Gold and silver prices have declined ahead of the festive season, offering some relief to buyers planning jewellery purchases. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold became cheaper by ₹3,004 per 10 grams this week, while silver prices dropped by more than ₹10,000 per kilogram.
Despite the recent correction, gold remains expensive, with the price of 24K gold standing at ₹1,46,426 per 10 grams. The decline comes as consumers prepare for festive shopping, a period when demand for gold jewellery traditionally receives considerable attention.
Investors are also exploring alternatives to physical jewellery, including gold exchange-traded funds (ETFs) and digital gold. Here is a closer look at the latest prices and the recent movement in the precious metals market.
Gold and Silver Rates: Latest Prices for 24K, 22K and 18K Gold
According to IBJA figures provided for this report, gold prices have fallen across different purity levels. Silver has also recorded a substantial weekly decline.
| Precious metal | Previous price | Latest price | Weekly decline |
|---|---|---|---|
| 24K gold, per 10 grams | ₹1,49,430 | ₹1,46,426 | ₹3,004 |
| 22K gold, per 10 grams | ₹1,36,878 | ₹1,34,126 | ₹2,752 |
| 18K gold, per 10 grams | ₹1,12,073 | ₹1,09,820 | ₹2,253 |
| Silver, per kilogram | ₹2,21,109 | ₹2,10,918 | ₹10,191 |
The figures indicate that both gold and silver have become cheaper compared with their previous reported levels. However, the final price paid for jewellery may vary depending on the applicable taxes, making charges and seller.
Why Are Gold and Silver Prices Falling?
Market conditions, including movements in crude oil prices, the US dollar and interest-rate expectations, can influence the prices of precious metals.
According to the information provided, rising crude oil prices have contributed to an increase in the value of the US dollar, putting pressure on gold and silver. Concerns about inflation and the possibility of higher interest rates have also encouraged some investors to sell their holdings.
Gold prices in India were around ₹1.75 lakh per 10 grams in January 2026. Following a rise in August, domestic prices had declined by 4.6% by September 11. Changing expectations about the US Federal Reserve’s interest-rate policy were also reflected in market movements.
Silver Prices on MCX: How Much Has the Metal Fallen?
Silver futures on the Multi Commodity Exchange (MCX), with a December 4 expiry, closed at ₹2,11,418 per kilogram last Friday. On the final trading day of the previous week, the contract had been trading at ₹2,25,755 per kilogram.
This represents a decline of ₹14,337 per kilogram over the reported period.
Silver has also moved considerably lower from its reported peak. In January 2026, silver futures reached a record high of ₹4,20,048 per kilogram, crossing the ₹4 lakh mark for the first time, according to the supplied figures.
At the reported price of ₹2,11,418 per kilogram, silver is ₹2,08,630 below that peak.
MCX Gold Rates: Prices Decline by ₹3,499
Gold futures have also recorded a fall on the MCX. On October 9, the December 4 expiry contract for 24-carat gold was priced at ₹1,51,499 per 10 grams.
By the following Friday, the price had dropped to ₹1,48,000 per 10 grams, representing a decline of ₹3,499.
The recent movement highlights the volatility in precious metal prices. Buyers planning festive purchases should compare current rates and remember that market prices can change from one trading session to another.
Disclaimer
This article is intended for general informational purposes only and is based on the price figures supplied for the report. Gold and silver rates fluctuate with market conditions and may vary by location, seller and purity. The quoted rates may exclude GST, making charges and other applicable costs. Readers should verify the latest IBJA rates, MCX prices and local jeweller quotations before making purchasing or investment decisions. This article does not constitute financial or investment advice.