Gold hits fresh record high on September 9

Gold prices surged to fresh record highs on Monday, September 9, as global and domestic factors pushed the yellow metal past new milestones. On the Multi Commodity Exchange (MCX), gold futures with October expiry crossed the crucial Rs1,09,500 per 10 grams mark earlier in the day.Futures contracts for December delivery also touched an all-time high of Rs1,10,400 per 10 grams, while February and April contracts hit lifetime highs, reflecting sustained bullish momentum in the precious metal.
Gold Prices in Major Indian Cities (per 10 grams, September 9)

Gold’s rally comes amid renewed trade uncertainties following U.S. President Donald Trump’s steep tariffs, which have heightened concerns in global markets. The U.S. Federal Reserve is scheduled to meet on September 16–17, with analysts widely expecting a 50-basis point rate cut in light of weakening jobs data.
According to Axis Mutual Fund, gold’s surge is supported by a weaker U.S. dollar, expectations of rate cuts, political pressure on the Fed, and ongoing geopolitical tensions, cementing gold’s position as a safe-haven asset. “Demand for gold remains well supported globally as central banks diversify reserves, ETFs see strong inflows, and investors increase purchases of bars and coins, though jewellery consumption has moderated in price-sensitive markets,” it said.In India, consumers are showing mixed reactions to record-high prices. While profit-booking through old jewellery sales has increased, authorities have expanded hallmarking standards to encourage accessibility to lower-purity jewellery. The upcoming festive season will be a key test for physical demand in the world’s second-largest gold consumer.With global uncertainties mounting and domestic demand trends in focus, analysts expect gold to remain volatile but firmly supported in the near term.