Gold, silver prices plunge:Yellow metal slides to ₹1.52 lakh/10 gm; silver down by over ₹3,400/kg; check latest rates purity guide

In a major development for precious metal buyers, gold and silver prices witnessed a sharp decline today. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by ₹972, bringing the rate down to ₹1.52 lakh per 10 grams. Silver witnessed an even steeper correction, plunging by ₹3,414 to settle at ₹2.34 lakh per kilogram. 2026 Market Outlook: A Year of High Volatility Despite today’s correction, both gold and silver have registered substantial gains overall in 2026. Gold’s Rally: Gold has grown by ₹19,000 so far this year. On December 31, 2025, 10 grams of 24-carat gold was priced just above ₹1.33 lakh, compared to today’s price of ₹1.52 lakh. Silver’s Steady Rise: Silver has seen a net increase of ₹4,000 this year, rising from ₹2.30 lakh per kg on December 31, 2025, to ₹2.34 lakh per kg today. All-Time Highs: Earlier this year, on January 29, 2026, both metals hit historic peaks, with gold touching an all-time high of ₹1.76 lakh per 10 grams and silver peaking at ₹3.86 lakh per kg. Consumer Guide: 2 Crucial Things to Check Before Buying Gold With prices fluctuating, industry experts advise retail consumers to remain vigilant when purchasing jewelry: Insist on Certified Gold (HUID): Always purchase gold certified by the Bureau of Indian Standards (BIS). Look for the unique six-digit alphanumeric Hallmark Unique Identification (HUID) number (e.g., AZ4524) stamped on the jewelry. This guarantees the purity and carat of the gold. Cross-Check Daily Rates: Gold prices vary significantly based on purity—24-carat (pure gold), 22-carat (standard jewelry gold), and 18-carat. Always cross-verify the day’s official rates on trusted platforms like the IBJA website before finalizing your purchase. Smart Tips: 4 Easy Ways to Test the Purity of Silver at Home If you are buying silver coins, utensils, or jewelry, you can perform these quick tests to verify their authenticity: The Magnet Test: Pure silver is non-magnetic. If your silver item is attracted to a strong magnet, it is likely mixed with base metals or is entirely fake. The Ice Test: Silver has the highest thermal conductivity of any metal. Place an ice cube directly on the silver item; if it begins to melt extraordinarily fast (faster than at room temperature), the silver is genuine. The Smell Test: Pure silver is completely odorless. If the item emits a distinct metallic or copper-like smell, it contains high levels of alloy impurities. The Cloth Test: Gently rub the silver item with a clean white microfiber cloth. If a black residue or mark appears on the cloth, it indicates that the silver is real and has oxidized naturally upon contact with air.