IBJA 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.
By The Gold Desk
What changed
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.
What it means
- 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.
Key figures
| Gold, 10g of 24-carat3 September, up ₹2,549 | ₹1.54 lakh |
|---|---|
| Silver, a kilogram3 September, up ₹4,420 | ₹2.33 lakh |
| Gold, two-day fall1 and 2 September combined | −₹4,651 |
| Gold, year to datefrom ₹1.33 lakh on 31 December | +₹21,000 |
Source: IBJA rates, 2 and 3 September 2026 · via Dainik Bhaskar, published 12:14 IST
Two 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.
IBJA gold, daily move · ₹ per 10 grams
Source: IBJA via Dainik Bhaskar · 2-3 Sep 2026 · 24-carat, before GST
The 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.
| 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 | — |
Source. Dainik Bhaskar, 2 September 2026 at 12:23 IST and 3 September 2026 at 12:14 IST, both citing IBJA.
The two-day fall. is the source's own tally; adding the daily moves it reports, ₹2,652 and ₹1,999, returns the same ₹4,651.
The 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.
What to watch
- 7 SepIBJA's next weekday rate. Whether the ₹2,549 rebound holds or gives back.
- 4-8 SepVicenzaoro, Vicenza. Where fabricators price gold into finished product.
- 9 SepSignet Jewelers' quarter. The same metal, read through an American counter.
The story so far
- ₹5,000 buys 0.294 grams of gold in Ahmedabad, and the counters are busyCounter prices, not reference rates: ₹1.7 lakh in Ahmedabad at the festival.
- $119.30 back on gold: the first higher mark since 28 AugustThe dollar spot market on the same stretch of days.
Go deeper
What 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.
How 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.
Method
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.