India's 24-carat gold and silver prices drop this week
The India Bullion and Jewellers Association reported that 10-gram 24-carat gold fell to ₹1.42 lakh and silver to ₹1.94 lakh per kilogram, reflecting a broader market decline.
The India Bullion and Jewellers Association said the price of 10 grams of 24-carat gold fell by ₹4,796 to ₹1.42 lakh this week, down from ₹1.46 lakh on 17 October. Silver prices also slipped, decreasing by ₹16,503 to ₹1.94 lakh per kilogram.
In September, gold had dropped by about ₹8,000 and silver by roughly ₹15,000, continuing a downward trend that began in August when gold fell from ₹1.56 lakh to ₹1.48 lakh per 10 grams.
"The U.S. Federal Reserve’s recent interest-rate hike has contributed to the decline in gold prices," analysts noted, adding that geopolitical tensions such as the U.S.–Iran conflict could provide some support for gold as a safe-haven asset.
Market observers cautioned that price volatility may persist and advised investors to verify certifications and cross-check prices before purchasing bullion.
The report also included consumer tips for identifying genuine gold and silver, emphasizing the Bureau of Indian Standards hallmark for gold and simple tests—magnet, ice, smell, and cloth—for silver authenticity.