Significant Drop in Gold and Silver Prices: What Buyers Need to Know
Major Price Decline in Precious Metals
For those interested in purchasing gold and silver, there is noteworthy news. The prices of precious metals in the country have been consistently declining. Silver has plummeted to approximately ₹2.43 lakh per kilogram from its peak. Additionally, gold prices have also seen a significant drop, with MCX reporting a decrease of ₹5,417 per 10 grams over the past week. This decline may provide relief to potential buyers of gold and silver.
Silver Prices Plummet from Record Highs
The recent drop in silver prices has stirred activity in the market. In January 2026, silver reached a record price of ₹4,20,048 per kilogram on MCX. However, last Friday, the price for silver set to expire on December 4 closed at ₹1,76,543 per kilogram.
This indicates that silver is now ₹2,43,505 per kilogram cheaper than its all-time high, with a weekly decrease of ₹8,244 per kilogram.
Gold Prices Also Experience Significant Decline
Alongside silver, gold prices have also dropped. On November 6, the price of gold set to expire on December 4 was ₹1,42,167 per 10 grams. By last Friday, this price had fallen to ₹1,36,750 per 10 grams.
Thus, gold has become ₹5,417 per 10 grams cheaper over the past week.
Domestic Market Sees Decline in Gold and Silver Prices
According to data from the Indian Bullion and Jewellers Association (IBJA), the price of 24-carat gold in the domestic market has decreased from ₹1,41,452 to ₹1,35,809 per 10 grams over four trading days, marking a reduction of ₹5,643.
During the same period, silver prices fell from ₹1,82,868 per kilogram to ₹1,78,000 per kilogram, resulting in a decrease of ₹4,868 per kilogram.
Current Gold Prices in the Domestic Market
According to IBJA, the current prices for various carats of gold in the domestic market are as follows:
| Purity of Gold | Price (per 10 grams) |
|---|---|
| 24 Carat | ₹1,35,809 |
| 22 Carat | ₹1,32,550 |
| 20 Carat | ₹1,20,870 |
| 18 Carat | ₹1,10,010 |
| 14 Carat | ₹87,600 |
These prices do not include GST and making charges.
Considerations Before Purchasing Gold and Silver
The prices of gold and silver are experiencing continuous fluctuations. Therefore, it is advisable to check the latest market rates before making a purchase. When buying jewelry, it is essential to inquire about hallmarking, purity, and making charges.
Keep in mind that there may be a difference between the rates published by IBJA and those available at jewelry stores. Additionally, a 3% GST and making charges apply to gold purchases.
Note: Before investing in gold, silver, or gold-silver ETFs, consider market risks and consult with a financial expert.