Gold prices slipped on 24 November, bringing slight relief to buyers amid a generally upward trend seen throughout the year. According to the India Bullion and Jewellers Association (IBJA), the price of gold fell by ₹89 to ₹1,23,057 per 10 grams. Previously, it was trading at ₹1,23,146 per 10 grams. In Ahmedabad, the price of 24-carat gold today stands even higher at ₹1,25,180 per 10 grams.
Silver, on the other hand, witnessed a strong jump. The price increased by ₹1,925 to reach ₹1,53,054 per kilogram, compared to its earlier price of ₹1,51,129 per kilogram. Notably, gold had touched its all-time high of ₹1,30,874 on 17 October, while silver reached its record high of ₹1,78,100 on 14 October.
IBJA prices do not include the 3% GST, making charges, or jeweller margins. Therefore, the final retail price differs from city to city. These benchmark rates are widely used by the Reserve Bank of India (RBI) to set prices for Sovereign Gold Bonds, and banks also rely on these rates while determining gold loan values.
This year has been exceptionally strong for precious metals. So far, gold has become ₹46,895 costlier. On 31 December 2024, the price of 10 grams of 24-carat gold was ₹76,162. Today, it has surged to ₹1,23,057. Silver has also seen a massive rise of ₹67,037 this year. A kilogram of silver that cost ₹86,017 at the end of 2024 now costs ₹1,53,054.
Experts believe that the coming weeks may see further fluctuations in gold prices. With the wedding season underway in India, the demand for gold is expected to remain strong, providing support to prices. As a result, analysts predict that gold could soon move back toward the ₹1.25 lakh mark again.
For consumers looking to buy gold during the festive or wedding season, there are two important guidelines to follow. First, always buy certified gold. The Bureau of Indian Standards (BIS) hallmark ensures the purity of gold. Every genuine piece of hallmarked gold carries a 6-digit alphanumeric code known as the Hallmark Unique Identification Number (HUID). Codes like AZ4524 indicate the purity level and give buyers confidence in what they are purchasing.
This hallmarking system is crucial because it confirms whether the gold is truly 22-carat, 24-carat, or another purity level. Without hallmarking, buyers risk receiving impure or mixed gold.
Second, customers should always check the day’s IBJA rates before making a purchase. While jewellers add their own making charges and margins, knowing the base price helps consumers negotiate better and avoid overpaying.
Gold and silver prices globally have been influenced by multiple factors, including inflation concerns, geopolitical tensions, and changes in the US dollar index. As uncertainties in global markets continue, precious metals like gold remain a preferred safe-haven asset. Investors often turn to gold during periods of instability, pushing prices higher.
In India, cultural and traditional demand adds an additional layer of support. With festivals and weddings driving purchases, gold remains an integral part of households and investment portfolios. Silver, too, is gaining popularity due to increasing industrial demand and use in electronics and renewable energy technologies.
Financial analysts expect that if global economic pressures continue, both metals could see further upward movement. However, short-term corrections like the current ₹89 drop in gold are normal and healthy for the market. Buyers considering long-term investment may view such declines as good entry points.
Overall, despite minor day-to-day fluctuations, gold and silver continue to show strong growth for the year, reaffirming their position as reliable investment options.
