Gold, silver rates today, September 2: MCX prices slide; Check 22K and 24K gold rates

Gold and silver prices remained under pressure on Wednesday, September 2, as rising oil prices, a stronger US dollar and higher bond yields weighed on bullion. Investors are also reassessing the outlook for US interest rates amid renewed inflation concerns.

On MCX, Gold was trading at ₹1,50,074 per 10 grams, down ₹1,655 or 1.09%. Silver was quoted at ₹2,32,097 per kg, declining ₹3,344 or 1.42% at the time of writing.

Gold has now declined for a fourth consecutive session in global markets, with spot prices falling to a three-week low. In India, gold has lost around ₹8,900, or 5.3%, since August 25.

Silver has also declined sharply, raising questions over whether the recent correction presents a buying opportunity for investors or whether more downside could be in store.

Gold rates today, September 2: Tanishq, Kalyan Jewellers and PC Jeweller

Retail gold rates varied across jewellers on September 2. At Tanishq, 22K gold was priced at ₹14,295 per gram, while 24K gold stood at ₹15,595 per gram, with both rates unchanged from September 1.

At Kalyan Jewellers, 22K gold was priced at ₹1,42,150 per 10 grams, while 24K gold stood at ₹1,55,070 per 10 grams.

At PC Jeweller, 22K gold was priced at ₹13,979 per gram (₹1,39,787 per 10 grams), while 24K gold stood at ₹15,259.20 per gram (₹1,52,592 per 10 grams).

Gold, silver rates on September 2

On September 2, 2026, according to Bullions.co.in, gold prices in India remained steady. 24-karat gold was priced at ₹1,52,160 per 10 grams, while 22-karat gold stood at ₹1,39,480 per 10 grams. The website also listed silver at ₹2,34,780 per kilogram. These rates were last updated at 8:35 AM (India Time), with no change recorded at the time of the update.

Gold, silver outlook: What should investors watch?

Gold and silver prices have broken out of nearly four months of consolidation, with geo-economic factors continuing to drive sentiment in the precious metals market, said Tapan Patel, fund manager - commodities, Tata Asset Management.

He said the US Treasury's liquidity support measures and its plan to double long-term bond buybacks, along with rising inflation concerns and the lack of a truce in the US-Iran conflict, have supported precious metals.

“Declining yields and a softer dollar have further improved the attractiveness of precious metals as a store of value,” Patel said.

Going into September, investors should track signals on the US Federal Reserve's interest-rate policy, along with US inflation data, the strength of the dollar, bond yields and developments in the US-Iran conflict, he added.

Gold vs silver: Which is the better bet?

Patel said the current geo-economic environment remains supportive for gold, while sustained investment demand and central-bank buying could provide long-term support.

Silver's longer-term outlook, meanwhile, will depend more on a broad recovery in industrial demand. Its growing use in electronics, AI hardware and the solar sector could provide an additional growth driver, he said.

For fresh investments, Patel recommends having exposure to both precious metals, but with a higher allocation to gold.

“A 60:40 or 70:30 Gold/Silver allocation is appropriate for fresh investments,” he said.

In the current market environment, gold offers a relatively better risk-reward profile than silver, while also providing protection against market uncertainty, Patel added.

Why are gold prices falling?

Bullion prices have come under pressure amid a fresh escalation in the US-Iran conflict, which has pushed oil prices higher and renewed concerns about inflation.

Higher oil prices could make it harder for central banks to ease monetary policy, putting pressure on non-yielding assets such as gold.

The domestic market is also facing a sentiment headwind after Prime Minister Narendra Modi urged people to avoid buying gold unless necessary.

In an Instagram video from Kyrgyzstan, Modi called for greater emphasis on Swadeshi and self-reliance and asked people to avoid foreign holidays, weddings abroad and unnecessary gold purchases.

Global gold, silver prices also fall

The sell-off has been more pronounced in overseas markets.

Spot gold fell USD 80.61, or around 2%, to USD 4,368.58 per ounce, while silver declined nearly 3% to USD 64.68 per ounce.

For investors, however, the recent correction does not necessarily change the longer-term case for precious metals. The key factors to watch in the coming weeks will be interest-rate expectations, inflation, bond yields, the dollar and geopolitical developments.

IBJA gold, silver rates

On 31 August 2026, the IBJA Daily Bullion Physical Market Report highlighted firm bullion prices, with the latest available India spot rates, as of 28 August, showing 999-purity gold at ₹1,59,578 per 10 grams and 999-purity silver at ₹2,43,892 per kg, excluding GST. The report also showed gold and silver continuing to trade at elevated levels, with the 999-purity gold PM rate unchanged at ₹1,59,578 and silver at ₹2,43,892, reflecting a strong bullion market.