Gold fell ₹2,045 while silver declined ₹1,955 on September 1. Check the latest Gold-Silver prices across major Indian cities.
Gold-Silver Price: Precious metal buyers received some relief on Tuesday, September 1, as both gold and silver witnessed a decline in domestic futures trading. Gold slipped by more than ₹2,000 per 10 grams, while silver also recorded a notable fall. The decline comes during the festive season, when demand for precious metals usually remains strong.
Gold Becomes Cheaper by ₹2,045
The Gold-Silver Price movement remained under pressure during Tuesday’s trading session. On the Multi Commodity Exchange (MCX), the October gold contract declined by ₹2,045, or 1.31%, to trade at ₹1,54,236 per 10 grams.
Around 2,680 lots were reportedly traded in the contract. The weakness in gold prices was attributed to softer trends in the spot market.
Gold also remained under pressure internationally. In the global market, gold fell 0.51% to around $4,432.51 per ounce, adding to the cautious sentiment among traders.
Gold Rates Across Major Cities
The Gold-Silver Price can vary slightly across cities because of local market conditions and other charges. According to the figures provided, gold rates in major Indian cities were:
Delhi: ₹1,54,236 per 10 grams
Mumbai: ₹1,54,036 per 10 grams
Kolkata: ₹1,54,036 per 10 grams
Chennai: ₹1,54,036 per 10 grams
Patna: ₹1,54,136 per 10 grams
Consumers should remember that the final price of gold jewellery can be higher than the quoted market rate because of making charges, taxes and other applicable costs.
Silver Drops by ₹1,955
Gold was not the only precious metal to lose value. The Gold-Silver Price trend also showed weakness in silver during Tuesday’s session.
According to MCX data, the silver contract declined by ₹1,955, or 0.81%, to ₹2,40,489 per kilogram. Around 2,004 lots were traded in the contract.
The decline in silver comes after the metal had remained at elevated levels in recent trading sessions. The latest movement could therefore be important for both investors and consumers tracking precious metal prices.
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Silver Also Falls in Global Market
The weakness was not limited to the domestic market. Internationally, silver prices declined by 1.04% to around $68.22 per ounce.
Global precious metal prices are influenced by several factors, including movements in the US dollar, interest-rate expectations, economic data and geopolitical developments. Changes in international prices can also influence domestic markets.
Relief for Buyers During Festive Season
The fall in the Gold-Silver Price comes at a time when India is entering an important festive period. Gold and silver purchases traditionally increase during festivals and the wedding season, making price movements closely watched by consumers.
For buyers planning to purchase jewellery, coins or bullion, however, it is important to check the latest rate before making a transaction because prices can change throughout the trading day.
What Should Buyers Keep in Mind?
The Gold-Silver Price quoted on MCX represents futures-market prices and may not be identical to the retail rate offered by local jewellers. Jewellery prices can also include making charges, GST and other applicable expenses.
Overall, Tuesday’s trading session brought a decline in both precious metals. Gold fell ₹2,045, or 1.31%, while silver declined ₹1,955, or 0.81%, according to the figures provided.
With global markets continuing to influence precious metals, investors and buyers will be watching upcoming economic and geopolitical developments to determine whether gold and silver prices continue to remain under pressure or regain momentum.
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