Noida, Sep 2 (APAC Media): Gold and silver prices declined in Indian markets on Wednesday, as rising crude oil prices, a stronger US dollar and growing expectations of higher interest rates put pressure on precious metals.
The fall came amid renewed tensions in the Middle East, which have added to concerns over inflation and global monetary policy.
According to the latest retail rates, 24-karat gold in New Delhi was priced at ₹150,000 per 10 grams, while 22-karat gold stood at ₹137,500 per 10 grams. Silver of 999 purity was quoted at ₹231,010 per kilogram.
In Mumbai, 24-karat gold was available at ₹150,250 per 10 grams and 22-karat gold at ₹137,729 per 10 grams. The retail rate of 999-fine silver stood at ₹231,410 per kilogram.
Kolkata recorded a 24-karat gold rate of ₹149,840 per 10 grams, while 22-karat gold was priced at ₹137,353 per 10 grams. Silver was quoted at ₹230,860 per kilogram.
Among other major cities, Bengaluru’s 24-karat gold rate was ₹150,160 per 10 grams, while Chennai recorded ₹150,480. Hyderabad had the highest 24-karat gold rate among the listed cities at ₹150,280 per 10 grams.
City-wise Gold & Silver Prices (2 Sep)
| City | 24K Gold / 10g | 22K Gold / 10g | 999 Silver / kg |
|---|---|---|---|
| New Delhi | ₹1,50,000 | ₹1,37,500 | ₹2,31,010 |
| Mumbai | ₹1,50,250 | ₹1,37,729 | ₹2,31,410 |
| Bengaluru | ₹1,50,160 | ₹1,37,646 | ₹2,31,341 |
| Kolkata | ₹1,49,840 | ₹1,37,353 | ₹2,30,860 |
| Hyderabad | ₹1,50,283 | ₹1,37,757 | ₹2,31,530 |
| Chennai | ₹1,50,480 | ₹1,37,940 | ₹2,31,840 |
Domestic futures also weakened. MCX gold was trading around ₹150,530 per 10 grams, down 1.07%, while MCX silver futures declined about 1.26% to ₹231,830 per kilogram in morning trade.
Internationally, spot gold fell to its lowest level in more than three weeks. The escalation in Middle East tensions pushed oil prices higher, increasing inflation concerns and strengthening expectations that central banks, particularly the US Federal Reserve, could maintain or raise interest rates.
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IBJA DATAÂ
Higher bond yields and a stronger dollar generally reduce the appeal of gold, which does not generate interest. Investors are therefore closely watching upcoming US economic data and developments in the Middle East for further direction.
Gold and silver prices remain volatile, and retail rates can vary between jewellers depending on local taxes, making charges and other costs.
–ENDS–
Disclaimer:Â Gold and Silver prices are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.
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