Silver also increased to Rs 1,25,249 per kg. Experts suggest buying gold and silver on dips. They expect gold to reach Rs 1,07,000 and silver Rs 1,27,000 soon. Market trends are volatile.

On the Multi Commodity Exchange (MCX), October gold futures climbed 2.03% to Rs. 1,05,937 per 10 grams, while December contracts touched Rs. 1,06,539. Silver December futures spiked 2.5% to Rs. 1,24,990 per kilogram

A confluence of factors has triggered a fresh up-move in gold prices. The biggest one is the hopes of a rate cut by the US Federal Reserve in September. After US Fed Chair Jerome Powell signalled a rate cut in his Jackson Hole speech, a few other Fed officials have indicated in the last few days that the Fed is ready to cut rates this month.

Last Thursday Fed Governor Christopher Waller said he would support an interest-rate cut in September and further reductions over the next three to six months.

Reuters reported that in a Friday social media post, San Francisco Fed Bank President Mary Daly reiterated her support for an interest rate cut, given the risks to the labour market.

Gold climbed from $3,375 to $3,450 over the past week, driven by dovish economic data and expectations of a Federal Reserve rate cut. A neutral reading in Friday’s PCE Index kept the rate-cut narrative intact, while Thursday’s stronger-than-expected 3.3% QoQ GDP revision added momentum to gold buying. With prices now at fresh highs, market attention is turning to next week’s US Jobs Report, which could serve as the next major catalyst—or a potential headwind—for the metal.