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.

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.

Gold and silver prices witnessed a sharp decline on Tuesday, June 23, 2026, as bullion markets continued to react to changing global economic conditions and easing geopolitical concerns. According to data released by the India Bullion and Jewellers Association (IBJA), silver prices fell by ₹10,566 per kilogram in a single trading session, while gold prices dropped by ₹2,522 per 10 grams.

With this decline, silver prices slipped to ₹2.27 lakh per kilogram from ₹2.37 lakh recorded a day earlier. Gold prices also fell sharply, with 24-carat gold closing at ₹1.45 lakh per 10 grams compared to ₹1.47 lakh on Monday.

The latest correction has significantly reduced gains accumulated earlier in the year. Since the beginning of June, gold has become cheaper by ₹10,748 per 10 grams, while silver has declined by ₹36,015 per kilogram. Market experts attribute the fall to profit-booking by investors, easing concerns over global supply disruptions, and changing expectations regarding international economic policies.

Sharp Fall from Record Highs

The decline becomes more significant when compared to the record highs touched earlier this year. Gold had reached an all-time high of ₹1.76 lakh per 10 grams on January 29, 2026. Since then, the yellow metal has corrected by more than ₹31,000.

Silver has witnessed an even steeper fall. After touching a historic high of ₹3.86 lakh per kilogram in January, silver prices have dropped by nearly ₹1.59 lakh within about five months. Analysts believe that extreme volatility in industrial demand expectations and global commodity markets has contributed to the sharp swings in silver prices.

Bullion traders noted that precious metals often react strongly to developments in international markets. Recent stability in crude oil prices and reduced fears of major disruptions in global trade have lessened demand for traditional safe-haven assets such as gold and silver.

Impact of Import Duty Changes

The bullion market is also adjusting to recent policy changes. The central government has increased the import duty on gold and silver from 6% to 15%, comprising 10% Basic Customs Duty and 5% Agriculture Infrastructure and Development Cess (AIDC).

According to market observers, the move is aimed at reducing dependence on imports and limiting pressure on India's foreign exchange reserves. The higher duty structure could influence domestic pricing trends and consumer demand in the coming months.

Jewellery retailers, however, indicate that local prices continue to vary from city to city due to transportation expenses, security costs, local demand patterns and inventory purchased at different rates.

For consumers planning to purchase gold, industry experts recommend buying only BIS-hallmarked jewellery and verifying prevailing market rates before making a purchase. Hallmark certification remains one of the most reliable indicators of purity.

Similarly, buyers of silver are advised to check authenticity through standard verification methods and purchase from trusted dealers. As prices remain volatile, traders expect continued fluctuations in the bullion market over the coming weeks.

The sharp fall in silver prices today and the decline in gold rates highlight how quickly precious metal markets can react to global developments. Investors and consumers alike are likely to keep a close watch on international trends, policy decisions and currency movements for further direction in bullion prices.

Gold prices fell by ₹3,152 per 10 grams while silver recorded a sharp ₹9,209 per kg decline as precious metals came under pressure amid uncertainty surrounding the US-Iran peace deal and broader market volatility.

Precious metals witnessed a steep correction on Thursday, with silver posting one of its sharpest single-day declines in recent months and gold prices also retreating significantly. Market participants attributed the fall to shifting investor sentiment amid uncertainty over developments related to the US-Iran peace agreement and weakness across global financial markets.

According to data released by the India Bullion and Jewellers Association (IBJA), silver prices dropped by ₹9,209 per kilogram to ₹2.31 lakh. The metal had closed at ₹2.40 lakh per kg a day earlier.

Gold prices also registered a notable decline. The rate of 24-carat gold fell by ₹3,152 per 10 grams to ₹1.45 lakh from the previous day's level of ₹1.48 lakh.

Sharp correction recorded

The fall comes after months of extreme volatility in precious metals, which had surged to record highs earlier this year amid geopolitical tensions, inflation concerns and uncertainty in global financial markets.

Analysts said that as investors assessed evolving developments in West Asia and signs of easing geopolitical risks, some safe-haven demand weakened, triggering profit booking in both gold and silver.

Broader weakness in global markets also contributed to the decline, with investors adjusting positions across multiple asset classes.

Gold slips from peak

Despite the latest correction, gold remains substantially higher compared to levels seen at the end of last year.

