Both gold and silver prices recorded a fall in the Indian market on Wednesday, September 2 due to weak international gold prices. The rise in oil prices, geopolitical instability, and expectations of the US interest rate have kept investors hesitant.

The prices of both gold and silver per 10 grams on September 2 were approximately ₹1.52 lakh and ₹2.35 lakh per kg respectively. There were slight price variations depending on the city-wise market prices.

In the market of Mumbai, the price of 24K gold was approximately ₹1,51,880 per 10 grams, and that of 22K gold was approximately ₹1,39,223. Similarly, in Delhi, the price of 24K gold was approximately ₹1,51,620 per 10 grams, while that of 22K gold was approximately ₹1,38,985.

In Chennai, the rate of 24K gold was at about ₹1,52,320 per 10 grams and 22K gold was at ₹1,39,627 per 10 grams. In Kolkata, the rates of 24K and 22K gold were at around ₹1,51,680 and ₹1,39,040, respectively. In Bengaluru, 24K gold was at about ₹1,52,000 and 22K gold was at ₹1,39,333 per 10 grams.

The price of silver also continued to remain under pressure. The rate of silver 999 fine was about ₹2,34,780 per kg, with city-specific rates varying slightly between various centres.

On the Multi Commodity Exchange (MCX), gold futures were lower while silver futures declined in the morning session. Traders and analysts are awaiting cues from economic indicators and developments related to US monetary policy and currencies.

International: Gold prices hit a more than three-week low amid concerns over rising oil prices and inflation, thereby increasing expectations of a tightening in US monetary policy. Higher dollar and higher Treasury yields are dampening appetite for the metal that carries no interest.

Due to various global and domestic factors impacting gold prices, consumers and investors will continue to track gold and silver rates in future trading sessions.