Gold rates in the domestic futures market experienced a decline on Wednesday morning, September 10, 2025, due to profit booking at elevated levels, amidst renewed optimism surrounding a potential trade agreement between India and the United States.
At approximately 9:25 am, MCX Gold October futures were trading lower by 0.24 percent at ₹1,08,775 per 10 grams. Conversely, MCX Silver December futures saw an increase of 0.34 percent, reaching ₹1,24,886 per kg during the same period.
The positive sentiment in the market was fueled by recent comments from US President Donald Trump regarding ongoing India-US trade negotiations, which bolstered investors' risk appetite. In early trading, the Sensex and the Nifty 50, key market benchmarks, each rose by about half a percent. Trump stated on Tuesday that the US and India are actively engaged in discussions to resolve existing trade barriers.
The anticipation of a trade deal has had a ripple effect on the stock market. Concerns about US tariffs and their possible impact on the economy have been significant factors in the recent rise in gold prices.
Market participants are also anticipating a possible rate cut by the US Federal Reserve later this month, which is keeping the sentiment for bullion positive. There is a general expectation that the US central bank will announce a 25 bps rate cut on September 17, particularly as the US jobs market is showing signs of strain. Recent government data indicated that the US economy may have created 911,000 fewer jobs in the 12 months leading up to March than initially estimated, suggesting a deceleration in job growth following the implementation of Trump's tariffs and immigration policies.
On September 9, Indian equities closed higher, with the Sensex adding 314 points, or 0.39%, to finish at 81,101.32, and the Nifty advancing 95 points, or 0.39%, ending the session at 24,868.60. US markets also reached record highs on the same day, as investors disregarded weak jobs data and instead focused on expectations of forthcoming Federal Reserve rate cuts. The S&P 500 rose 0.27% to 6,512.61, the Nasdaq gained 0.37% to 21,879.49, and the Dow Jones climbed 196 points, or 0.43%, to 45,711.34.
Internationally, December Comex gold futures surged to a new all-time high of $3,698.02 per ounce, while spot gold also climbed to a record level of $3,658.38 per ounce.
The US Dollar Index (DXY), which measures the dollar's value against a basket of six foreign currencies, was trading 0.10% up at 97.86 on Wednesday morning. Meanwhile, the rupee depreciated 0.18% to close at 88.11 to the dollar on September 9.
According to Goodreturns, the price of 10 grams of 24-carat gold in India today is ₹1,10,300, while 22-carat gold costs ₹1,01,110. For 18-carat gold, the price is ₹82,730 for the same weight.