IBJA data shows that gold was priced at around ₹1.33 lakh per 10 grams on December 31, 2025. Prices continued climbing through January and touched an all-time high of ₹1.76 lakh per 10 grams on January 29.

Since that record level, however, gold has corrected by nearly ₹32,000 per 10 grams.

Market experts note that such sharp moves are not uncommon after periods of rapid price appreciation, particularly when global investors begin shifting funds toward riskier assets.

Silver remains volatile

Silver has experienced even greater fluctuations during the same period.

The metal was trading at ₹2.30 lakh per kilogram at the end of 2025 before rallying sharply to a historic high of ₹3.86 lakh per kg on January 29. Since then, prices have fallen by approximately ₹1.56 lakh per kilogram.

The latest decline underscores the heightened volatility often associated with silver, which is influenced by both investment demand and industrial consumption trends.

What buyers should check

Industry bodies continue to advise consumers to exercise caution while purchasing gold jewellery and bullion products.

Buyers should ensure that gold carries a valid Bureau of Indian Standards (BIS) hallmark, which certifies purity standards. Hallmark identification numbers help verify the authenticity and carat value of the metal.

Consumers are also advised to compare prevailing market rates before making purchases, as gold prices vary depending on purity levels such as 24-carat, 22-carat and 18-carat categories.

Identifying genuine silver

Jewellers and market experts suggest a few basic checks that can help consumers identify genuine silver products.

Real silver generally does not stick to magnets. It also conducts heat efficiently, causing ice placed on its surface to melt more quickly. Authentic silver typically has no noticeable smell, while imitation products may emit a copper-like odour. Rubbing silver with a white cloth may leave a dark mark due to natural oxidation, which can be another indicator of authenticity.

Markets watch global cues

Traders will continue monitoring geopolitical developments, commodity trends and global investor sentiment in the coming days. Any clarity regarding international negotiations and broader economic conditions could influence the direction of gold and silver prices.

For now, the sharp decline in gold and silver prices highlights how quickly sentiment can shift in commodity markets after periods of record-breaking gains.

Gold and silver prices recorded a significant correction this week, easing from their recent highs as investors opted to hold cash amid growing geopolitical uncertainty and profit-booking activity. According to data released by the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold declined by ₹6,438 per 10 grams over the past week, while silver prices fell by ₹14,326 per kilogram. The latest movement comes after months of sharp volatility in precious metal markets, which had surged to record highs earlier this year. Market analysts say the decline reflects changing investor sentiment, with many traders reducing exposure to bullion and increasing liquidity in response to ongoing global tensions. The correction is being closely watched by jewellers, investors, and consumers ahead of the upcoming festive and wedding demand season in India.

According to IBJA figures, 24-carat gold is now trading at approximately ₹1.48 lakh per 10 grams, compared to ₹1.54 lakh on June 6. Silver prices have also softened, falling from ₹2.57 lakh per kilogram to around ₹2.43 lakh per kilogram during the same period.

The decline marks one of the sharpest weekly corrections in recent months and comes after both precious metals touched historic highs earlier in 2026.

Record Highs Earlier This Year

Gold and silver markets have witnessed extreme volatility since the beginning of the year. On December 31, 2025, gold was priced at around ₹1.33 lakh per 10 grams. Prices later surged to an all-time high of ₹1.76 lakh on January 29, driven by global uncertainty and strong investment demand.

Since reaching that peak, gold prices have corrected by nearly ₹28,000 per 10 grams.

Silver followed a similar trajectory. Starting the year at ₹2.30 lakh per kilogram, the metal climbed to a record ₹3.86 lakh per kilogram in January. However, the market has since witnessed a sharp reversal, with prices declining by nearly ₹1.43 lakh per kilogram over the last 135 days.

Why Prices Are Falling

Market experts attribute the recent decline to a combination of investor behavior and changing market dynamics.

One major factor is the growing preference for cash holdings. Reports indicate that investors are becoming increasingly cautious amid tensions in the Middle East and broader global economic uncertainty. Instead of moving additional funds into precious metals, many are liquidating positions to maintain higher cash reserves.

Another key reason is profit booking. Gold and silver delivered exceptional returns during the early months of the year, encouraging institutional and large-scale investors to sell holdings at elevated levels. The increase in supply has put downward pressure on prices across bullion markets.

Impact on Consumers and Investors

The correction could offer some relief to jewellery buyers who postponed purchases during the period of record-high prices. Lower rates may encourage demand from retail consumers, particularly with the festive and wedding season approaching in several parts of the country.

