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 futures have now declined for the seventh consecutive session on MCX, while global gold prices have fallen for four straight sessions. 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.

Why are gold prices falling?

Renewed military exchanges between the US and Iran have pushed oil prices higher, raising concerns over inflation and interest rates. Higher oil prices could make it harder for central banks to ease monetary policy, putting pressure on non-yielding assets such as gold.

IBJA gold, silver rates

The India Bullion and Jewellers Association (IBJA) Daily Bullion Physical Market Report dated 2 September 2026 highlights the latest spot market rates for gold, silver, and platinum. For 999-purity gold, the AM rate was ₹154,798 per 10 grams, while the PM rate stood at ₹153,183. Silver 999 was quoted at ₹235,488 per kg in the morning and ₹230,419 per kg in the evening. The report also provides comparative gold and silver rates from previous trading days, along with COMEX futures and ETF holdings information, offering an overview of the current bullion market trends.

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.