Precious metal prices in India have witnessed a sharp decline, with silver falling by ₹15,000 and gold by ₹8,000 over the last 15 days, providing a window of opportunity for buyers.
- Silver prices dropped by ₹4,722 to reach ₹2.29 lakh per kg.
- 24-carat gold prices decreased by ₹1,349 to ₹1.52 lakh per 10g.
- Significant 15-day decline: Silver down ₹15,000, Gold down ₹8,000.
- Forecasts suggest gold may hit ₹1.70 lakh and silver ₹3 lakh by December.
The Indian bullion market witnessed a significant correction today, September 11. According to the India Bullion and Jewellers Association (IBJA), silver prices plummeted by ₹4,722 in a single day, bringing the cost of one kilogram of silver down to approximately ₹2.29 lakh. Simultaneously, 24-carat gold saw a dip of ₹1,349, bringing the price per 10 grams to ₹1.52 lakh.
The short-term trend reveals a steeper decline. Just 15 days ago, on August 28, gold was priced at ₹1.60 lakh and silver at ₹2.44 lakh. This represents a sharp drop of ₹8,000 for gold and ₹15,000 for silver, reflecting heightened volatility in the commodities market.
Historical Context and Annual Trends
The year has been a rollercoaster for precious metals. Since December 31, 2025, when gold was at ₹1.33 lakh per 10g, it has risen by ₹19,000 to reach the current ₹1.52 lakh. Silver, which stood at ₹2.30 lakh per kg at the end of 2025, is currently hovering around ₹2.29 lakh. It is worth noting that on January 29, both metals hit all-time highs, with gold reaching ₹1.76 lakh and silver soaring to ₹3.86 lakh.
Why This Matters
BozokMedia analysis shows that gold continues to be a primary hedge against global economic instability. The consistent accumulation of gold by central banks, including the Reserve Bank of India (RBI), provides a strong floor for prices, preventing a total collapse even during market corrections.
"Gold is supported by central banks worldwide. Even in challenging conditions, the upward trend will persist, potentially pushing gold to ₹1.70 lakh and silver to ₹3 lakh by December." - Anindya Banerjee, Kotak Securities.
Consumer Guide for Gold Buyers
Experts recommend three critical checks before purchasing gold: First, ensure the gold is BIS Hallmarked to verify purity. Second, cross-verify the daily rates using official sources like the IBJA website. Third, negotiate the making charges, as these are not fixed and often vary between jewelers based on the volume of the purchase.
| Metal | Price 15 Days Ago | Current Price | Total Drop |
|---|---|---|---|
| Gold (10g) | ₹1.60 Lakh | ₹1.52 Lakh | ₹8,000 |
| Silver (1kg) | ₹2.44 Lakh | ₹2.29 Lakh | ₹15,000 |
Frequently Asked Questions
1. Is now a good time to buy gold?
Given the current dip and the forecast of a price surge by December, experts suggest that this correction could be a strategic entry point for long-term investors.
2. Why is BIS Hallmarking important?
Hallmarking provides a guarantee of the gold's purity, ensuring that the buyer gets the exact carat value they are paying for, which is crucial for resale value.
