Gold price today: Rates of gold jumped on the MCX in intraday trade on Friday (September 12), while silver hit its fresh record high, buoyed by US Fed rate cut optimism. MCX Gold October futures traded 0.25 per cent higher at ₹1,09,250 per 10 grams around 1:50 pm, while MCX Silver December futures were 1.21 per cent up at ₹1,28,479 per kg at that time after hitting its record high of ₹1,28,751 during the session. MCX Gold had touched a record high of ₹1,09,840 per 10 grams on September 9.
Precious metals are rising on the almost certain assumption that the US Fed will cut the rate by 25 bps on September 17, amid clear signs of the US labour market losing steam.
The revised jobs data showed the US economy created as many as 9,11,000 fewer jobs in the 12 months through March than previously estimated.
Moreover, the unemployment rate in the US economy jumped to 4.3 per cent in August, compared to their 4.2 per cent level in July 2025, while the US job growth was at 22,000 in August, a massive drop compared to their 79,000 level in July 2025.
Initial jobless claims for the week ended September 6 stood at a near four-year high of 2,63,000.
Meanwhile, US consumer inflation rose to its highest this year after January, government data showed on Thursday. The US consumer inflation, the highest in seven months, rose more than analysts expected.
The US Consumer Price Index (CPI) increased by 2.9 per cent in August, a 0.2 per cent increase from July, when it rose 2.7 per cent.
Some experts now see the possibility of at least three rate cuts this year, much more than the earlier expectations. Rate cuts are positive for bullion as returns on fixed deposits, bonds, or money-market instruments shrink due to lower rates, reducing the opportunity cost of holding gold. This makes gold more appealing.
Is it the right time to buy gold and silver?
Experts say dips in gold and silver prices are opportunities to buy as they are likely to extend their upward march amid heightened global uncertainty, aggressive central bank buying and rate cut expectations.
“One should continue buying gold on dips as prices on MCX may touch 1,15,000 per 10-gram mark by the end of 2025 on heavy buying by central banks, US Fed rate cuts and geopolitical uncertainties,” said Anuj Gupta, a SEBI-registered commodity expert.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile in Friday’s session. He suggests buying silver on dips around ₹1,26,000 with a stop loss of ₹1,24,800 for the target of ₹1,27,400-1,28,200.
“Gold has support at $3,650-3,622, while resistance is at $3,700-3,717 per troy ounce, and silver has support at $41.80-41.40, while resistance is at $42.50-42.80 per troy ounce in today’s session,” said Jain.
MCX Gold has support at ₹1,08,550-1,08,000 and resistance at ₹1,09,380-1,09,800 while silver has support at ₹1,26,000-1,24,800 and resistance at ₹1,28,000-1,29,200,” Jain said.
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,628-3,605 while resistance is at $3,665-3,680. Silver has support at $41.60-41.30 while resistance is at $42.30-42.55.
In INR, gold has support at ₹1,08,540-1,08,140 while resistance is at ₹1,09,450-1,09,950. Silver has support at ₹1,26,550-1,25,750 while resistance is at ₹1,28,150, 1,29,050, said Kalantri.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
