Gold and silver prices witnessed fresh movement on Wednesday, July 8, with both precious metals closing higher in the domestic bullion market. According to the latest data released by the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by ₹177 to around ₹1.44 lakh per 10 grams, while silver gained ₹150 to trade at approximately ₹2.27 lakh per kilogram. Market experts attribute the fluctuations to global economic developments, movements in the US dollar, central bank policies and changing investor sentiment.

Gold has delivered strong returns so far in 2026. On December 31, 2025, the price of 24-carat gold stood at approximately ₹1.33 lakh per 10 grams. With the latest increase, the yellow metal has appreciated by nearly ₹11,000 within the first half of the year.

Although prices have witnessed intermittent corrections during this period, gold has continued to attract investors seeking a safe-haven asset amid global uncertainty. Analysts believe international market trends, geopolitical developments and sustained investment demand have played a key role in supporting domestic prices.

Silver Still Below Its 2025 Closing Level

Silver also registered a modest gain on Wednesday, but it continues to trade below the level seen at the beginning of the year.

The metal was priced at around ₹2.30 lakh per kilogram on December 31, 2025, compared with approximately ₹2.27 lakh per kilogram currently, reflecting a decline of nearly ₹3,000 over the period.

Traders note that silver tends to experience greater price volatility than gold due to its dual role as both an investment asset and an industrial metal. Demand from manufacturing sectors, global economic activity and investor participation continue to influence silver prices.

Precious Metals Touched Record Highs This Year

Both gold and silver reached record levels earlier in 2026 before witnessing corrections.

On January 29, 2026, gold touched an all-time high of nearly ₹1.76 lakh per 10 grams, while silver surged to approximately ₹3.86 lakh per kilogram.

Following those peaks, profit booking and changing global market conditions led to a correction in prices. With fresh buying interest returning to the bullion market, investors are closely watching price trends for the coming months.

Market analysts continue to view gold as a preferred long-term investment during periods of economic uncertainty, while silver is often considered a higher-risk asset with the potential for stronger returns during favourable market conditions.

Tips for Gold Buyers

Experts advise consumers planning to purchase jewellery to follow a few essential precautions:

Always buy BIS hallmarked gold to ensure purity and authenticity.
Verify the day's prevailing gold price before making a purchase.
Check the purity level (22-carat, 24-carat, etc.) mentioned on the invoice.
Carefully review the weight, making charges and applicable taxes before completing the transaction.
How to Identify Genuine Silver

Consumers should also exercise caution while purchasing silver, as both genuine and counterfeit products are available in the market.

Some commonly used methods to identify authentic silver include:

Magnet Test: Pure silver is non-magnetic and does not stick to a magnet.
Ice Test: Ice melts quickly on silver because of its high thermal conductivity.
Odour Test: Genuine silver is odourless, while impure alloys may emit a metallic or copper-like smell.
Cloth Test: Rubbing silver with a soft white cloth may leave a slight black mark, which is considered a normal characteristic of pure silver.

Bullion dealers expect gold and silver prices to remain volatile in the near term as investors monitor global interest rate decisions, inflation trends, geopolitical developments and currency movements. Market participants believe precious metals will continue to play an important role in investment portfolios amid ongoing economic uncertainty.