Gold and silver prices extended their decline on July 17, with the India Bullion and Jewellers Association (IBJA) reporting a ₹415 fall in 24-carat gold and a ₹797 drop in silver. The latest correction has pushed gold down by ₹2,104 and silver by ₹3,753 over the past seven days, reflecting continued volatility in the precious metals market.
Gold Price Today (July 17)
According to IBJA:
24-Carat Gold (10 grams): ₹1,41,264 (Down ₹415)
Previous Price (July 16): ₹1,41,679
Silver Price Today
Silver (1 kg): ₹2,16,637 (Down ₹797)
Previous Price: ₹2,17,434
Weekly Price Movement
Over the last seven days:
Gold has declined ₹2,104
Silver has fallen ₹3,753
On July 10, gold was priced at ₹1,43,368 per 10 grams, while silver traded at ₹2,20,390 per kg.
Gold and Silver Remain Below Record Highs
Despite this week's decline, gold and silver have experienced significant price swings in 2026.
Gold touched an all-time high of ₹1.76 lakh per 10 grams on January 29 and has since corrected by ₹34,857.
Silver reached a record ₹3.86 lakh per kg on the same day and has now fallen ₹1,69,296 from its lifetime high.
Government Raises Import Duty to 15%
The central government recently increased the import duty on gold and silver from 6% to 15% to reduce imports and ease pressure on India's foreign exchange reserves.
The revised duty structure includes:
10% Basic Customs Duty (BCD)
5% Agriculture Infrastructure and Development Cess (AIDC)
The move comes amid global geopolitical tensions and volatile commodity markets.
Tips Before Buying Gold
If you're planning to buy gold, keep these important points in mind:
Purchase only BIS hallmarked gold to ensure purity and authenticity.
Compare daily gold prices from trusted sources such as the IBJA before making a purchase, as rates vary based on 24K, 22K, and 18K purity.
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