Gold and silver prices declined sharply on Wednesday, extending their correction from record highs earlier this year. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by ₹1,733 to ₹1.42 lakh per 10 grams, while silver dropped ₹5,650 to ₹2.22 lakh per kilogram.

The latest decline comes after months of heightened volatility in the bullion market, driven by shifting global economic conditions, geopolitical developments and changing investor sentiment.

Gold Down Nearly ₹34,000 from Peak

Gold has witnessed significant fluctuations since the beginning of 2026.

The precious metal was priced at around ₹1.33 lakh per 10 grams on December 31, 2025, before rallying to an all-time high of ₹1.76 lakh on January 29, 2026. Since then, gold prices have corrected by approximately ₹33,771 per 10 grams, reflecting a cooling of the record-breaking rally seen earlier this year.

Market analysts attribute the correction to profit booking, easing safe-haven demand and evolving expectations surrounding global interest rates.

Silver Extends Sharp Correction

Silver has experienced an even steeper decline from its historic peak.

After closing at around ₹2.30 lakh per kilogram at the end of 2025, the white metal surged to an all-time high of ₹3.86 lakh per kilogram on January 29. Since then, prices have fallen by nearly ₹1.64 lakh, taking silver to ₹2.22 lakh per kilogram.

Despite the correction, both gold and silver continue to trade well above their levels seen a year ago.

Bullion Market Remains Volatile

The bullion market has remained highly sensitive to global developments throughout 2026.

Movements in international gold prices, fluctuations in the US dollar, central bank policy expectations and geopolitical uncertainties have contributed to frequent price swings in precious metals.

Investors continue to monitor global economic indicators before making fresh allocations to safe-haven assets such as gold and silver.

Tips for Gold Buyers

Industry experts advise consumers to exercise caution while purchasing gold jewellery or investment products.

Buyers should always purchase BIS hallmarked gold, which certifies the purity of the metal. Every certified jewellery item carries a unique alphanumeric hallmark identification number that verifies its authenticity.

Consumers are also advised to compare prevailing gold prices from reliable sources, including the India Bullion and Jewellers Association (IBJA), before making a purchase, as rates vary depending on whether the gold is 24-carat, 22-carat or 18-carat.

How to Check Genuine Silver

Experts recommend a few simple methods to verify silver authenticity:

• Magnet Test: Genuine silver is non-magnetic and should not stick to a magnet.

• Ice Test: Silver has high thermal conductivity, causing ice placed on it to melt quickly.

• Smell Test: Pure silver is odourless, while counterfeit products may emit a metallic or copper-like smell.

• Cloth Test: Rubbing silver with a white cloth may leave a dark residue due to natural oxidation, indicating genuine silver.

Bullion prices are expected to remain volatile in the coming weeks as investors assess global economic data, inflation trends and monetary policy signals. Analysts believe any major geopolitical developments or changes in interest rate expectations could continue influencing the direction of gold and silver prices.