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There was a decline in the prices of gold and silver this week. According to India Bullion and Jewelers Association (IBJA), there has been a huge fall in the price of silver by Rs 13,071, due to which 1 kg of silver has come down from Rs 1.94 lakh to Rs 1.81 lakh.
At the same time, gold has also become cheaper by Rs 1,576. The price of 10 grams of 24 carat gold has fallen from Rs 1.41 lakh to Rs 1.40 lakh.
Silver fell by ₹ 39,485 this month due to strengthening of dollar
Silver has become cheaper by Rs 39,485 and gold by Rs 8,084 this month. Earlier on October 1, 2026, the price of one kg silver was Rs 2.20 lakh and 10 grams of gold was Rs 1.48 lakh. The fall in the prices of gold and silver is due to the strengthening of the dollar in the international market and big investors selling at high prices.
3 reasons why gold is cheap
- Selling at a higher price: Gold had become very expensive before the festivals, so big investors started selling their gold to earn profits.
- Impact of strong dollar: The US dollar and bonds strengthened in the international market, due to which gold prices came down in the global market.
- Pulling the Buyers’ Hand: Seeing the record high prices, common buyers have reduced the purchase of gold from shops.
3 reasons why silver is cheap
- Less demand from factories: Silver is used extensively in solar and electronics factories. Due to global recession its demand in industries has decreased.
- Selling pressure in the market: Due to fluctuations in the stock and futures markets, big traders suddenly sold their silver, due to which the prices fell rapidly.
- Saw-saw of gold: In the bullion market, gold and silver follow each other. As soon as gold prices fell, selling in silver also started.
Will this decline last?
Commodity expert Ajay Kedia believes that gold and silver should be purchased in installments. Buy some now and some after an interval of 15-20 days. Instead of one or two months, think about 6 months to one year before making your investment.
4 reasons why gold prices differ in different cities
- Transportation and Security: Fuel and security costs are involved in transporting gold from one city to another, which increases the price as the distance increases.
- Purchase quantity: Due to high consumption in South India (about 40%), jewelers make large purchases, but the benefit of discount is limited.
- Local Jewelery Association: State and city jewelery associations decide the rates based on local demand and supply.
- Old Stock and Purchase Price: The buying rate of jewelers decides at what price they will sell to customers.
Silver fell by Rs 1.99 lakh from all time high
This year, there are continuous fluctuations in the prices of gold and silver. The price of silver was Rs 2.30 lakh on December 31, 2025, which reached an all-time high of Rs 3.86 lakh on January 29. Since then, silver has become cheaper by Rs 1.99 lakh.
At the same time, the price of gold was Rs 1.33 lakh on December 31, 2025, which increased to the highest level of Rs 1.76 lakh on January 29. Since then, gold has become cheaper by Rs 36 thousand.
Keep these 2 things in mind while buying gold from jewelers
- Buy only certified gold: Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). This number can be alphanumeric i.e. something like this – AZ4524. Hallmarking shows how many carats the gold is.
- Price Cross Check: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat.
4 ways to identify real silver
- Magnet Test: Real silver does not stick to magnets. If it sticks then it is fake.
- Ice Test: Place ice on silver. Ice melts faster on real silver.
- Smell Test: Real silver has no smell. Fakes smell like copper.
- Cloth Test: Rub the silver with a white cloth. If a black mark appears then it is real.
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The total value of gold held by Indian households has crossed $5 trillion (₹450 lakh crore). This figure is more than the country’s total GDP of 4.1 trillion dollars i.e. Rs 370 lakh crore. This has happened due to gold prices reaching record high. According to a report by Morgan Stanley, about 34,600 tonnes of gold is deposited in Indian homes.
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