Gold and silver prices declined on Thursday, August 14, with both precious metals trading lower than the previous session. According to data from the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold fell by ₹708 to ₹1,52,363.

Gold was priced at ₹1,53,071 per 10 grams on August 13.

Silver also recorded a decline. The price of one kilogram of silver fell by ₹386 to ₹2,33,842, compared with ₹2,34,228 on the previous day.

Gold Prices Remain Volatile

Gold and silver prices have witnessed significant fluctuations in 2026. Gold, which was priced at around ₹1.33 lakh per 10 grams on December 31, 2025, climbed to approximately ₹1.76 lakh on January 29, marking its highest level during the period cited.

Since that peak, gold has declined by around ₹23,758.

Silver followed a similar pattern. Its price stood at about ₹2.30 lakh per kilogram at the end of December 2025 before rising to around ₹3.86 lakh per kilogram on January 29.

The subsequent decline has brought silver substantially below its earlier peak.

Why Gold Rates Differ by City

Gold prices can vary between cities even when the underlying bullion rate is broadly similar. Several factors contribute to the difference.

Transportation and security costs can affect the final price because bullion dealers incur expenses when moving gold between locations.

Local demand and purchase volumes also influence prices. Jewellery markets with higher consumption can see different pricing dynamics depending on local competition and supply.

Local jewellers' associations and market conditions can influence quoted rates, while the cost at which a jeweller acquired existing stock can also affect the price offered to customers.

Taxes, making charges and other costs can further increase the final retail price of jewellery compared with the basic bullion rate.

Gold Could Reach ₹1.60 Lakh

Commodity analyst Ajay Kedia said gold and silver have moved significantly below their recent highs.

According to the outlook cited, gold could potentially return to around ₹1.60 lakh per 10 grams by the end of the year, while silver could move towards ₹2.80 lakh per kilogram.

However, precious metals remain market-linked assets and prices can change depending on global economic conditions, interest rates, currency movements, geopolitical developments and investor demand.

Investors considering exposure to gold or silver should therefore avoid treating short-term price targets as guaranteed outcomes.

Check Hallmark Before Buying Gold

Consumers buying physical gold should check whether the jewellery or bullion carries the required Bureau of Indian Standards (BIS) hallmark.

Buyers should also verify the purity, weight and applicable rate before completing a purchase. Gold prices differ according to purity, including 24-carat, 22-carat and 18-carat categories.

It is also advisable to compare the day's bullion rate with reliable sources before buying and to check the making charges and other applicable costs separately.

How to Check Silver Purity

Several commonly used household tests are often suggested for checking silver. A magnet test, for example, can indicate whether an item contains strongly magnetic metals, while an ice test is sometimes used because silver has high thermal conductivity.

However, such household methods cannot conclusively establish purity.

For an accurate assessment, buyers should rely on recognised hallmarking, documentation or professional testing rather than making a purchase decision solely on the basis of a home test.

Gold Holdings in Indian Households

India's large household gold holdings remain an important feature of the country's wealth landscape.

A recent estimate cited in the source material puts Indian households' gold holdings at around 34,600 tonnes. At prevailing prices, the estimated value of this stock could exceed the country's annual GDP.

The comparison illustrates the scale of gold ownership among Indian households, although the two figures measure different economic concepts and should not be treated as directly equivalent measures of national wealth.

With gold and silver prices continuing to move sharply, consumers and investors are likely to keep a close watch on bullion rates, global market developments and domestic demand in the coming months.