Gold Prices Rise to Rs 1.54 Lakh/10g as Fed Meeting Looms

Gold Market Snapshot Gold prices edged higher on 3 September as easing energy‑driven inflation and a weaker US dollar bolstered bullion. COMEX gold futures rose 1.30 % to $4,472.10 per ounce at 07:45 GMT, ending a three‑session losing streak. In India, MCX October gold futures climbed 0.88 % to Rs 1,53,745 per 10 grams during intraday trading, while the spot price moved to Rs 1,53,073 per 10 grams by 13:23 IST.

Technical Outlook & Analyst Insights Senior research analyst Nirpendra Yadav of Bonanza highlights Rs 1.60 lakh per 10 grams as a pivotal breakout level. A sustained close above this mark, coupled with higher volume, could push prices toward Rs 1.65–1.70 lakh. The previous breakout zone was Rs 1.58–1.60 lakh, with support at Rs 1.52–1.50 lakh and a critical support around Rs 1.48 lakh. A break below Rs 1.48 lakh would likely weaken the bullish structure and extend corrections. Yadav also notes a demand zone at Rs 1.43 000–1.40 000; holding this support could trigger an upside move to Rs 1.60 lakh.

Fundamental Drivers Central‑bank purchases continue to underpin demand. Goldman Sachs projects an average of 50 tonnes per month in 2026 and forecasts a year‑end price of $4,900 per ounce. Geopolitical and fiscal uncertainties reinforce gold’s safe‑haven role. The rupee’s softness also supports MCX gold, as a weaker currency lifts the local price. The main near‑term risk remains the US interest‑rate, dollar, and yield environment; hawkish Fed expectations have pushed Treasury yields and the dollar higher, potentially pressuring gold temporarily.