistent concerns over Trump’s tariffs and growing expectations that the US Federal Reserve will cut interest rates this month. International gold prices, too, hit record highs, with U.S. gold futures rising to $3,616.70 per troy ounce.

The US Fed will announce policy decision on September 17. According to Reuters, CME Group’s FedWatch tool indicates market is pricing in a 92 per cent chance of a 25-basis-point Fed rate cut this month.

Apart from Fed rate cut hopes, Trump’s tariffs are major support for gold prices.

At first glance, it appears that the US tariff on Indian goods may not end anytime soon. According to a Bloomberg report, US President Donald Trump said on Tuesday that he is not looking at lowering tariffs on India.

Market participants fear that a prolonged period of higher US tariffs could significantly hurt the Indian economy. Gold prices, meanwhile, tend to rise in times of economic uncertainty.

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