Gold Falls ₹1,037 To ₹1.55 Lakh Per 10 Grams, Silver Declines ₹1,711 To ₹2.35 Lakh

New Delhi: Gold and silver prices declined on September 1 after Prime Minister Narendra Modi urged people to avoid purchasing gold unless necessary.

According to the India Bullion and Jewellers Association (IBJA), 24-carat gold fell Rs 1,037 to Rs 1,54,798 per 10 grams. Silver declined Rs 1,711 to Rs 2,35,488 per kilogram.

Market experts said the Prime Minister’s appeal could keep gold prices under pressure in the coming days. Rising crude oil prices and geopolitical tensions involving the US and Iran also influenced precious metals.

Gold rates by purity

The price of 22-carat gold stood at Rs 1,41,795 per 10 grams, while 18-carat gold was quoted at Rs 1,16,099. The rate for 14-carat gold was Rs 90,557 per 10 grams.

Retail prices were higher in major cities. The 24-carat gold rate stood at Rs 1,57,080 in Delhi, Jaipur and Lucknow.

It was quoted at Rs 1,56,930 in Mumbai, Kolkata and Raipur, while the rate was Rs 1,56,980 in Bhopal, Patna and Ahmedabad, according to Goodreturns.

Prices remain below record highs

Gold has witnessed sharp fluctuations during 2026. It was priced at Rs 1,33,195 per 10 grams on December 31, 2025, before touching a record Rs 1.76 lakh on January 29.

The yellow metal has since declined by around Rs 21,000 from its peak.

Silver rose from Rs 2,30,420 per kilogram on December 31 to an all-time high of Rs 3.86 lakh on January 29. It has since dropped by approximately Rs 1.53 lakh.

On August 31, gold had closed at Rs 1,55,835 per 10 grams, while silver stood at Rs 2,37,199 per kilogram.

What buyers should check?

Buyers should purchase only BIS-hallmarked gold and verify its weight, purity and prevailing market rate before completing a transaction.

Making charges vary among jewellers and are negotiable. Customers can ask for a detailed labour-cost breakup to secure a better deal.

Gold prices differ across cities because of transportation and security expenses, local demand, jewellery association rates, purchase volumes and the acquisition cost of old stock.

Modi had made a similar appeal on May 11, asking citizens to avoid unnecessary gold purchases.