Gold, silver prices today, 2 September: Check retail rates of 24K, 22K gold, 999 silver in Delhi, Mumbai and Kolkata
Gold and silver prices: The price of the yellow metal in India's retail market declined on Wednesday, 2 September, amid ongoing uncertainty over the US-Iran conflict in the Middle East, and fears of a Fed rate hike.
In the international markets, gold fell on Wednesday to its lowest in more than three weeks, as the escalating Middle East conflict lifted oil prices and stoked inflation.
Spot gold was down 0.6% at $4,304.01 per ounce by 0017 GMT, its lowest since 7 August. Prices were headed for a fourth straight session of losses and remained below the 200-day moving average, a closely watched technical level, according to a CNBC US report.
The US launched a barrage of airstrikes against Iran on Tuesday, prompting Iranian retaliation, in the most serious escalation in weeks. Oil prices rose for a third straight session, while US Treasury yields advanced.
Due to these developments, both 24-karat and 22-karat gold rates are showing a marginal decline across major cities in India. Silver prices also declined in the domestic bullion market.
MCX gold rate on 2 September was trading 1.07% lower at ₹ 150,530 per 10 grams. MCX silver futures, on the other hand, were trading about 1.26% lower at ₹ 231,830 per kg at around 9:13 am.
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it's more durable.
Here's a look at the latest gold prices across major Indian cities on 2 September.
Shivam writes on personal finance, equity markets, and mutual funds. He has previously contributed to several leading publications, including Moneycontrol. He can be reached at shivam.shukla@htdigital.in
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