For investors, however, the recent decline highlights the volatility that has characterized precious metals throughout 2026. Analysts suggest that future price movements will largely depend on global economic conditions, central bank policies, currency trends, and geopolitical developments.

Precious metals take a steep hit as global uncertainty weighs on sentiment; silver loses ₹30,000 in just ten days

Gold and silver prices fell sharply on Wednesday as escalating tensions in the Middle East rattled global commodity markets, pushing both metals into steep decline and catching buyers off guard ahead of what had been a period of sustained highs.

Gold Drops Over ₹5,000

According to the India Bullion and Jewellers Association (IBJA), 24-carat gold fell ₹5,373 on June 10 to trade at ₹1.47 lakh per 10 grams. The drop, one of the sharper single-day corrections in recent weeks, follows a broader pullback in safe-haven demand as risk sentiment shifted across global markets.

Silver Sees Steeper Correction

Silver bore the brunt of Wednesday's sell-off. One kilogram of silver fell ₹12,655 to settle at ₹2.33 lakh — a notable correction for a metal that had been trading near multi-month highs. Just ten days ago, on May 31, silver was priced at ₹2.63 lakh per kilogram. That amounts to a ₹30,000 decline in under a fortnight.

Over the same period, gold has shed roughly ₹9,000 per 10 grams.

Middle East Uncertainty Drives Volatility

Market analysts point to renewed geopolitical tensions in the Middle East as the primary trigger. While gold traditionally benefits from uncertainty, the latest developments appear to have unsettled speculative positions across commodities, prompting a broad unwind. Domestic demand has also remained subdued, with buyers staying on the sidelines at elevated price levels.

What Buyers Should Watch

For retail consumers — particularly those eyeing gold purchases ahead of upcoming festive or wedding seasons — the dip offers a short window of relative relief after weeks of record-level pricing. However, traders caution that volatility is likely to persist as long as geopolitical signals remain mixed.

Whether Wednesday's correction marks a deeper trend reversal or a temporary pullback remains to be seen. Global cues, especially movement in the dollar index and crude oil prices, will likely dictate the near-term direction for both metals.

Gold prices witnessed a notable rise on Tuesday, June 9, with the yellow metal climbing ₹1,095 to reach ₹1.53 lakh per 10 grams for 24-carat purity, according to the India Bullion and Jewellers Association (IBJA). Silver, however, saw a marginal decline of ₹1,307 per kg, settling at ₹2.46 lakh.

The uptick in gold comes amid ongoing global economic uncertainties and steady domestic demand during the wedding season. Market participants noted that the movement reflects a mix of international cues and local buying interest.

Steady Demand Supports Gold Rally

Bullion traders in major markets like Mumbai, Delhi, and Chennai reported brisk inquiries from jewellers and investors. The 22-carat gold, popular for jewellery, also mirrored the trend, though exact figures vary slightly across cities due to making charges and local taxes.

According to IBJA data, the price of 10 grams of 24-carat gold now stands at ₹1,53,000, up from Monday’s closing levels. This marks a continuation of the broader upward trajectory seen in recent months.

Yearly Gains Remain Impressive

This year has been particularly strong for precious metals. Since the beginning of 2026, gold has gained nearly ₹19,000 per 10 grams, while silver has added around ₹15,000 per kg. On December 31, 2025, 10 grams of gold was trading at approximately ₹1.33 lakh. The metal had also touched an all-time high of ₹1.76 lakh per 10 grams on January 29 this year.

Silver, which closed 2025 at around ₹2.30 lakh per kg, has similarly shown resilience, peaking at ₹3.86 lakh earlier in the year before correcting.

Factors Driving the Precious Metals Market

Analysts attribute the sustained rally to several factors, including inflation hedging, geopolitical tensions, and central bank buying globally. In India, cultural affinity for gold as an investment and gift item continues to provide strong floor support.

“Domestic demand remains robust, especially ahead of key festivals and marriage seasons,” said a senior trader in Zaveri Bazaar, Mumbai. Sources familiar with the market added that rupee movements against the dollar also play a crucial role in price discovery.

Silver Prices Ease Slightly

Unlike gold, silver prices eased on Tuesday. One kilogram of the white metal dropped ₹1,307 to trade at ₹2.46 lakh. Market watchers pointed to profit-booking after recent gains and relatively softer industrial demand cues as possible reasons for the mild correction.

