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**Gold and Silver Prices Soar to Record Highs on MCX Amid Fed Rate Cut Expectations**

**Mumbai, India – September 9, 2024** – Gold and silver prices surged to unprecedented levels on the Multi Commodity Exchange (MCX) Monday, driven by robust spot demand and positive global market sentiment. MCX Gold October futures hit a record high of ₹1,08,060 per 10 grams, while MCX Silver December futures reached ₹1,26,400 per kg before settling at ₹1,25,150.

The rally is largely attributed to growing expectations of a US Federal Reserve rate cut later this month, fueled by recent data indicating a weakening US jobs market. August saw a significant slowdown in job growth, with payrolls increasing by only 22,000 and the unemployment rate rising to 4.3%, the highest in nearly four years.

“The labor market is coming to a standstill as businesses slow the pace of hiring and await clarity on tariffs and Fed policy,” noted Jeffrey Roach, Chief Economist for LPL Financial. While Roach anticipates a rate cut, he expects it to be limited to 25 basis points due to persistent inflation.

Investors are now keenly awaiting Thursday’s release of US CPI inflation data, which will likely further influence expectations regarding the Fed’s monetary policy decisions.

Market analysts are advising caution amidst expected volatility. Manoj Kumar Jain of Prithvifinmart Commodity Research suggests a buy-on-dips strategy for silver around ₹1,23,500, with a stop loss at ₹1,22,200 and a target of ₹1,26,300. He also highlighted key support and resistance levels for gold and silver in both USD and INR.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, maintains a bullish outlook for gold, suggesting MCX Gold October could appreciate to ₹1,08,000 per 10 grams. He cited the weak US jobs market, the People’s Bank of China’s continued gold buying, and the US administration’s tariff exemptions as key factors supporting gold prices.

Rahul Kalantri, VP of commodities at Mehta Equities, provided specific support and resistance levels for gold and silver, urging investors to remain vigilant amid potential market fluctuations.

Analysts strongly advise investors to consult with certified experts before making any investment decisions, given the dynamic nature of market conditions.

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