Gold and silver prices: The price of the yellow metal in India’s retail market declined on Wednesday, 2 September, amid ongoing uncertainty over the US-Iran conflict in the Middle East, and fears of a Fed rate hike.
In the international markets, gold fell on Wednesday to its lowest in more than three weeks, as the escalating Middle East conflict lifted oil prices and stoked inflation.
Spot gold was down 0.6% at $4,304.01 per ounce by 0017 GMT, its lowest since 7 August. Prices were headed for a fourth straight session of losses and remained below the 200-day moving average, a closely watched technical level, according to a CNBC US report.
The a barrage of airstrikes against Iran on Tuesday, prompting Iranian retaliation, in the most serious escalation in weeks. Oil prices rose for a third straight session, while advanced.
Due to these developments, both 24-karat and 22-karat gold rates are showing a marginal decline across major cities in India. Silver prices also declined in the domestic bullion market.
on 2 September was trading 1.07% lower at ₹150,530 per 10 grams. MCX silver futures, on the other hand, were trading about 1.26% lower at ₹231,830 per kg at around 9:13 am.
Changes in gold and silver prices today
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it’s more durable.
Here’s a look at the latest across major Indian cities on 2 September.
Gold Prices in New Delhi — 2 September
24 karat gold rate in New Delhi — ₹150,000/10 gm
22 karat gold rate in New Delhi — ₹137,500/10 gm
Silver 999 Fine rate in New Delhi — ₹231,010/1 kg
Gold Prices in Mumbai — 2 September
24 karat gold rate in Mumbai — ₹150,250/10 gm
22 karat gold rate in Mumbai — ₹137,729/10 gm
Silver 999 Fine rate in Mumbai — ₹231,410/1 kg
Gold Prices in Bengaluru — 2 September
24 karat gold rate in Bengaluru — ₹150,160/10 gm
22 karat gold rate in Bengaluru — ₹137,647/10 gm
Silver 999 Fine rate in Bengaluru — ₹231,340/1 kg
Gold Prices in Kolkata — 2 September
24 karat gold rate in Kolkata — ₹149,840/10 gm
22 karat gold rate in Kolkata — ₹137,353/10 gm
Silver 999 Fine rate in Kolkata — ₹230,860/1 kg
Gold Prices in Hyderabad — 2 September
24 karat gold rate in Hyderabad — ₹150,280/10 gm
22 karat gold rate in Hyderabad — ₹137,757/10 gm
Silver 999 Fine rate in Hyderabad — ₹231,530/1 kg
Gold Prices in Chennai — 2 September
24 karat gold rate in Chennai — ₹150,480/10 gm
22 karat gold rate in Chennai — ₹137,940/10 gm
Silver 999 Fine rate in Chennai — ₹231,840/1 kg