Precious metal prices in India experienced a slight downturn on September 2, 2026, with both gold and silver registering declines. This movement was largely attributed to a prevailing weakness observed in international bullion markets, which subsequently influenced domestic rates across the country.
MCX Futures Show Decline
On the Multi Commodity Exchange (MCX), gold futures saw a decrease of 1.12%, settling at ₹1,50,027 per 10 grams. Similarly, silver futures recorded a fall of 1.24%, with prices hovering around ₹2,26,694 per kilogram during trading hours.
Retail Gold Rates Across Cities
In the retail market, gold prices for 24-karat purity stood at approximately ₹1,54,800 per 10 grams. For 22-karat gold, commonly preferred for jewellery due to its durability, rates varied slightly by city:
- Delhi: 24K at ₹1,54,230 per 10gm, 22K at ₹1,41,390 per 10gm
- Mumbai: 24K at ₹1,54,080 per 10gm, 22K at ₹1,41,240 per 10gm
- Bengaluru: 24K at ₹1,54,080 per 10gm, 22K at ₹1,41,240 per 10gm
- Kolkata: 24K at ₹1,54,080 per 10gm, 22K at ₹1,41,240 per 10gm
- Hyderabad: 24K at ₹1,54,080 per 10gm, 22K at ₹1,41,240 per 10gm
- Chennai: 24K at ₹1,54,630 per 10gm, 22K at ₹1,41,740 per 10gm
It is important to note that 24-karat gold represents the purest form of the metal, while 22-karat gold includes alloyed metals to enhance strength, making it ideal for crafting jewellery.
Silver Prices in Major Indian Cities
Silver rates also experienced a dip, with the metal trading at around ₹2,49,900 per kilogram in the retail market. City-specific rates for silver were consistent across several major hubs:
- Delhi: ₹24,990 per 100gm, ₹2,49,900 per kg
- Mumbai: ₹24,990 per 100gm, ₹2,49,900 per kg
- Bengaluru: ₹24,990 per 100gm, ₹2,49,900 per kg
- Kolkata: ₹24,990 per 100gm, ₹2,49,900 per kg
- Hyderabad: ₹24,990 per 100gm, ₹2,49,900 per kg
- Chennai: ₹24,990 per 100gm, ₹2,49,900 per kg
Factors Influencing Precious Metal Trends
Market participants are closely monitoring several global economic indicators for future direction in precious metal prices. Key factors include international economic data releases, expectations regarding US interest rate policies, and fluctuations in currency exchange rates. These elements collectively contribute to the volatility and overall trend in gold and silver markets.