Gold and Silver Rate Update: As the festive season approaches with Navratri starting in September and Dhanteras and Diwali in October, the demand for gold and silver is expected to rise. However, prices for these precious metals have already begun to climb ahead of the celebrations. On September 1, gold reached a new record in the international market, while silver hit a 14-year high. This upward trend continued on September 2, raising concerns among buyers.

Experts attribute the surge in gold prices to a weakening dollar and increasing expectations of a reduction in U.S. interest rates this month. As a result, gold prices in the international market soared to record highs on Tuesday, continuing a six-session upward trend. On September 2, gold spot prices increased by 1.36%, trading at $3,494.96 per ounce.

On the Multi Commodity Exchange (MCX), gold and silver prices also saw an increase on September 2. In early trading, gold rose by ₹561, reaching ₹105,346 per 10 grams. Silver followed suit, climbing ₹792 to ₹123,427 per kilogram. In retail, Tanishq's website listed the price of 24-carat gold today at ₹106,310 per 10 grams, up from ₹105,380 on September 1. Similarly, 22-carat gold was priced at ₹97,450 per 10 grams, compared to ₹96,600 on the previous date.

According to experts, the increase in gold and silver prices is driven by a weak economic backdrop and expectations of U.S. interest rate cuts. Additionally, global market fluctuations have led investors to seek the safety of gold. With the festive season approaching, further price increases are anticipated.