Gold and silver prices rose sharply on 3 September after a 10-day decline, pushing both precious metals higher in global and Indian markets. The move came as market participants responded to comments by US President Donald Trump about recent American attacks on Iran and the possibility of a short military campaign.
By around 7 pm, gold on the Multi Commodity Exchange (MCX) was trading at ₹1,55,401 per 10 grams. The contract had closed at ₹1,52,402 in the previous session. The reported increase during the session was ₹3,400 per 10 grams.
Silver also recorded a strong move, rising ₹4,400 per kilogram to trade at ₹2,39,888. The reported price levels for silver in the trading-session details are inconsistent, so those high and low figures require verification.
Global market movement
In the international market, gold advanced 2.84% to $4,540 per ounce after rising by $125. Comex silver gained 2.71%, equivalent to $1.77, and moved above $67 per ounce.
The rally followed a period of weakness lasting 10 days. The change in direction was also reflected in domestic futures trading, where both gold and silver ed substantial gains during the session.
Why Trump’s statement mattered
Trump rejected the prospect of a lengthy military campaign in the Middle East and said recent US attacks on Iran were likely to be short-term. The statement was linked to a slowdown in the recent rise in oil prices and a reduction in inflation concerns that had been weighing on gold.
The market reaction also involved expectations about US monetary policy. Higher interest rates tend to pressure gold because the metal does not provide investors with fixed interest. If oil supplies remain disrupted for a long period, however, crude prices could rise and inflation could accelerate again, making it harder for the Federal Reserve to reduce interest rates.
US data and Federal Reserve signals
Recent weaker economic data from the United States provided additional support to gold. The ADP report said American companies added only 38,000 jobs in August. The reported slowdown in employment reduced expectations of an aggressive rise in Federal Reserve interest rates.
New York Fed President John Williams said US inflation was continuing to ease as the effect of tariffs reduced. He also said higher energy prices were not spreading into other services.
Earlier, Fed Chair Kevin Warsh had taken a hawkish position at the Jackson Hole meeting, raising concern about possible rate increases. More recent comments about easing inflation, together with Trump’s signals on the conflict, provided relief to markets and helped gold remain firm around $4,500 per ounce.
MCX prices reported during the session
- Gold: ₹1,55,401 per 10 grams around 7 pm
- Gold’s previous close: ₹1,52,402 per 10 grams
- Gold’s reported session high: ₹1,55,798
- Gold’s reported session low: ₹1,53,251
- Silver: ₹2,39,888 per kilogram
- Silver’s previous close: ₹2,36,266 per kilogram
Conclusion
Gold and silver recovered strongly on 3 September after a 10-day decline, with Trump’s statement, softer US employment data and changing expectations around Federal Reserve interest rates cited among the factors supporting the rally. The silver high and low figures need verification because the reported session details conflict.
Frequently Asked Questions
Q. What was the gold price on the MCX on 3 September?
Gold was trading at ₹1,55,401 per 10 grams around 7 pm.
Q. How much did gold rise during the session?
Gold became ₹3,400 more expensive per 10 grams, according to the reported MCX movement.
Q. What was the silver price on the MCX?
Silver was trading at ₹2,39,888 per kilogram.
Q. Why did gold and silver prices rise?
The rally was linked to Donald Trump’s comments on recent US attacks on Iran, softer US employment data and expectations about Federal Reserve interest rates.
Q. What happened to gold in the global market?
International gold prices rose 2.84% to $4,540 per ounce after increasing by $125.
Q. What happened to silver in the global market?
Comex silver gained 2.71%, or $1.77, and moved above $67 per ounce.
Q. What US employment figure was cited?
The ADP report said American companies added 38,000 jobs in August.
Q. Are the reported silver high and low figures confirmed?
No. The session details contain conflicting silver high and low figures, so they require verification.
