Gold and silver prices witnessed a sharp decline on July 13, offering some relief to buyers after months of record-high rates. According to the India Bullion and Jewellers Association (IBJA), the price of 1 kg of silver fell by ₹3,155 to ₹2.17 lakh, while 24-carat gold became cheaper by ₹1,079, bringing the price of 10 grams down to ₹1.42 lakh.
The correction comes after precious metals touched historic highs earlier this year, with analysts attributing the fall to a stronger US dollar and profit-booking by investors.
Gold and Silver Prices Drop Sharply
As per the latest IBJA data:
Silver Price Today: ₹2.17 lakh per kg (down ₹3,155)
24-Carat Gold Price Today: ₹1.42 lakh per 10 grams (down ₹1,079)
Despite today's decline, both gold and silver continue to trade significantly above their levels seen at the beginning of last year.
Gold and Silver Down Significantly Over the Past Month
The recent correction has been substantial.
Compared with June 14:
Silver has fallen by nearly ₹25,000 per kg, from ₹2.43 lakh to ₹2.17 lakh.
Gold has declined by around ₹5,000 per 10 grams, from ₹1.48 lakh to ₹1.42 lakh.
The correction follows a strong rally that pushed bullion prices to record levels earlier this year.
Silver Down ₹1.69 Lakh From Record High
Precious metals have experienced sharp volatility in 2026.
On December 31, 2025, gold was priced at ₹1.33 lakh per 10 grams.
It touched an all-time high of ₹1.76 lakh on January 29.
Since then, gold has corrected by nearly ₹34,000.
Silver has seen an even steeper decline.
It was trading at ₹2.30 lakh per kg on December 31, 2025.
The metal surged to an all-time high of ₹3.86 lakh per kg on January 29.
Over the following 165 days, silver has fallen by approximately ₹1.69 lakh per kg.
Why Are Gold and Silver Prices Falling?
Market experts attribute the recent decline to several global factors.
Stronger US Dollar
The US Dollar Index has strengthened after signals from the US Federal Reserve, making gold and silver relatively more expensive for international buyers. Historically, a stronger dollar tends to put downward pressure on precious metal prices.
Profit Booking After Record Rally
Following months of strong gains, many institutional investors and traders have booked profits, resulting in increased selling pressure in both gold and silver.
Should Investors Buy Gold and Silver Now?
According to commodity market expert Ajay Kedia, the recent correction has created an opportunity for long-term investors.
However, he advises against investing a large amount in one go.
Instead, investors may consider staggered investments to reduce the impact of short-term price fluctuations.
Kedia believes that by the end of the year:
Gold could rise to around ₹1.60 lakh per 10 grams.
Silver may climb to approximately ₹2.80 lakh per kg.
These are market expectations and not guaranteed outcomes.
Two Important Tips Before Buying Gold
When purchasing gold from a jeweller, keep these points in mind:
Always buy BIS Hallmark-certified gold, which confirms the purity of the jewellery.
Compare the day's gold price with reliable market sources such as the India Bullion and Jewellers Association (IBJA) before making a purchase.
Four Easy Ways to Identify Genuine Silver
You can perform these simple checks before buying silver:
Magnet Test: Genuine silver does not stick to a magnet.
Ice Test: Ice melts faster on real silver because of its high thermal conductivity.
Smell Test: Pure silver is odorless; fake silver may have a metallic or copper-like smell.
Cloth Test: Rubbing genuine silver with a white cloth often leaves a black mark due to natural oxidation.
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