Gold falls ₹3,263/10 gm today; silver drops ₹13,000/kg:Yellow metal becomes ₹16,000 cheaper in 28 days of Iran war; silver prices correct ₹45,000

Gold and silver prices continue to fall amid the ongoing war between US-Israel and Iran. According to the India Bullion and Jewellers Association (IBJA), 10 grams of 24 carat gold has decreased by ₹3,263 to ₹1.43 lakh. Earlier on Thursday, it was at ₹1.46 lakh. Meanwhile, the price of one kilogram of silver has decreased by ₹13,167 to reach ₹2.22 lakh. Earlier on March 26, its price was ₹2.35 lakh per kilo. Due to the America-Iran war, gold has become cheaper by ₹16,155 and silver by ₹45,000 in 28 days. Gold prices by carat Gold prices in major cities of the country 4 Reasons Why Gold Prices Are Different in Different Cities Transportation and Security: Gold transportation from one city to another involves fuel and security costs. As distance from import centers increases, transportation costs rise, leading to higher local prices.
Purchase Volume: In regions like South India with higher consumption (around 40%), jewelers buy gold in large quantities, allowing them to pass on bulk discount benefits to customers through lower prices.
Local Jewelry Associations: Each state and city has its own jewelry associations (like Madras Jewelers Association in Tamil Nadu) that set gold rates based on local demand and supply.
Old Stock and Purchase Price: The rate at which jewelers bought their stock matters. Those with older stock purchased at lower rates can offer customers better prices. Gold price journey: From ₹1.76 lakh to ₹1.44 akh Gold showed strength at the beginning of this year, but in the last few weeks it has declined due to profit booking and the Iran war. Massive Crash in Silver Prices: From ₹3.86 lakh to ₹2.01 lakh Silver has seen much more volatility compared to gold. It has come down very rapidly from its all-time high. Gold is cheaper by ₹32,406 and Silver by ₹1.60 lakh from All Time High Main reason for decline: Trust ‘Cash’ over metals Usually, gold and silver prices rise during times of war, but this time the situation is slightly different: According to commodity expert Ajay Kedia, this decline in gold-silver prices may continue further. In such a situation, investors should avoid investing in gold and silver for now. Keep these 2 things in mind while buying gold from jewellers 1. Buy only certified gold: Always buy certified gold with Bureau of Indian Standards (BIS) hallmark. This number can be alphanumeric like AZ4524. Hallmarking indicates how many carats the gold is. 2. Cross-check prices: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (like India Bullion and Jewellers Association website). Gold rates vary according to 24 carat, 22 carat and 18 carat. 4 ways to identify real silver Magnet Test: Real silver does not stick to magnets. If it sticks, it’s fake. Ice Test: Place ice on silver. Ice will melt very quickly on real silver. Smell Test: Real silver has no odor. Fake silver may have a copper-like smell. Cloth Test: Rub silver with white cloth. If it leaves a black mark, it’s real.