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On the global front, spot gold traded at $3,537.76 per ounce after touching an all-time high of $3,546.99 an ounce earlier in the session.
By Anshul September 3, 2025, 11:57:36 AM IST (Published)
Gold prices in India surged for the eighth straight session on Wednesday (September 3), marking all-time highs as global uncertainty and domestic seasonal demand supported the rally.
According to Goodreturns, 24-carat gold rates rose by ₹880 per 10 grams to ₹1.06 lakh, while 22-carat gold climbed ₹800 to ₹98,050. Prices of 18-carat gold also advanced by ₹660 to ₹80,230 per 10 grams. The gains came after all purities had touched all-time highs on Tuesday (September 2).
On the global front, spot gold traded at $3,537.76 per ounce after touching an all-time high of $3,546.99 an ounce earlier in the session.
US gold futures for December delivery gained 0.3% to $3,603.50 an ounce.
Analysts attributed the momentum to expectations of a Federal Reserve rate cut this month, heightened geopolitical risks, and volatility in equity and bond markets.
Rahul Kalantri, VP Commodities at Mehta Equities, noted that bullion markets are witnessing sharp swings amid a rebound in the dollar index.
“Safe-haven buying due to US trade tariff uncertainty and weakness in global equity markets has lifted gold,” he added.
Darshan Desai, CEO of Aspect Bullion & Refinery, highlighted that fiscal concerns across major economies are fueling demand.
“Gold prices are holding near all-time highs as investors turn to safe-haven assets amid a broad sell-off in equity and bond markets. The focus now shifts to upcoming job market indicators and US dollar movements,” he said.
Adding to market tensions, the Trump administration said it would seek a Supreme Court ruling on tariffs deemed illegal by a US appeals court. Analysts suggested the move could significantly alter the macroeconomic landscape. Meanwhile, US rate futures are pricing in a 92% chance of a 25-basis-point Fed rate cut at the September 17 policy meeting.
Investor demand for the metal is also reflected in exchange-traded holdings. SPDR Gold Trust, the world’s largest gold-backed ETF, reported its reserves climbed 1.32% to 990.56 tons on Tuesday (September 2), the highest since August 2022.