Silver often moves in tandem with gold but is more sensitive to industrial consumption in sectors like electronics and solar energy.

Tips for Buyers: What to Keep in Mind

Jewellers and consumer forums continue to advise caution while purchasing gold. Experts recommend insisting on BIS-hallmarked jewellery only. The hallmark, an alphanumeric code such as AZ4524, confirms the purity and authenticity of the metal.

Buyers should also cross-check the prevailing price on the day of purchase through reliable sources like the IBJA website or apps of reputed jewellers. Verifying the exact weight at the time of buying remains equally important to avoid any discrepancies.

Outlook for Gold and Silver

With the monsoon session of Parliament underway and key economic data releases expected in the coming weeks, volatility in the bullion market may persist. Global developments, particularly US Fed rate decisions and any escalation in international conflicts, could influence prices further.

For now, the mood in India’s bullion market remains cautiously optimistic. Many investors view the current levels as an opportunity to accumulate, while jewellers hope for steady demand in the coming days.

The Reserve Bank of India’s gold reserves and broader macroeconomic indicators are also being closely watched by industry stakeholders. As summer gives way to the wedding and festive period later this year, demand for physical gold could see another leg up.

India's gold jewellery market is staring at what could be its worst sales year in a decade. A combination of Prime Minister Narendra Modi's public appeal to avoid buying gold and record-high bullion prices has hammered consumer demand, pushing jewellery associations to seek government intervention and retailers to rethink how they do business entirely.

A Call That Echoed Across Counters

The shift traces back to May 10, when Prime Minister Modi made an unusual public appeal. "We must decide that, for one year, whatever function takes place at home, we will not buy gold jewellery," he said, urging citizens to step back from one of the country's oldest purchasing habits. The appeal landed hard. Industry estimates now suggest gold jewellery sales could fall to a 10-year low in FY27 — a scenario that, even a few months ago, would have seemed far-fetched.

Prices That Price People Out

The PM's appeal didn't land in a vacuum. Gold was already becoming unaffordable for large sections of buyers. According to the India Bullion and Jewellers Association, 10 grams of 24-carat gold is currently quoted at ₹1.56 lakh, while silver has hit ₹2.66 lakh per kilogram. Over the past year alone, gold prices have risen nearly 40%. Silver has returned an astonishing 188%. At these levels, even traditional wedding purchases — long considered non-negotiable — are being reconsidered.

Industry Looks to Government for a Lifeline

With demand contracting fast, jewellery bodies have moved beyond waiting. The IBJA has formally backed the government's push to reduce gold imports and has floated a proposal to monetise nearly 1,000 tonnes of idle temple gold held by religious trusts across the country. The logic is straightforward: if a portion of that idle stock enters the supply chain, it could ease import pressure and protect livelihoods across the artisan and small jeweller ecosystem.

"Many trusts currently hold large quantities of idle gold — nearly 1,000 tonnes in total. If even a portion of that gold can be utilised, it would help significantly," IBJA's Gujarat State president Nainesh Pachchigar told PTI.

Exchange Schemes Fill the Gap

On the retail floor, jewellers aren't waiting for policy to arrive. Gold exchange schemes are becoming the dominant pitch — customers bring in old, inherited jewellery and walk out with new designs, without fresh cash purchases. Pune-based PNG Jewellers launched its 'Swarna Swaraj' scheme with exactly this spirit. "India's gold should circulate within India. That is the simplest and most powerful thing we can do together," said chairman and MD Saurabh Gadgil.

Other retailers are noticing the same shift. "Rising prices could also increase exchange and upgrade purchases, as customers monetise existing gold holdings to manage budgets more efficiently," said Raghav Dhir, Director at Dhirsons Jewellers.

Market analyst Ajay Kedia of Kedia Advisory put numbers to the trend: nearly 50% of India's jewellery demand is now being supported through old gold exchange and recycling. The industry, he added, is also pivoting toward lower-weight and lower-carat products to hold on to buyers priced out of heavier pieces.

India's Gold Wealth Puts the Crisis in Perspective

Even as current sales slump, India remains the world's largest private holder of gold. Indian households collectively own over 34,600 tonnes — valued at more than $5 trillion or roughly ₹475 lakh crore, according to the World Gold Council. Temples add another estimated 8,000 tonnes to that figure. The crisis, in other words, isn't a lack of gold — it's a question of how that stock is mobilised.

