Mumbai: Gold and silver prices declined this week, with silver witnessing a sharper fall, according to data from the India Bullion and Jewellers Association (IBJA).
Silver dropped Rs 2,738 per kg to around Rs 2.44 lakh, compared with Rs 2.47 lakh on August 21.
Meanwhile, 24-carat gold fell Rs 1,042 from Rs 1,60,620 to Rs 1,59,578 per 10 grams.
Gold, Silver Below Record Highs
Precious metals have witnessed significant volatility this year after touching record highs in January.
Gold stood at Rs 1.33 lakh per 10 grams on December 31, 2025, before climbing to an all-time high of Rs 1.76 lakh on January 29.
Since then, gold has declined by Rs 16,543 from its record level.
Silver recorded an even sharper correction. It rose from Rs 2.30 lakh per kg on December 31 to a record Rs 3.86 lakh on January 29.
The white metal has since fallen by around Rs 1.42 lakh per kg from its peak.
Why Gold Prices Differ Across Cities
Gold rates can vary between cities because of transportation and security expenses, local demand and supply, jewellers’ procurement costs and pricing decisions by regional jewellery associations.
Consumption patterns can also influence local prices.
Investing Through Gold, Silver ETFs
Investors seeking exposure to precious metals without buying physical bullion can consider gold and silver exchange-traded funds (ETFs).
These instruments track underlying precious-metal prices and are traded on stock exchanges such as the BSE and NSE.
Investors require a demat and trading account to buy or sell ETF units.
Check Hallmark Before Buying
Consumers purchasing physical gold should preferably buy BIS-hallmarked jewellery and verify its purity.
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Prices should also be cross-checked before purchase because rates vary according to purity levels, including 24-carat, 22-carat and 18-carat gold.
Consumers should also verify the weight and prevailing market rate before completing a jewellery purchase.
