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- Gold Price Crash; Gold and Silver Price Today (1 September 2026) PM Modi Appeal Vs Gold Silver Rate
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After PM Narendra Modi’s appeal to the people not to buy unnecessary gold, the prices of gold and silver are falling today i.e. on 1st September. According to India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold has fallen by Rs 1,037 to Rs 1.55 lakh. At the same time, the price of one kg silver has fallen by Rs 1711 to Rs 2.35 lakh today.
According to market expert Anuj Gupta, due to PM Narendra Modi’s appeal, there may be pressure on the price of gold in the coming days. Apart from this, due to rise in the price of crude oil, gold and silver have also declined. America has attacked an Iranian island in the Strait of Hormuz. Iran also attacked US bases in Jordan.
Silver fell by Rs 1.53 lakh from all-time high
This year, there are continuous fluctuations in the prices of gold and silver. On December 31, 2025, the price of gold was Rs 1.33 lakh, which increased to the highest level of Rs 1.76 lakh on January 29. Since then, gold has become cheaper by Rs 21 thousand.
At the same time, the price of silver was Rs 2.30 lakh on 31 December 2025, which reached an all-time high of Rs 3.86 lakh on 29 January. Since then, silver has become cheaper by Rs 1.53 lakh.
4 reasons why gold prices differ in different cities
- Transportation and Security: Fuel and security costs are involved in transporting gold from one city to another, which increases the price as the distance increases.
- Purchase quantity: Due to high consumption in South India (about 40%), jewelers make large purchases, but the benefit of discount remains limited.
- Local Jewelery Association: State and city jewelery associations decide the rates based on local demand and supply.
- Old Stock and Purchase Price: The buying rate of jewelers decides at what price they will sell to customers.
Keep these 3 things in mind while buying gold from jewelers
- Buy only certified gold: Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). This number can be alphanumeric i.e. something like this – AZ4524. Hallmarking shows how many carats the gold is.
- Price Cross Check: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat.
- Making Charge Game: Making charge is the fee that jewelers charge for making gold into jewellery. It is not fixed. You can bargain on this. Jewelers are often willing to reduce this, especially if you are making a large purchase. You should directly ask them for the breakup of labor cost, so that you can get a better deal.
PM Modi appealed not to buy unnecessary gold
PM Narendra Modi once again appealed to the people to avoid purchasing non-essential gold. He said that one should not buy gold if it is not needed. Earlier on May 11 also, PM had appealed to the countrymen not to buy gold.
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