Gold Prices Plunge ₹4,500, Silver Drops ₹9,000 Amid Global Volatility
Gold and silver prices continued their downward trend on Wednesday, September 2. The India Bullion and Jewellers Association (IBJA) reported a sharp decline in both precious metals. According to IBJA, 24-carat gold fell by ₹1,855 to around ₹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. Market expert Anuj Gupta attributed the pressure on gold prices to PM Modi's appeal.
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.