Gold, silver prices slump:24k gold slides to ₹1.53 lakh/10 gm; silver plummets by over ₹5,700/kg; is this a buying opportunity?

Precious metals witnessed a sharp correction in the domestic market today, bringing some relief to retail buyers and investors. According to the India Bullion and Jewellers Association (IBJA), silver prices plummeted by ₹5,772 per kilogram, while 24-carat gold fell by ₹1,196 per 10 grams. Following today’s price revision, one kilogram of silver is retailing at ₹2.27 lakh, while 10 grams of 24-carat gold is priced at ₹1.53 lakh. Gold vs. Silver: How Have They Performed in 2026 So Far? Despite today’s intraday correction, precious metals have maintained a strong upward trajectory throughout 2026, characterized by high volatility and historic peaks. Gold’s Stellar Run: Gold has grown by approximately ₹20,000 per 10 grams this year. On December 31, 2025, gold was trading at ₹1.33 lakh, compared to today’s price of ₹1.53 lakh. Earlier this year, on January 29, gold hit an all-time high of ₹1.76 lakh. Silver’s Volatile Ride: Silver has seen a minor year-to-date (YTD) decline of ₹3,000, slipping from ₹2.30 lakh on December 31, 2025, to ₹2.27 lakh today. However, the metal saw massive speculative action earlier in the year, touching a historic lifetime high of ₹3.86 lakh on January 29. Price Comparison Table Expert Take: Is This the Right Time to Invest? With prices cooling down significantly from their January peaks, retail investors are wondering if they should buy the dip or wait for further correction. According to Ajay Kedia, Director at Kedia Advisory, this correction offers a healthy entry point. Gold and silver prices have corrected significantly from their historic highs. While this is an opportune time to accumulate, investors should avoid deploying lump-sum capital. Instead, a staggered investment or SIP-style approach is highly recommended. -Ajay Kedia, Director at Kedia Advisory Looking ahead, Kedia remains bullish on the long-term prospects of precious metals, projecting that gold could test the ₹1.60 lakh mark and silver could rally back to ₹2.80 lakh by the end of the year. Smart Buyer’s Guide: 3 Things to Keep in Mind When Buying Gold If you are planning to leverage this price drop to buy gold jewelry, keep these three essential tips in mind to avoid being overcharged: Insist on BIS Hallmarking (HUID): Never buy un-hallmarked gold. Ensure the jewelry features the Bureau of Indian Standards (BIS) logo along with the unique 6-digit alphanumeric Hallmarking Unique ID (HUID) (e.g., AZ4524). This guarantees the purity of the gold. Cross-Verify Daily Rates: Gold rates fluctuate daily and vary based on purity (24k, 22k, or 18k). Always cross-check the prevailing daily rate on trusted platforms like the IBJA website before finalizing your purchase. Negotiate the Making Charges: Making charges are highly subjective and vary from jeweler to jeweler. Unlike the price of gold, making charges are not fixed. Do not hesitate to negotiate these charges, especially on high-value purchases, and ask for a transparent breakdown of labor costs.