Prime Minister Narendra Modi made an appeal regarding gold purchases on Monday, urging people to avoid buying gold unless necessary. The impact of this appeal is visible in today's gold and silver prices.
A decline in gold and silver prices is being observed on the MCX today, September 1. On the MCX, the price of gold has fallen by ₹310, trading at ₹1,54,150 per 10 grams. Meanwhile, silver is trading at ₹2,34,059 per kilogram, showing a slight rise.

What are the gold and silver prices today?
In the bullion market, a slight rise in gold prices was observed in India on September 1, 2026. The price of 24-carat gold increased by ₹16 to reach ₹15,693 per gram; the rate for 10 grams stands at ₹1,56,930. Similarly, 22-carat gold rose by ₹15 to reach ₹14,385 per gram, with the price for 10 grams at ₹1,43,850. The price of 18-carat gold also increased by ₹12 to ₹11,770 per gram.

Conversely, silver prices have fallen today. Silver dropped by ₹5 to reach ₹250 per gram. The price for 10 grams of silver is now ₹2,500, while the cost for 100 grams is ₹25,000. The price of one kilogram of silver decreased by ₹5,000, settling at ₹2,50,000.

Analysts' views on gold prices

Gold prices remain under pressure. According to a Times of India report citing market analyst Tony Sycamore, hawkish statements from Fed Chair Kevin Warsh and heightened tensions in the Strait of Hormuz have impacted gold prices. These tensions have driven up crude oil prices, thereby intensifying concerns about rising inflation. Investors are now awaiting key US employment data, including job openings, the ADP employment report, and non-farm payroll figures. These statistics will provide insights into the state of the US economy and the Federal Reserve's stance on future interest rates—factors that could directly impact gold prices.

What is PM Modi's appeal?
Prime Minister Narendra Modi has urged people to refrain from buying gold unless necessary. There is a strong tradition of purchasing gold in India, with demand peaking during weddings and festivals. Modi has made similar appeals in the past; notably, on May 10—amidst tensions in West Asia—he called upon citizens to contribute to strengthening the economy and to take steps to conserve foreign exchange.

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