Punjab Newsline | New Delhi
Gold and silver prices continued their downward trend on Wednesday, September 2, with both precious metals witnessing another sharp decline. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by ₹1,855 to around ₹1.51 lakh per 10 grams.
Silver prices also declined, with the rate of one kilogram falling by ₹2,059 to ₹2.28 lakh.
The latest fall means that silver has become nearly ₹9,000 cheaper and gold around ₹4,500 cheaper in just two days following Prime Minister Narendra Modi’s appeal. On Tuesday, gold had declined by ₹2,652, while silver had dropped by ₹6,780.
PM Modi’s Appeal Puts Pressure on Gold Prices
Market expert Anuj Gupta said gold prices are facing pressure following Prime Minister Narendra Modi’s appeal. He added that the rise in crude oil prices has also contributed to the decline in gold and silver prices.
Middle East Conflict Adds to Market Uncertainty
Developments in the Middle East have further increased volatility in global markets. The United States reportedly attacked an Iranian island near the Strait of Hormuz, while Iran also launched attacks on US positions in Jordan.
Rising crude oil prices and heightened geopolitical tensions are influencing investor sentiment and contributing to volatility in the precious metals market.
