Gold and silver prices rose in morning trade on the Multi Commodity Exchange (MCX) on Thursday, September 3, recovering after recent selling pressure.
MCX gold futures for October expiry rose ₹1,823, or 1.2%, to ₹1,54,225 per 10 grams around 10:20 am, compared with the previous close of ₹1,52,402.
Silver futures for December expiry also gained ₹3,213, or 1.36%, to ₹2,39,479 per kg from the previous close of ₹2,36,266.
In the retail market, 24K gold was priced at around ₹1,53,020 per 10 grams, while 22K gold stood at ₹1,40,268. Silver 999 fine was at around ₹2,36,020 per kg.
Gold price today in Mumbai, Delhi, Bengaluru and Chennai
According to the latest city-wise rates, Chennai recorded the highest 24K gold price among the four cities, while Delhi had the lowest.
| City | 24K Gold (10 gm) | 22K Gold (10 gm) | Silver 999 (1 kg) |
|---|---|---|---|
| mumbai | ₹1,52,740 | ₹1,40,012 | ₹2,35,590 |
| Delhi | ₹1,52,480 | ₹1,39,773 | ₹2,35,190 |
| Bengaluru | ₹1,52,860 | ₹1,40,122 | ₹2,35,780 |
| Chennai | ₹1,53,190 | ₹1,40,424 | ₹2,36,280 |
The rates are based on the latest available city-wise bullion prices on September 3 and can vary between jewellers.
Why are gold and silver prices rising?
The latest rally in precious metals comes amid a weaker US dollar and easing US Treasury yields. A softer dollar makes gold cheaper for buyers using other currencies, while lower bond yields reduce the opportunity cost of holding non-yielding assets.
1. Weaker US dollar
The decline in the US dollar has supported gold and silver prices. Since bullion is priced in dollars globally, a weaker greenback generally makes the metals more affordable for overseas buyers.
2. Easing US bond yields
US Treasury yields have eased from recent highs, providing further support to precious metals. Lower yields can make gold more attractive compared with interest-bearing assets.
3. Weak US employment data
US private-sector employment data has added to expectations that the labour market could be losing momentum. Investors are now waiting for the US nonfarm payrolls report due Friday, which could provide fresh clues about the Federal Reserve’s interest-rate outlook.
4. Geopolitical uncertainty
Geopolitical uncertainty has also kept safe-haven demand for gold and silver in focus. Investors continue to monitor developments in West Asia and their impact on oil prices, inflation and monetary policy.
What next for gold and silver?
Market participants will closely track US jobs data, movements in the dollar and Treasury yields for the next direction of bullion prices.
Gold and silver had faced selling pressure in recent sessions before Thursday’s recovery. The latest rebound suggests renewed buying interest, although upcoming US economic data and the Federal Reserve’s policy outlook could continue to drive volatility in precious metals.
Gold prices in Mumbai also showed a sharp rise on Thursday, with 24K gold quoted at around ₹1.54 lakh per 10 grams in the latest available data.