CaratIBJA gold adds ₹2,549 after a ₹4,651 two-day fall
The India Bullion and Jewellers Association put 10 grams of 24-carat gold at ₹1.54 lakh on 3 September. Silver rose ₹4,420 to ₹2.33 lakh a kilogram, after falling ₹8,803 across the two days before.
Indian gold turned back up. Gold on the India Bullion and Jewellers Association's rates added ₹2,549 to ₹1.54 lakh for 10 grams on 3 September. Two falling days had taken ₹4,651 off it.
If you buy gold in India: the reference rate moved ₹7,200 in three days. Quote against the day's IBJA rate, not the week's.
If you hold silver stock: silver swung harder. It lost ₹8,803 a kilogram in two days and took back ₹4,420.
What this is not: a proven cause. A named analyst credits a prime ministerial appeal, and that is opinion.
| IBJA rate | 2 Sep | 3 Sep | Two-day fall before |
|---|---|---|---|
| Gold, 10g of 24-carat | ₹1.51 lakh | ₹1.54 lakh | −₹4,651 |
| Silver, a kilogram | ₹2.28 lakh | ₹2.33 lakh | −₹8,803 |
| Gold, the day's move | −₹1,999 | +₹2,549 | — |
| Silver, the day's move | −₹2,023 | +₹4,420 | — |
ITwo days down, one day up
The fall came first. Gold lost ₹2,652 for 10 grams on 1 September and ₹1,999 on 2 September, ending at ₹1.51 lakh.
Silver fell harder. Silver lost ₹6,780 a kilogram on the first day and ₹2,023 on the second, ending at ₹2.28 lakh.
Then both turned. On 3 September gold added ₹2,549 to ₹1.54 lakh and silver added ₹4,420.
IIThe cause is one analyst's
A named appeal. Dainik Bhaskar reports that Prime Minister Narendra Modi has renewed a public appeal against buying gold people do not need.
One voice credits it. The market analyst Anuj Gupta is reported attributing pressure on the gold price to that appeal. No mechanism is shown, and the rate rose the following day.
IIIThe year is still up
Gold gained in 2026. Gold has risen ₹21,000 for 10 grams since 31 December 2025, when it stood at ₹1.33 lakh.
Both sit below January. Gold reached ₹1.76 lakh and silver ₹3.86 lakh on 29 January. Both remain below those levels.
01What would change this call+
An IBJA print that gives back the ₹2,549 and takes the rate below ₹1.51 lakh. That would make 3 September a pause inside a fall rather than a turn, and the buying advice above would be withdrawn.
02How the IBJA rate is set+
The India Bullion and Jewellers Association publishes reference rates for gold and silver on trading days, quoted for 10 grams of 24-carat gold and for one kilogram of silver. The rates exclude goods and services tax and jewellers' making charges, so the price on a retail counter sits above them. A lakh is 100,000 rupees.
03Method · the desk’s arithmetic+
Rupee figures are IBJA's, reported by Dainik Bhaskar on 2 September 2026 at 12:23 IST and 3 September 2026 at 12:14 IST. Carat Capital fetched both pages directly and read each publication time from the page's own datePublished field rather than from its position in a feed. One arithmetic check: Bhaskar's two-day tallies of ₹4,651 on gold and ₹8,803 on silver equal the sum of the daily moves it reports, ₹2,652 plus ₹1,999 and ₹6,780 plus ₹2,023. The ₹7,200 above is Carat Capital's addition of the ₹4,651 fall and the ₹2,549 rise. The two reports disagree on one figure: the 2 September piece puts silver at ₹2.28 lakh on 31 December 2025 and the 3 September piece at ₹2.30 lakh, so neither is used here as a base. Bhaskar also attributes part of the move to crude oil and to a reported military exchange near the Strait of Hormuz; Carat Capital could not verify that claim and does not carry it. This paper's 28 August piece put gold at ₹1.7 lakh on an Ahmedabad counter, which is a retail price including tax and making charges, not the association's reference rate, and the two are not comparable.
₹5,000 buys 0.294 grams of gold in Ahmedabad, and the counters are busy
What these rates do at an Indian counter, where ₹5,000 now buys 0.294 grams.
The trade, filed before the New York open.
Prices, tenders and the one story that moved the industry overnight. Ninety seconds.
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