All-Time Record High: Gold ₹81,040 for 8 Grams

On Wednesday, 22-carat gold was priced at ₹10,130 per gram and ₹81,040 for 8 grams, according to the Indian Bullion Association (IBA). In comparison, 24-carat gold stood at ₹1,09,450 per 10 grams. Silver (999 fine) was quoted at ₹1,24,880 per kg.

Gold prices also surged sharply on Tuesday (September 9), reaching a fresh record in the domestic futures market, supported by strong global cues and expectations of a US Federal Reserve rate cut. For retail buyers, the rally translates into higher jewellery rates.

On the MCX, December gold futures jumped ₹723, or 0.65%, to a new high of ₹1,10,312 per 10 grams. The most active October contract also rose ₹982, or 0.9%, to ₹1,09,500 per 10 grams.

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The surge follows an international rally, with December Comex gold futures scaling $3,698.02 per ounce and spot gold hitting $3,658.38 per ounce.

Analysts attribute the spike to weak US jobs data, growing bets of aggressive Fed rate cuts, a weaker dollar, and geopolitical risks, including the Russia-Ukraine conflict.

Experts note that gold remains one of 2025’s top-performing assets, delivering year-to-date gains of over 31% and reaffirming its safe-haven status during global uncertainty.

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Expectations of a US Federal Reserve rate cut later this month further strengthened demand for gold as a safe-haven asset. Markets widely anticipate a 25-basis-point cut on September 17, after revised government data showed the US economy created 9,11,000 fewer jobs in the past year than previously estimated. The weak employment trend, triggered partly by tariffs and immigration policies, has reinforced bets on monetary easing.