Gold rate today: Following the optimism for the US Fed rate cut after the soft US economic data, gold prices across bourses bounced back strongly after the profit-booking trigger on Thursday. MCX gold rate climbed to a new peak of ₹1,07,807 per 10 gm on Friday and finally finished at ₹1,07,740, logging over 3.80% weekly gain in the domestic market. COMEX gold price finished at $3,653.30 per troy ounce on Friday. In this bullish trend, gold prices have rallied around 35% in YTD.
Gold rate today: Triggers for bull trend
Speaking on the reasons that are fueling gold price today, Sugandha Sachdeva, Founder of SS WealthStreet, said, “Gold prices surged to another record high of ₹1,07,807 per 10 grams, advancing 3.82% for the week and marking their third consecutive weekly gain. Softer economic data, dovish Federal Reserve signals, and persistent geopolitical and trade uncertainties have driven the rally. Fresh data from the US labour market showed that non-farm payrolls rose by just 22,000 in August, well below expectations of 75,000, while the unemployment rate climbed to 4.3%, underscoring weakening labour market conditions. This, coupled with Fed Chair Jerome Powell’s recent dovish remarks, has made a 25 bps rate cut at the September 16–17 meeting appear all but certain.”
The SS WealthStreet expert said concerns about the Fed’s independence and legal challenges around the US administration’s aggressive tariff measures have further stoked safe-haven demand.
Hedge against geopolitical uncertainty
“Year-to-date, gold has rallied 35%, reaffirming its role as a hedge against economic fragility and geopolitical shocks. Another key pillar of support has been voracious central bank buying, as nations diversify away from the US dollar. For the past three years, central banks have added over 1,000 tonnes of gold annually, more than double the decade average, and purchases in 2025 are on track to match this pace. This accumulation reflects not opportunistic buying, but a strategic realignment of global reserves. As a result, the share of gold in global reserves has risen to a three-decade high of 24% in Q1 2025, up three percentage points year-on-year,” said Sugandha Sachdeva.
US dollar under pressure
Pointing towards the weak US dollar rates lending support to the gold price rally, Rahul Kalantri, VP Commodities at Mehta Equities, said, “While the dollar index continues to hover above the 98 mark, global uncertainties arising from US trade tariffs and sustained central bank buying are lending support to precious metals. Hopes of a Fed rate cut are also underpinning prices.”
Is it the right time to buy gold?
Regarding the outlook of gold price movement, Sugandha Sachdeva said, “Looking ahead, the trend remains constructive. Domestically, gold has established a strong base of around ₹1,05,800 per 10 grams, with the next upside target being around ₹1,10,000 per 10 grams. The metal appears poised to test $3,640 per ounce in the international market soon. Tariff-related developments, alongside the upcoming US CPI print, will be the key catalysts guiding price action in the days ahead.”
Goldman Sachs sees gold prices at $5000/toz
Expecting the bull trend in the gold prices to continue, Goldman Sachs has predicted COMEX gold price to touch $5,000 per troy ounce, saying, “We see potential upside to gold prices even above our tail risk scenario of $4,500/toz, which itself is already well above our $4,000 mid-2026 baseline1, given the very small size of the physical gold ETF market relative to Treasury bonds, at only 1%. For example, we estimate that if 1% of the privately owned US treasury market were to flow into gold, the gold price would rise to nearly $5,000/toz, assuming everything else is constant. As a result, gold remains our highest-conviction long recommendation in the commodity space.”
Investment strategy for electronic gold buyers?
Whether it is the right time to buy a gold ETF, Ross Maxwell, Global Strategy Lead at VT Markets, said, “Buying a gold ETF now has both pros and cons, and whether this is the right time to buy really depends on your strategy and your reasons to buy. On the positive side, momentum is strong. ETFs like GLD or IAU offer a cost-effective, liquid, and storage-free way to invest,” adding, “If you are looking to gold for longer-term strategies, then gold’s safe-haven appeal remains high amid global uncertainty. It is often wise to hold gold as a diversification and inflation hedge as part of your overall portfolio.”
Ross Maxwell highlighted the caution for short-term gold investors: “If you are more speculative and looking for shorter-term strategies, then there are reasons for caution. Prices are already near all-time highs, making buying now riskier if momentum stalls. Gold ETFs don’t generate income, and depending on your country, tax rates on gains can be less favourable than on equities. Volatility is also a risk, especially for short-term investors and traders.”
Ross said it still makes sense for a long-term investor to start building exposure. The most appropriate way to do this is to adopt a dollar-cost averaging strategy, buying in small, regular amounts, which can help balance the risk of buying near the peak.
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.