Precious Metals Hit All-Time High – What Traders Should Watch on MCX

Gold price today: Gold and silver hit their record highs on the MCX in intraday trade on Monday (9 September 2025), tracking healthy spot demand and positive global cues.

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MCX Gold, Silver at Lifetime Highs

MCX Gold 5 October futures hit a record high of ₹1,08,732 per 10 grams and traded 0.30 per cent higher at ₹1,08,518 per 10 grams around 10:45 pm. MCX Silver 5 December futures, after hitting a record high of ₹1,26,730 per kg, were 0.36 per cent up at ₹1,25,571 per kg at that time.

Gold prices hit a record high on expectations of a US Fed rate cut this month. Recent market data shows that the US jobs market is under pressure. US job growth weakened sharply in August, and the unemployment rate increased to a nearly four-year high of 4.3 per cent, reported Reuters.

“Payrolls grew by 22,000 in August after an upwardly revised gain of 79,000 in July. June numbers were revised lower by 27,000. With these revisions, employment in June and July combined is 21,000 lower than previously reported. The labour market is coming to a standstill as businesses slow the pace of hiring and await clarity on tariffs and Fed policy,” Jeffrey Roach, Chief Economist for LPL Financial, observed.

“As the Fed prepares for its upcoming meeting, policy makers will likely focus on the weakness in the job market to defend their decision to cut rates. The labour data is probably not weak enough for the Fed to cut by 50 basis points given inflation persistence, so as of now, our expectations are for a 25 basis point cut,”.

Investors’ focus is on Thursday’s August US CPI inflation data, which could further influence expectations about the Fed’s expected rate cut.

Experts point out key MCX levels to watch

Neal Bhai expects gold and silver prices to remain volatile this week, given volatility in the dollar index, rupee, and US trade tariff uncertainty.

• He suggests buying mcx silver on dips around ₹1,23,700, with a stop loss of ₹1,22,000 and a target of ₹1,27,000—₹1,28,700.

Neal Bhai spot gold has support at $3,600, while resistance is at $3,688-3,710 per troy ounce. spot Silver has support at $40.80, while resistance is at $42.55 per troy ounce in today’s session.

MCX Gold has support at ₹1,06,000 and resistance at ₹1,09,000, while silver has support at ₹1,23,700-1,22,000 and resistance at ₹1,27,000-1,28,700, said Neal.

Highlighted key positives for gold, including weakness in the US jobs market, the People’s Bank of China’s buying of gold for a 10th straight month in August, and the Trump administration’s decision to exempt gold, along with some metals, from its country-based tariffs.

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