Gold Softens, Silver Shines: 24-Carat Gold Tops ₹1.55 Lakh, Silver Nears ₹2.40 Lakh

Gold Prices Ease Amidst US Interest Rate Concerns, Silver Gains

On September 1, 2026, Indian bullion and futures markets witnessed a mixed trend in gold and silver prices. While gold faced pressure from concerns over US interest rates, a weakening dollar and ongoing geopolitical tensions in West Asia provided some support to the precious metals. Meanwhile, silver registered a slight strengthening.

In the Indian market, the price of 24-carat gold remained around ₹1.55 lakh to ₹1.56 lakh per 10 grams today. According to various market sources and retailers, minor variations in prices were observed. One prominent market rate indicated 24-carat gold trading at approximately ₹1,54,910 per 10 grams.

MCX Trends for Gold and Silver

In the futures market, on the Multi Commodity Exchange (MCX), gold for October 5 delivery was trading around ₹1,54,191 per 10 grams in the morning, reflecting a decline of approximately ₹269 from the previous trading session. During the day's trading session, gold fluctuated in the range of ₹1,54,100 to ₹1,54,783.

In contrast, silver outperformed gold today. On MCX, silver for December 4 delivery was trading around ₹2,40,391 per kilogram, marking an increase of approximately ₹270. During the trading session, silver touched a low of ₹2,40,338 and a high of ₹2,41,800.

Gold Prices by Purity

The estimated prices for gold of various purities in the market were as follows:

• 24 Carat Gold: ₹1,55,000–₹1,56,850 per 10 grams
• 22 Carat Gold: Approximately ₹1,42,000–₹1,44,000 per 10 grams
• 18 Carat Gold: Approximately ₹1,16,000–₹1,18,000 per 10 grams

It is important to note that retail prices may vary based on city, jeweler, taxes, making charges, and local demand. For instance, on August 31, a major market source reported the national rate for 24-carat gold at ₹1,56,770 and 22-carat at ₹1,43,700 per 10 grams.

International Market Influence

Internationally, gold and silver prices also experienced fluctuations. COMEX gold was trading around $4,479 per ounce, and silver was around $66.37 per ounce. COMEX gold saw a minor decline in morning trade, while silver showed an increase. However, pressure on gold was more evident in the international spot market.

According to Reuters, spot gold was down approximately 0.4% at $4,428.54 per ounce on Tuesday. Market eyes are fixed on US employment data and the Federal Reserve's interest rate policy, which could influence global precious metal prices.

Interest Rate Expectations Pressure Gold

Currently, US monetary policy is significantly impacting gold prices. Concerns over inflation in the US and the Federal Reserve's potential hawkish stance have strengthened market expectations of interest rate hikes. The prospect of rising interest rates is considered negative for gold, as gold itself does not generate interest, while other investment options like bonds may become more attractive.

Despite this, a weakening US dollar and rising geopolitical tensions in West Asia are playing a crucial role in preventing gold prices from falling further. In times of uncertainty, investors often view gold as a safe investment option, which sustains its demand.

Silver Supported by Industrial Demand

Silver prices are receiving strong support not only from investment demand but also from industrial use. The increasing use of silver in solar panels, electronics, and various other industrial sectors significantly influences its prices due to global industrial demand. Additionally, the weakening dollar remains a positive factor for silver.

Implications for Investors and Consumers

As the Indian market heads towards the festive and wedding season, domestic demand is also likely to impact gold and silver prices. Considering the current rates, a balance is visible in the market, with competition between bullish sentiment and profit-taking.

In the coming days, US employment figures, the Federal Reserve's future interest rate policies, dollar movements, and the geopolitical situation in West Asia will play a significant role in determining the direction of gold and silver prices. It should be noted that the prices mentioned above are based on data available from the market/MCX. When purchasing jewellery, the final payment may differ due to the inclusion of Goods and Services Tax (GST), making charges, and jeweler's margin in the actual retail price.