Silver prices increase by ₹9,260/kg to ₹2.38 lakh/kg:10 grams of gold rise ₹3,519/10 gm

Precious metals saw a massive price rally today, with both gold and silver recording sharp gains. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold jumped by ₹3,519 to reach ₹1.57 lakh per 10 grams. Meanwhile, silver prices skyrocketed by ₹9,260, bringing the price of one kilogram of silver to ₹2.38 lakh. This latest surge caps off a highly volatile month. In the first 20 days of August alone, gold has become costlier by ₹15,000, while silver prices have jumped by ₹20,000. Gold Up by ₹24,000 So Far in 2026 Precious metals have witnessed continuous price fluctuations this year. However, the overall trajectory for gold has remained strongly upward. Gold’s Journey: On December 31, 2025, 10 grams of 24-carat gold was priced at ₹1.33 lakh. It has since risen by ₹24,000 to reach its current price of ₹1.57 lakh. Silver’s Journey: Silver stood at ₹2.30 lakh per kg at the end of 2025 and has now reached ₹2.38 lakh. All-Time Highs: Earlier this year, on January 29, both metals hit historic peaks. Gold touched an all-time high of ₹1.76 lakh per 10 grams, while silver peaked at ₹3.86 lakh per kg. Outlook: Gold Could Hit ₹1.70 Lakh by December Market experts believe the rally is far from over. According to Anindya Banerjee, Senior VP Head of Commodity Research at Kotak Securities, gold is enjoying strong demand from both retail investors and global central banks, including the Reserve Bank of India (RBI). “Gold will continue to rise even in difficult global circumstances. If macroeconomic conditions improve, silver is also expected to see a major surge,” Banerjee said. According to current market indicators, analysts project that gold could reach ₹1.70 lakh and silver could touch ₹3 lakh by December 2026. Smart Buyer’s Guide: 3 Things to Keep in Mind When Buying Gold If you are planning to buy gold jewelry during this festive season, keep these three essential tips in mind: Demand BIS Hallmarked Gold: Never buy gold without a Bureau of Indian Standards (BIS) hallmark. Look for the unique alphanumeric code (e.g., AZ4524) stamped on the jewelry. This guarantees the purity of the gold (24k, 22k, or 18k). Cross-Check Daily Rates: Gold prices change daily. Before entering a showroom, check the day’s official rates on reliable sources like the IBJA website. Negotiate Making Charges: Making charges (labor costs) are not fixed by the government and vary from jeweler to jeweler. Always ask for a breakdown of these charges and negotiate, especially on high-value purchases. 4 Simple Ways to Test Silver Purity at Home With silver prices rising, the risk of counterfeit metal also increases. Here are four quick ways to check if your silver is real: The Magnet Test: Pure silver is non-magnetic. If your silver item sticks to a magnet, it contains cheap magnetic metals. The Ice Test: Silver is an excellent conductor of heat. Place a cube of ice directly on the silver item; if the ice melts unusually fast, the silver is genuine. The Smell Test: Real silver has absolutely no odor. If the item smells metallic or like copper, it is likely an alloy. The Cloth Test: Gently rub the silver item with a clean white cloth. If a black residue appears on the cloth, it is a sign of real silver reacting to the air.