Market Overview
Gold and silver prices remained largely stable on September 2, as weakness in international bullion markets weighed on domestic rates, according to Business Today. Gold prices stood at ₹1,54,800 per 10 gm, while silver rates touched ₹2,49,900 per kg. On the Multi Commodity Exchange (MCX), gold futures were down by 1.12% at ₹1,50,027 per 10 gm, and silver futures fell by 1.24% to around ₹2,26,694 per kg at the time of reporting.
Retail Gold Prices by Purity
In the retail market, gold continues to be traded mainly in two purities: 24-karat and 22-karat. While 24-karat gold is regarded as the purest form of the precious metal, 22-karat gold is widely preferred for jewellery because it offers greater strength and durability due to the presence of alloyed metals, Business Today reported.
Jewellery Brand Rates
The Economic Times reported the latest 22k gold jewellery prices for major brands across New Delhi, Mumbai, Chennai, Kolkata, Thiruvananthapuram, Coimbatore, and Bengaluru, as of September 2. Tanishq's 22k gold rate stood at Rs 14,260 per gram, down from Rs 14,295 on September 1. Malabar Gold & Diamonds quoted Rs 13,935 per gram, a decrease from Rs 14,385 the previous day. Joyalukkas and Kalyan Jewellers each listed their 22k gold at Rs 13,935 per gram, also down from Rs 14,385 on September 1.
IBJA Bullion Rates
The Economic Times also provided rates from the India Bullion and Jewellers Association Ltd (IBJA) for September 2. The IBJA Fine Gold (999) rate was ₹15,133 per gram, 22 KT Gold ₹14,770, 20 KT Gold ₹13,468, 18 KT Gold ₹12,258, and 14 KT Gold ₹9,761. Silver (999) was quoted at ₹2,28,360 per kg. A comparison of IBJA rates from September 1 PM to September 2 AM showed decreases across the board: Fine Gold fell by ₹185 per gram, 22 KT Gold by ₹181, 20 KT Gold by ₹165, 18 KT Gold by ₹150, 14 KT Gold by ₹119, and Silver by ₹2,059 per kg.
Additional Costs and Market Outlook
Both reports noted that the final price of gold jewellery includes Goods and Services Tax (GST), making charges, and other applicable costs, which can significantly add to the bill. The Economic Times added that rates are updated as per the jewellery brands' respective websites and may change during the day, varying by state, tax structure, and other charges.
Market participants will continue to track global economic data, US interest rate expectations, and currency movements for further direction in precious metal prices, according to Business Today.
City-wise Spot Rates
Business Today published city-wise spot rates for gold and silver on September 2. For 24K gold (per 10 gm), Delhi quoted ₹1,54,230; Mumbai, Bengaluru, Kolkata, and Hyderabad each listed ₹1,54,080; and Chennai was at ₹1,54,630. 22K gold rates (per 10 gm) ranged from ₹1,41,240 in Mumbai, Bengaluru, Kolkata, and Hyderabad to ₹1,41,740 in Chennai, with Delhi at ₹1,41,390. Silver rates were uniform across all listed cities at ₹24,990 per 100 gm and ₹2,49,900 per kg.