Gold rates in India closed the month of August with a big bang, as they touched new all-time highs. From August 1st to date, 24-carat gold prices have surged by Rs 51,300 in 100 grams and by Rs 5,130 in 10 grams. Overall, the yellow metal rose by more than 5% across carats. Meanwhile, silver rates also touched new peak and outperformed gold with gains of more than 7% in the month. How will gold and silver perform in the first week of September?
On August 30th, gold prices touched new all-time highs. 10 grams gold price stood at Rs 1,04,950 in 24 carat, at Rs 96,200 in 22 carat, and at Rs 78,710 in 18 carat.
100 grams gold prices were at Rs 10,49,500 in 24 carat, at Rs 9,62,000 in 22 carat, and at Rs 7,87,100 in 18 carat.
The prices of yellow metal stayed at their new highs on August 31st as well.
In the start of the month, 24 carat gold rates were at Rs 9,98,200 in 100 grams and at Rs 99,820 in 10 grams. From this level, gold rates in 24 carat have skyrocketed by Rs 51,300 in 100 grams and by Rs 5,130 in 10 grams.
The price of 1Kg silver stood at Rs 1,21,000 as of August 31st, which was its new high. Overall, in the month, silver prices gained by a whopping 7.03%, outperforming gold which gained by a little over 5%.
MCX Gold Price + MCX Silver Price
After closing bell on August 29th, MCX gold price with October 2025 expiry, ended at Rs 1,03,780 per 10 grams, down by Rs 44. This comes after it touched a new all-time high of Rs 1,04,090 per 10 grams on Friday.
MCX silver price with September 2025 expiry, also surged to hit new all-time high of Rs 1,20,900 per 1kg on August 29, before correcting and ending at Rs 1,20,250 per 1kg.
Spot Gold Price + Spot Silver Price
Spot gold climbed to $3,445 per ounce on Friday, nearing April's record of $3,500, and is set for a second weekly gain, as investors sought refuge amid uncertainty over US monetary policy, as per Trading Economics data. Meanwhile, spot silver price surged past $39.5 per ounce, its highest level since September 2011, as traders bet on Fed rate cuts and weighed strong industrial demand.
Gold & Silver Prices Outlook For September 1st To September 7th
Explaining the latest surge in gold and silver prices, SMC Global Securities weekly outlook report said, "Gold prices surged to their highest level in over a month and posted a second straight weekly gain, supported by a softer US dollar and renewed safe-haven demand."
"Investors continued to favor the metal amid uncertainty surrounding US monetary policy and political pressures on the Federal Reserve," it said.
Further, analysts at SMC highlighted that expectations of an imminent rate cut gained traction after Fed Governor Christopher Waller signaled support for reductions starting in September, saying he "fully expects" policy to move closer to neutral. Markets are now largely pricing in a 25 bps cut, with additional easing likely. Political tension added to market caution after Fed Governor Lisa Cook filed a lawsuit challenging former President Trump's authority to remove her, raising fresh concerns over central bank independence.
Additionally, economic data also shaped sentiment. Jobless claims edged lower, but signs of a cooling labor market and the risk of rising unemployment strengthened the case for a more dovish Fed. Meanwhile, investors are closely watching the US personal consumption report, expected to accelerate after revised Q2 data showed slightly faster economic growth, reinforcing inflation worries.
For September month, SMC's analysts believe that gold is set for its best performance since April, highlighting strong investor appetite. On Comex, gold faces resistance near $3,580 and support around $3,300, with the overall trend remaining bullish. Silver is expected to trade in the range of $36.90-$41.00. Looking ahead, domestic markets may also witness volatility.
For the week ahead, SMC's note added, on MCX, gold is likely to move between Rs 98,500- Rs 1,04,000, while silver could trade within Rs 1,10,000-Rs 1,21,000 in the coming week. Overall, safe-haven flows, dovish Fed expectations, and political uncertainty continue to provide a solid floor for bullion prices.
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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