Gold and silver rates today:24-carat gold drops to ₹1,55,125 per 10 grams; check city rates

Gold and silver prices dropped in India on August 31. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold fell by ₹4,453 to ₹1,55,125 per 10 grams, while silver fell by ₹8,437 to ₹2,35,455 per kilogram. Gold and Silver Prices Decline Today Precious metal prices recorded a decline in the domestic market on Monday. Data from IBJA shows that 24-carat gold was priced at ₹1,55,125 per 10 grams, while 22-carat gold stood at ₹1,42,095 per 10 grams. Lower-purity gold, including 18-carat and 14-carat, also traded lower. Silver prices mirrored the drop in gold, falling to ₹2,35,455 per kilogram compared to its previous closing rate. Rising Crude Oil Prices Cause Market Drop Market analysts state that the decline in gold and silver prices is linked to a sharp rise in global crude oil prices. Crude oil prices surged following military tension in the Middle East. Reports indicate that US forces attacked an Iranian island in the Strait of Hormuz, while Iran targeted US military bases in Jordan. Higher oil prices created volatility across commodity markets, prompting investors to adjust positions in precious metals. Gold Rates by Purity Level Gold rates vary based on purity levels. 24-carat gold represents pure gold, while 22-carat and 18-carat gold are commonly used for making jewelry. Source: India Bullion and Jewellers Association (IBJA), August 31, 2026 24-Carat Gold Rates Across Major Indian Cities Gold prices differ across states due to local taxes, transport costs, and supply conditions. Source: Goodreturns, August 31, 2026 Gold Down ₹21,000 and Silver Down ₹1.51 Lakh From Peaks Both metals have shown significant price movements throughout 2026. Gold started the year at ₹1,33,195 per 10 grams on December 31, 2025, and reached a high of ₹1,76,000 on January 29, 2026. Since reaching that peak, gold has decreased by ₹21,000 per 10 grams. Silver began the year at ₹2,30,420 per kilogram on December 31, 2025, before touching an all-time high of ₹3,86,000 on January 29, 2026. From its peak, silver has declined by ₹1,51,000 per kilogram. Source: India Bullion and Jewellers Association (IBJA) Why Gold Rates Vary Across Cities Gold prices are not uniform across India. Four main factors cause price differences between cities: Transportation and Security Costs: Moving physical gold across states involves freight and security charges. Longer distances increase retail costs. Regional Purchase Volumes: South India accounts for nearly 40% of India’s gold consumption. Large volume purchases by local jewelers alter regional supply dynamics. Jewelry Association Decisions: State and local jeweler associations adjust rates daily according to regional market demand and supply. Inventory Purchase Rates: The price at which a jeweler buys their old stock affects the final price offered to retail customers. Key Guidelines for Buying Gold Buyers should check three main factors before purchasing gold items: Verify BIS Hallmarking: Ensure the gold item carries a Bureau of Indian Standards (BIS) hallmark and a unique alphanumeric code, such as AZ4524. This confirms purity. Check Daily Market Rates: Cross-check the official weight and day-of-purchase rate on the IBJA website to avoid paying extra for 24-karat, 22-karat, or 18-karat gold. Negotiate Making Charges: Making charges cover labor expenses for craftwork. These fees are flexible, and buyers can ask jewelers for an itemized cost breakdown.