It isn't the first time gold has played a defining role in India's economic story. In 1991, the RBI pledged gold as collateral to raise $600 million and prevent a sovereign default, buying time for the landmark economic reforms that followed.

What Comes Next

The industry is navigating a structural inflection point — not just a seasonal dip. With exchange schemes gaining ground and reform proposals on the table, the coming months will test whether domestic recycling and policy support can offset the twin pressure of political restraint and sky-high prices. The gold counter, for now, looks very different from what it did a year ago.

Gold and silver prices closed the week with significant cuts, pulling back further from the historic highs seen in late January. According to data from the India Bullion and Jewellers Association (IBJA), 24-carat gold (10 grams) fell by ₹1,654, settling at ₹1.56 lakh. This is a notable slide from last week’s level of ₹1.58 lakh on May 23.

Silver saw an even sharper decline in value. The white metal dropped by ₹2,650 per kg, with current trading rates hovering around ₹2.63 lakh. For investors who had piled in earlier this year, the last few weeks have been a rough ride.

From peak to correction

The downturn is more striking when viewed against the backdrop of the recent rally. Gold started the year at ₹1.33 lakh in late December. Within a month, it shot up to an all-time high of ₹1.76 lakh on January 29. Since then, the metal has shed nearly ₹20,000.

Silver’s trajectory has been even more volatile. It began 2026 at ₹2.30 lakh before skyrocketing to its record peak of ₹3.86 lakh on the same day in late January. In the 118 days since that historic high, silver has crashed by a massive ₹1.23 lakh.

Why the selloff?

Typically, geopolitical tensions drive investors towards safe-haven assets like bullion. However, sources tracking the bullion market say the current dynamic is different. The ongoing Middle East conflict has prompted a shift in strategy.

“Investors are moving away from metals and booking profits,” an industry source familiar with trading patterns said. “There is a clear preference for holding cash right now. Large investors are liquidating their holdings to have liquidity on hand, given the uncertainty.”

Initial reports from commodity exchanges indicate that heavy profit booking at the January peak triggered a supply glut. Once prices started dipping from the record levels, stop-losses were triggered, accelerating the fall.

What buyers should check

For retail consumers looking to enter the market at these lower levels, local authorities advise caution and verification.

First, always insist on BIS hallmarked gold. The certification ensures purity. Look for the alphanumeric code (like AZ4524) that confirms the caratage and authenticity.

Second, never rely on a single source for the day’s rate. Jewellers advise buyers to cross-check the official IBJA rate for the day before making a purchase, ensuring the weight and making charges are calculated correctly.

Looking ahead

Market watchers expect the volatility to persist in the near term. While the prices are significantly lower than the January peaks, analysts say the trend will depend on how global liquidity preferences evolve in the coming weeks. For now, the glitter seems to have dimmed a bit.

Gold sales slump after PM Modi appeal; demand hit but experts see long-term resilience

Gold sales fall across cities after Modi asked citizens to avoid non-essential purchases; experts warn short-term dip, expect prices to stay firm

Jewellery shops from Guwahati to Bengaluru reported sharp declines in footfall and transactions this week after Prime Minister Narendra Modi urged citizens to refrain from non-essential gold purchases for a year to conserve foreign exchange, industry officials and local reports said.

Immediate drop
Retailers and trade bodies described an abrupt slowdown in discretionary buying within days of the appeal made on 10 May. “Walk-ins for discretionary purchases and impulse buys have dropped noticeably,” said a sales manager at a Delhi showroom who spoke on condition of anonymity. State-level reports — including from Assam and Karnataka — put declines anywhere between 30% and as high as 80% in the first 10 days following the appeal.

Consumer sentiment shifts
A LocalCircles poll cited by industry sources found roughly six in 10 prospective buyers said they would avoid buying gold for a year following the prime minister’s request. Jewellers across markets said customers are more price-sensitive and cautious, taking longer to finalise purchases and asking more about buyback and exchange options.

“We are seeing greater interest in lightweight pieces and upgrade schemes,” Raghav Dhir, director at Dhirsons Jewellers, told reporters. “But jewellery demand is tied to weddings, festivals and gifting, so it won’t vanish overnight.”

