Gold Prices Drop Amid Modi's Appeal to Avoid Unnecessary Purchases
Gold and silver prices took a hit in India on September 1, following Prime Minister Narendra Modi's appeal to citizens to avoid unnecessary gold purchases. The 24-carat gold price dropped by ₹1,037 to ₹1,54,798 per 10 grams, while silver fell by ₹1,711 to ₹2,35,488 per kilogram, according to the India Bullion and Jewellers Association (IBJA).
The market experts attributed this decline to Modi's appeal, as well as rising crude oil prices and geopolitical tensions involving the US and Iran. This comes after gold witnessed sharp fluctuations in 2026, with its price peaking at ₹1.76 lakh on January 29 before declining by around ₹21,000.
Gold rates varied across cities due to transportation and security expenses, local demand, jewellery association rates, purchase volumes, and the acquisition cost of old stock. Buyers are advised to check for BIS-hallmarked gold, verify its weight, purity, and prevailing market rate before making a transaction.