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2w ago

Gold Surges Past $3,500 to Record High, India Prices Set New Peaks

Traders price a September Fed cut, boosting bullion’s appeal.

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A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), center left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Sept. 2, 2025. (AP Photo/Ahn Young-joon)

Overview

  • Spot gold hit a record $3,508.50 an ounce on Tuesday and was last near $3,492, while US December futures traded above $3,560.
  • India benchmarks also notched highs, with IBJA 24k rates around Rs 1,05,140 per 10g and MCX October futures peaking at Rs 1,05,937.
  • Silver topped $40 an ounce for the first time since 2011; MCX December silver approached Rs 1.25 lakh per kg after setting fresh records.
  • Markets assign roughly a 90% probability to a 25 bps Fed cut on Sept 17 as a softer dollar, ETF inflows, and central‑bank buying add support.
  • Trade and political risks—US tariff actions, a court ruling that left levies in place, and scrutiny of Fed independence—plus a weak rupee and seasonal Indian demand are reinforcing safe‑haven bids ahead of US jobs data and the Fed meeting.