Price movement and policy
Gold prices have not eased consumer pressure. The India Bullion and Jewellers Association (IBJA) placed the 24K gold rate at ₹1,58,350 per 10 grams on 22 May, up from about ₹1,51,140 on 8 May, days before the appeal and the subsequent temporary import duty increase from 6% to 15%. Analysts say higher import duty and global volatility have kept domestic prices elevated, reducing the scope for immediate relief for buyers.

Why the appeal was made
Officials say the request aimed to curb gold imports — India sources over 90% of its bullion needs from abroad — and preserve forex reserves amid high crude oil bills caused by tensions in West Asia. Annual imports typically exceed 800 tonnes, and the government’s plea was framed as a temporary conservation measure to ease pressure on the current account.

Expert outlook
Industry and market experts diverge on how deep and how long the slowdown will be. Several analysts expect only a temporary dip in jewellery demand, given the cultural role of gold in India.

“Gold and silver are not just price products; much demand comes from culture and long-term savings. Demand may soften, but it won’t disappear,” Navy Vijay Ramavat, managing director of Indira Securities, said.

Bullish case
A number of market participants pointed to four factors likely to keep a floor under prices: ongoing geopolitical tensions, central bank buying, inflation concerns and volatility in global markets. Some jewellers and brokers forecast gold could rise to between ₹1,90,000 and ₹2,10,000 per 10 grams by the end of 2026, citing sustained central-bank accumulation and safe-haven flows.

More cautious views
Not everyone is similarly optimistic. Hemant Sood of Findoc Investmart outlined a more conservative scenario, suggesting domestic 24K rates could trade in a range of ₹1,28,000–₹1,45,000 by December 2026 depending on global rates and macro moves.

Ground-level impact
At street-level showrooms in Bengaluru and Guwahati, owners said daily sales volumes have fallen and staff are offering discounts or flexible payment schemes to close deals. Wedding planners in Delhi reported some clients postponing ornament purchases or shifting budgets toward other items such as venue or catering.

What’s next
For now, jewellers are watching wedding season bookings and festival demand closely. “If weddings proceed as planned and gold prices stabilise, we expect some recovery,” a senior trade official said. The government has not signalled any binding ban; the appeal remains voluntary, leaving retailers and buyers to balance cultural habits against a national economic ask.

Gold and silver rates slide after PM Modi’s appeal to halt purchases for a year

Following Prime Minister Narendra Modi's surprise call to citizens to refrain from purchasing gold jewellery for the next twelve months to safeguard foreign exchange, bullion markets witnessed a notable correction on Monday.

In a direct response to policy signals and a push for economic fiscal prudence, gold and silver prices saw a downward trend in domestic markets today. The India Bullion and Jewellers Association (IBJA) reported that the price for 10 grams of 24-carat gold fell by ₹801, settling at ₹1,50,277.

The ripple effect was also felt in the white metal category, with silver prices retreating by ₹300 to close at ₹2,55,300 per kilogram. Market analysts suggest the dip is a primary reaction to the Prime Minister’s recent statement, which aimed at reducing India’s heavy reliance on bullion imports.

PM’s appeal to save foreign exchange

The shift in market sentiment follows Prime Minister Narendra Modi’s address on Sunday, where he urged Indian households to pause gold purchases for a year, regardless of domestic occasions or festivals. The rationale provided was centered on the preservation of foreign exchange reserves.

India remains one of the world's largest importers of gold, transactions for which are settled in US dollars. "Every gram of gold we buy from abroad impacts our trade balance. By pausing for a year, we can significantly strengthen our domestic economy," sources familiar with the government’s thinking noted.

GTRI backs government stance

The Global Trade Research Initiative (GTRI) has come out in strong support of the Prime Minister’s appeal. Ajay Srivastava, founder of GTRI, highlighted that India’s gold bar imports have surged aggressively, jumping from $36.5 billion in 2022 to a staggering $58.9 billion in 2025.

According to GTRI, this ballooning import bill is putting undue pressure on India's trade balance. The think tank noted that the move is necessary to prevent further depletion of forex reserves at a time when global currency markets remain volatile.

Regional price variations across India

Despite the national dip, retail prices continued to show variation across major urban centers due to local taxes and making charges. In the national capital, Delhi, 24-carat gold was quoted at ₹1,52,280 per 10 grams. Mumbai and Kolkata saw slightly lower rates at ₹1,52,123.

Chennai remains the most expensive market among the metros, with prices hovering around ₹1,53,820. Meanwhile, cities like Bhopal, Ahmedabad, and Patna saw prices stabilize near the ₹1,52,180 mark.

