Gold and silver prices witnessed a sharp increase on 21 August, continuing their upward trend this month. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by ₹2,419, bringing the cost of 10 grams to approximately ₹1.60 lakh. Silver also saw a massive jump, with the price of one kilogram rising by ₹6,623 to reach ₹2.44 lakh. August Rally: Precious Metals Turn Expensive Both metals have seen a massive rally in the first three weeks of August alone: Gold: Up by ₹16,639 in just 21 days. Silver: Up by ₹26,094 in the same period. 2026 Performance: Gold Up by ₹27,000 So Far Precious metals have seen high volatility this year, but the overall trajectory remains strongly upward. Expert Outlook: Gold May Hit ₹1.70 Lakh by December Market experts believe this rally is far from over. Anindya Banerjee, Senior VP Commodity Research Head at Kotak Securities, points out that strong buying by global central banks, including the Reserve Bank of India (RBI), alongside retail investors, is keeping prices high. “Going forward, gold will continue to rise even in difficult economic circumstances. If global conditions improve, silver may also see a major surge,” Banerjee said. According to current market indicators, experts predict gold could touch ₹1.70 lakh and silver could reach ₹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 during this festive season, keep these three essential tips in mind: Insist on BIS Hallmark: Always buy certified gold that carries the Bureau of Indian Standards (BIS) hallmark. Look for the unique alphanumeric HUID code (e.g., AZ4524) stamped on the jewelry, which guarantees its purity. Cross-Check Daily Rates: Gold prices change daily and vary based on purity (24-carat, 22-carat, or 18-carat). Always cross-check the day’s official rate on the IBJA website before making a purchase. Negotiate Making Charges: Jewellers charge a making fee (labor cost) to design the jewelry. This fee is not fixed. Do not hesitate to negotiate, especially on heavy purchases, and ask for a clear breakdown of these charges. How to Identify Real Silver at Home: 4 Simple Tests With silver prices soaring, ensure you are getting the real deal with these quick tests: The Magnet Test: Real silver is non-magnetic. If your silver jewelry or coin sticks to a magnet, it is adulterated with other metals. The Ice Test: Silver is an excellent heat conductor. Place a cube of ice directly on the silver item; if it starts melting unusually fast, the silver is real. The Smell Test: Pure silver has absolutely no odor. If the item smells like copper or chemicals, it is likely fake. The Cloth Test: Gently rub the silver item with a clean white cloth. If a black residue or mark appears on the cloth, it is a sign of genuine silver reacting to the air. Post navigation ‘Cognizant alerts customers about cyber attack’:AI company offers $1 million insurance policy to customers whose personal information may be leaked
