Gold Prices Decline Across Multiple Cities on August 31

Gold prices registered a decline across multiple cities in India on August 31. The nationwide trend saw standard reductions in the pricing for both 22-carat and 24-carat variants of the precious metal.

Nationally, the price for 1 gram of 22-carat gold stood at ₹14,450, marking a decrease of ₹135. Meanwhile, 8 grams of 22-carat gold was priced at ₹1,15,600, reflecting a drop of ₹1,080.

Regional markets mirrored this downward trend with minor variations based on local pricing structures. In Coimbatore, Visakhapatnam, Madurai, Thrissur, and Vijayawada, 1 gram of 22-carat gold was recorded at ₹14,370 (down by ₹135), while 8 grams stood at ₹1,14,960 (down by ₹1,080). For 24-carat gold in these same cities, 1 gram was priced at ₹15,089 (down by ₹141) and 8 grams at ₹1,20,712 (down by ₹1,128).

Nagpur and Indore reported 22-carat gold at ₹14,420 for 1 gram (down by ₹135) and ₹1,15,360 for 8 grams (down by ₹1,080). The 24-carat gold in these two locations was priced at ₹15,141 per gram (down by ₹142) and ₹1,21,128 for 8 grams (down by ₹1,136).

Surat, Jaipur, Vadodara, and Lucknow showed slightly differing baseline rates. In Surat, Jaipur, and Vadodara, 1 gram of 22-carat gold traded at ₹14,474 (down by ₹135) and 8 grams at ₹115,792 (down by ₹1,080), with 24-carat rates at ₹15,198 per gram (down by ₹141) and ₹121,584 for 8 grams (down by ₹1,128). Lucknow, Chandigarh, Ludhiana, and Kanpur recorded 22-carat gold at ₹14,470 for 1 gram (down by ₹135) and ₹115,760 for 8 grams (down by ₹1,080), while 24-carat gold stood at ₹15,194 per gram (down by ₹141) and ₹121,552 for 8 grams (down by ₹1,128).

In eastern markets like Bhubaneswar and Patna, 22-carat gold was priced at ₹14,520 for 1 gram (down by ₹135) and ₹1,16,160 for 8 grams (down by ₹1,080). Corresponding 24-carat prices in these cities were ₹15,246 for 1 gram (down by ₹142) and ₹1,21,968 for 8 grams (down by ₹1,136).

Mysore reported 22-carat gold at ₹14,480 for 1 gram (down by ₹135) and ₹1,15,840 for 8 grams (down by ₹1,080). The 24-carat gold in Mysore was priced at ₹15,204 for 1 gram (down by ₹142) and ₹1,21,632 for 8 grams (down by ₹1,136).

"The minor correction in gold prices across multiple regional markets reflects standard daily fluctuations in the commodities sector. While retail consumers often track these shifts closely for purchasing decisions, commodity pricing inherently responds to broader macroeconomic adjustments and localized supply-demand dynamics. Stakeholders monitoring physical bullion markets should evaluate these daily shifts within the context of medium- to long-term trends rather than isolated single-day movements." — Dr. Shishir Gupta, Founder & CEO, StartupLanes