Gold and Silver Prices Stable Amidst Global Weakness
On September 3, 2026, gold and silver prices across India demonstrated relative stability, largely influenced by a subdued international bullion market. Despite this, futures contracts for both precious metals on the Multi Commodity Exchange (MCX) registered minor gains.
MCX Futures See Marginal Gains
On the MCX, gold futures advanced by 0.53%, reaching ₹1,53,778 per 10 grams. Silver futures also saw an increase, rising by 0.99% to trade around ₹2,38,403 per kilogram. These movements reflect the dynamic nature of the commodities market, even as retail prices held steady.
Retail Market Holds Steady
In the physical retail market, 24-karat gold was priced at ₹1,52,010 per 10 grams, maintaining consistency across most major cities. Similarly, the price of silver settled at ₹2,44,900 per kilogram in key metropolitan areas. This stability provides a clear snapshot for consumers and investors tracking precious metal valuations.
Understanding Gold Purity: 24K vs. 22K
Gold in the retail market is primarily traded in two purities: 24-karat and 22-karat. 24-karat gold is considered the purest form, containing 99.9% fine gold. While highly valued, its softness makes it less ideal for intricate jewellery designs.
Conversely, 22-karat gold is widely preferred for jewellery manufacturing. It contains approximately 91.6% gold, with the remaining percentage being alloyed metals like copper or silver. These alloys provide greater strength and durability, making the metal more suitable for crafting wearable pieces.
City-Wise Gold and Silver Rates
While overall trends remained stable, minor regional variations were observed. Here’s a snapshot of retail prices for 24-karat gold (per 10 gm) and silver (per kg) in select Indian cities:
- Delhi: 24K Gold at ₹1,52,160; Silver at ₹2,44,900
- Mumbai: 24K Gold at ₹1,52,010; Silver at ₹2,44,900
- Kolkata: 24K Gold at ₹1,52,010; Silver at ₹2,44,900
- Hyderabad: 24K Gold at ₹1,52,010; Silver at ₹2,49,900
Leading Jewellers' Rates
Major jewellery retailers also reported largely stable prices for 22-karat and 24-karat gold. For 22-karat gold, Joyalukkas and Malabar Gold & Diamonds quoted ₹13,935 per gram, while Tanishq's rate stood at ₹14,335 per gram. For 24-karat gold, Malabar Gold & Diamonds was at ₹15,507 per gram, and Tanishq at ₹15,251 per gram. These slight differences can be attributed to brand-specific pricing, procurement costs, and local market dynamics.
Factors Influencing Precious Metal Prices
Looking ahead, market participants will closely monitor several key indicators that could impact future gold and silver prices. These include global economic data releases, expectations surrounding US interest rate policies, and fluctuations in currency exchange rates. These factors collectively play a significant role in shaping the trajectory of precious metal valuations worldwide.