Following PM Narendra Modi’s appeal to people not to buy unnecessary gold, gold and silver prices fell on September 1. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold has fallen by ₹1,037 to ₹1.55 lakh. Meanwhile, the price of one kilogram of silver has declined by ₹1,711 today to ₹2.35 lakh.
According to market expert Anuj Gupta, gold prices may remain under pressure in the coming days due to PM Narendra Modi’s appeal. In addition, gold and silver prices have declined due to the rise in crude oil prices. The United States attacked an Iranian island in the Strait of Hormuz. Iran also attacked US bases in Jordan.
Gold prices according to carat
| Carat | Price (rupees/10 grams) |
| 24 | ₹1,54,798 |
| 22 | ₹1,41,795 |
| 18 | ₹1,16,099 |
| 14 | ₹90,557 |
Gold prices in major cities across the country
| City | 10 grams, 24 karat |
| Delhi | ₹1,57,080 |
| Mumbai | ₹1,56,930 |
| Kolkata | ₹1,56,930 |
| Jaipur | ₹1,57,080 |
| Bhopal | ₹1,56,980 |
| Patna | ₹1,56,980 |
| Lucknow | ₹1,57,080 |
| Raipur | ₹1,56,930 |
| Ahmedabad | ₹1,56,980 |
Source: Goodreturns, September 1, 2026
Silver falls by ₹1.53 lakh from its all-time high
Gold and silver prices have been witnessing continuous fluctuations this year. On December 31, 2025, gold prices were ₹1.33 lakh, which rose to ₹1.76 lakh on January 29, reaching their highest level. Since then, gold has become cheaper by ₹21,000.
Meanwhile, the price of silver was ₹2.30 lakh on December 31, 2025, and had reached an all-time high of ₹3.86 lakh on January 29. Since then, silver has become cheaper by ₹1.53 lakh.
Gold and silver prices so far this year
| Date | Gold | Silver |
| December 31, 2025 | ₹1,33,195 | ₹2,30,420 |
| January 31, 2026 | ₹1,65,795 | ₹3,39,350 |
| February 28, 2026 | ₹1,50,997 | ₹2,66,700 |
| March 31, 2026 | ₹1,46,733 | ₹2,30,135 |
| April 30, 2026 | ₹1,50,263 | ₹2,40,331 |
| May 31, 2026 | ₹1,56,463 | ₹2,63,350 |
| June 30, 2026 | ₹1,41,286 | ₹2,25,425 |
| July 31, 2026 | ₹1,42,860 | ₹2,18,295 |
| August 31, 2026 | ₹1,55,835 | ₹2,37,199 |
| September 1, 2026 | ₹1,54,798 | ₹2,35,488 |
Note: Gold prices are per 10 grams and silver prices are per kilogram | Source: IBJA
4 Reasons Why Gold Prices Differ in Different Cities
- Transportation and Security: Transporting gold from one city to another involves fuel and security costs, which causes prices to rise as the distance increases.
- Purchase Volume: Due to higher consumption in South India (around 40%), jewellers make large purchases, but the benefit of discounts remains limited.
- Local Jewellery Association: State and city jewellery associations determine rates based on local demand and supply.
- Old Stock and Purchase Price: The rate at which jewellers purchased the gold determines the price at which they will sell it to customers.
Keep These 3 Things in Mind When Buying Gold from Jewellers
- Buy only certified gold: Always buy certified gold bearing the Bureau of Indian Standards (BIS) hallmark. This number may be alphanumeric, such as AZ4524. Hallmarking indicates the carat purity of the gold.
- Cross-check the price: Cross-check the exact weight of the gold and its price on the day of purchase through multiple sources, such as the India Bullion and Jewellers Association website. Gold prices vary according to 24-carat, 22-carat, and 18-carat purity.
- The making-charge game: Making charges are the fees jewellers charge for turning gold into jewellery. These charges are not fixed, and you can negotiate them. Jewellers are often willing to reduce them, especially if you are making a large purchase. Ask them directly for a breakdown of the labour costs so you can get a better deal.
PM Modi Appeals to People Not to Buy Unnecessary Gold
PM Narendra Modi once again appealed to people to avoid purchasing gold unnecessarily. He said that if there is no need for it, gold should not be bought.’ Earlier, on May 11 as well, the PM had appealed to the people of the country not to buy gold.
