Gold price today: Gold rates crashed more than 1.20% in morning trade on the MCX on Thursday, September 4, as the GST reforms announcement increased risk appetite of investors.
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Gold price today: Gold rates crashed more than 1 per cent in morning trade on the MCX on Thursday, September 4, as the GST reforms announcement increased risk appetite of investors.
MCX Gold October futures were down 1.21 per cent at ₹1,05,897 per 10 grams around 9:15 am. MCX Silver December futures were 1.6 per cent down at ₹1,23,871 per kg at that time.
Domestic market benchmarks—the Sensex and the Nifty 50—jumped by almost a per cent in early deals, buoyed by a significant reform in India’s indirect taxation system.
Aimed at giving a solid boost to consumption, accelerating economic growth, and mitigating the Trump tariff pain, the GST Council, Chaired by Finance Minister Nirmala Sitharaman, announced historic rate reductions on an array of consumer goods and services.
The GST reforms, according to experts, will boost consumption and boost India’s GDP growth by a percentage point over the next four to six quarters.
Meanwhile, weak global cues also added pressure on gold prices.
International gold prices declined due to profit-taking at record highs. In the last few sessions, the yellow metal has been on an upward march on expectations of a US Fed rate cut this year and a stable dollar.
The latest US macro numbers indicate the Fed will likely cut rates on September 17.
According to the US Labor Department data released on Wednesday, job openings in the US fell more than expected to 7.181 million in July.
CME Group’s FedWatch tool is indicating a 97% percent chance of a 25-basis-point rate cut on September 17.
- 1 FAQs on Gold Price Today (September 4)
- 1.1 1. Why did gold prices crash today on MCX?
- 1.2 2. What is the current price of MCX Gold and Silver?
- 1.3 3. How did GST reforms impact gold prices?
- 1.4 4. How did the stock market react to GST reforms?
- 1.5 5. What are experts saying about GST reforms and India’s economy?
- 1.6 6. How are global factors influencing gold prices?
- 1.7 7. What is the outlook for gold in the international market?
- 1.8 8. When is the next US Fed meeting and why is it important for gold?
- 1.9 9. What recent US economic data affected gold sentiment?
- 1.10 10. What does CME FedWatch Tool indicate about rate cuts?
FAQs on Gold Price Today (September 4)
1. Why did gold prices crash today on MCX?
Gold prices crashed over 1.20% on MCX due to strong domestic equity markets and the GST reforms announcement, which boosted investor risk appetite and reduced safe-haven demand for gold.
2. What is the current price of MCX Gold and Silver?
As of 9:15 am on September 4, MCX Gold October futures traded at ₹1,05,897 per 10 grams, while MCX Silver December futures stood at ₹1,23,871 per kg.
3. How did GST reforms impact gold prices?
The GST rate cuts on consumer goods and services lifted market sentiment, pushing investors towards equities and away from gold, which is traditionally a safe-haven asset.
4. How did the stock market react to GST reforms?
Domestic benchmarks, Sensex and Nifty 50, jumped nearly 1% in early trade, reflecting strong investor optimism about economic growth and consumption demand.
5. What are experts saying about GST reforms and India’s economy?
Experts believe GST reforms will boost consumption and accelerate India’s GDP growth by about 1 percentage point over the next 4–6 quarters.
6. How are global factors influencing gold prices?
Weak global cues, profit-taking after record highs, and expectations of a US Fed rate cut added pressure on international gold prices.
7. What is the outlook for gold in the international market?
Globally, gold has been rising due to hopes of a US Fed rate cut and a relatively stable dollar. However, short-term corrections are likely due to profit booking.
8. When is the next US Fed meeting and why is it important for gold?
The next US Fed meeting is on September 17. A possible interest rate cut could weaken the dollar, potentially making gold more attractive and supportive for prices.
9. What recent US economic data affected gold sentiment?
The US Labor Department reported job openings fell more than expected to 7.181 million in July, raising expectations of a Fed rate cut.
10. What does CME FedWatch Tool indicate about rate cuts?
According to CME’s FedWatch Tool, there is a 97% probability of a 25-basis-point rate cut by the Federal Reserve on September 17.