Gold and silver prices fell sharply on Thursday even as fresh policy changes began taking shape across finance, labour and travel services. One kilogram of silver slipped by ₹5,494 to ₹2.17 lakh, while 10 grams of 24-carat gold fell ₹2,305 to ₹1.40 lakh, according to the latest bullion rates reported by IBJA-based market trackers.

The drop continues a volatile week for precious metals. Silver has now fallen by more than ₹21,000 in three days, while gold has weakened by about ₹16,000 this month, after hovering above recent highs earlier in the week. Market updates from multiple Indian bullion trackers showed prices swinging sharply intraday, with some reports noting a partial rebound after the initial fall.

EPFO services pause

The Employees’ Provident Fund Organisation’s online claim-processing portal is shut from 26 to 28 June because of system migration and software upgrading, according to official updates reported on Wednesday and Thursday. During this window, PF withdrawal, e-passbook access and several digital services are expected to remain unavailable until the upgrade is completed.

EPFO has said the move is meant to make the platform faster and more reliable in the long run, and reports suggest the organisation is preparing a future rollout of UPI- and ATM-based PF withdrawal. For salaried employees who rely on online claims, the temporary shutdown could cause short delays, especially for urgent requests filed close to the maintenance window.

Passport fees go up

From 1 July, passport applications and re-issues will cost more, after the Ministry of External Affairs revised the fee structure. A normal 36-page passport will cost ₹2,500 instead of ₹1,500, while Tatkaal service will rise to ₹5,000 from ₹3,500.

The new rates also increase fees for 60-page passports and for replacement cases where a passport is lost or damaged. Some reports note separate concessions for certain age groups, but the broad change means applicants planning travel or document renewal in early July may want to apply before the revision takes effect.

Amazon’s big bet

Amazon has also announced a fresh $13 billion investment in India to expand AI and cloud infrastructure, following CEO Andy Jassy’s meeting with Prime Minister Narendra Modi. With this addition, Amazon’s planned India investment between 2026 and 2030 has been put at $48 billion overall, according to reports from Wednesday and Thursday.

The company says the spending will support its long-term business in India and deepen its digital infrastructure footprint. Analysts say the move signals continued foreign confidence in India’s tech market, especially as demand rises for cloud, AI and logistics capacity.

Markets and fuel

Today is a market holiday on account of Muharram, so NSE and BSE will remain shut, with trading resuming on Monday, 29 June. Petrol and diesel prices have not changed today, according to the latest city-wise fuel updates.

The government has also restored commercial LPG supply by lifting sector-wise restrictions, a move aimed at easing pressure on industries after recent supply constraints. Taken together, the updates point to a busy policy week for households and businesses alike.

Gold Price Hits Record High: Value of Indian Household Gold Now Exceeds India's GDP

In a stunning economic revelation, the total value of gold held by Indian families has now surpassed the entire Gross Domestic Product (GDP) of the country. This milestone comes asgold prices and silver rates skyrocketed to unprecedented levels for the fifth consecutive trading day on December 29.

According to the India Bullion and Jewelers Association (IBJA), gold surged by ₹205 to reach ₹1,38,161 per 10 grams. Meanwhile, silver experienced a monumental single-day jump, climbing over ₹15,000 per kg to cross the ₹2.43 lakh mark for the first time.

A Staggering Comparison: Gold Stock vs. Economic Flow

Analysts report that with international prices soaring, the value of gold held in Indian homes has crossed the $5 trillion (approx. ₹450 lakh crore) mark. This figure towers over India's current GDP, which the International Monetary Fund (IMF) estimates at about $4.1 trillion.

M. Sharma, Chief Economist at Infomerics Valuation and Ratings, explains the significance: "GDP is a flow variable, constantly changing, while gold holding is a stock. This comparison underscores the immense cultural, financial, and psychological importance of gold in India. In times of crisis, Indians' trust in gold is absolute."

Why Are Prices Skyrocketing?

Market experts point to heavy institutional buying as a key driver. Central banks globally, notably the People's Bank of China, are aggressively accumulating gold to diversify reserves and hedge against geopolitical risks. The Reserve Bank of India (RBI) has also added 75 tonnes to its reserves since 2024, bringing its total stash to 880 tonnes.

The "Idle" Gold Dilemma and India's Love Affair

Despite record highs, a paradox exists. A report by MK Global notes that 75-80% of Indian gold is held as jewellery—viewed as long-term saving and tradition, not a liquid asset. This means the soaringgold price doesn't necessarily translate into increased consumer spending or a "wealth effect" for daily economics.

This presents a challenge: a vast portion of household wealth remains an "idle asset," generating no income. While the government promotes financial alternatives like Sovereign Gold Bonds (SGBs) and Gold ETFs, the deep-seated cultural preference for physical gold, especially jewellery, remains unshaken. India, the world's second-largest gold consumer, still accounts for 26% of global demand.

What This Means for You

The record-breaking rally highlights gold's enduring role as a safe haven. For investors, it reinforces the importance of strategic allocation. While physical gold offers security, experts suggest considering digital or paper gold for better liquidity and potential earnings.

As prices touch new peaks, the story is clear: in India, gold is much more than an investment—it's a cornerstone of financial identity, now valued more than the nation's entire annual economic output.