Impact on the jewellery trade

The appeal has sent shockwaves through the jewellery manufacturing sector, which was gearing up for the upcoming wedding season. While institutional investors are weighing the long-term impact, retail buyers in local markets like Chandni Chowk in Delhi and Zaveri Bazaar in Mumbai reported a "wait-and-watch" approach.

"The footfall has slowed down since this morning," said a local jeweller in Lucknow. "While gold is a traditional hedge, the Prime Minister's direct appeal carries significant weight with the middle-class buyer."

Expert advice for retail buyers

Industry experts are advising those who still need to make essential purchases to remain vigilant. The IBJA has reiterated the importance of buying only BIS-hallmarked gold to ensure purity. Consumers are encouraged to look for the alphanumeric HUID (Hallmark Unique Identification) code.

For silver buyers, experts suggest simple ground-level tests—such as the magnet or ice test—to verify authenticity, especially as prices remain at historic highs despite the day's minor correction.

Future outlook for bullion

Whether this price drop is a short-term reaction or the beginning of a cooling period remains to be seen. If the public heeds the Prime Minister's call, the reduction in physical demand could lead to a further softening of rates over the next quarter. However, global factors, including US Fed policies and geopolitical tensions, will continue to play a role in determining the final trajectory of gold in India.

Gold and Silver Prices Stage Strong Comeback, Gaining Significantly in a Single Session

In a dramatic reversal of fortunes, gold and silver prices rebounded powerfully on Thursday, marking a significant recovery after three consecutive days of decline. The sharp uptick has reignited investor interest in the bullion market, with analysts pointing to sustained macro-economic triggers.

According to the latest data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold surged by ₹954 in a single day. It now sits at ₹1,34,415 per 10 grams, reclaiming ground after a recent slide. Meanwhile, silver staged an even more impressive rally, skyrocketing by ₹5,656 per kilogram to reach ₹2,34,906.

This rebound comes just days after both metals touched historic peaks. On December 29, 2025, gold had reached an all-time high of ₹1,38,161 per 10 grams, while silver scaled ₹2,43,483 per kg.

A Stellar Year: Gold and Silver Performance in 2025

The daily volatility underscores a monumental year for precious metals. Reflecting on 2025, the scale of the rally becomes clear:

Gold became 75% costlier, rising by ₹57,033 from ₹76,162 (Dec 31, 2024) to ₹1,33,195 (Dec 31, 2025).

Silver outperformed, surging by a staggering 167%. Its price increased by ₹1,44,403, from ₹86,017 to ₹2,30,420 per kg in the same period.

What’s Driving the Rally in Gold and Silver Prices?

Experts cite a confluence of global factors sustaining the bullish trend for precious metals.

3 Key Reasons for Gold's Strength:

1.  Weak US Dollar: Anticipated interest rate cuts in the US have reduced the opportunity cost of holding non-yielding assets like gold.

2.  Geopolitical Tensions: Ongoing global instability continues to fuel safe-haven demand, pushing investors toward gold.

3.  Central Bank Purchases: Aggressive buying by institutions like the People's Bank of China, reportedly over 900 tonnes annually, provides a solid price floor.

Why is Silver Outperforming?

The silver price surge is attributed to its dual role as both a precious and industrial metal.

Robust Industrial Demand: Heavy consumption in solar panels, electronics, and electric vehicle manufacturing is straining supply.

Pre-emptive Stockpiling: Manufacturers are advance-buying amid fears of potential trade tariffs and supply chain disruptions.

Expert Outlook and Buying Tips

Ajay Kedia, Director at Kedia Advisory, notes, "The fundamental demand for silver remains exceptionally strong, driven by the green energy transition. We could see it touch ₹2.75 lakh per kg this year. Gold prices may also continue their ascent, potentially crossing the ₹1.50 lakh per 10 grams mark by year-end."

For buyers looking to enter the market, due diligence is key:

Always purchase BIS-hallmarked gold jewellery.

Verify daily IBJA rates and understand that final prices include making charges and GST.

For silver, simple tests like the magnet test (real silver isn’t magnetic) can help verify authenticity.

Conclusion: Today’s sharp recovery in gold and silver prices is a reminder of their resilience amid global economic uncertainty. As we move into 2026, the interplay between central bank policies, industrial demand for silver, and geopolitical currents will continue to dictate the trajectory for these timeless assets, making them a focal point for investors and consumers alike.