New Delhi/Patna: Gold and silver prices extended their downward trend on July 28, offering relief to jewellery buyers and prompting fresh debate over whether the correction presents a buying opportunity for investors.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by Rs 1,907, taking the rate for 10 grams to Rs 1.43 lakh. Silver also witnessed a sharp decline, with the price of one kilogram dropping by Rs 6,543 to Rs 2.18 lakh.
The latest correction comes after months of sharp price swings that have kept bullion markets volatile throughout the year.
Prices Still Higher Than Last Year
Despite the recent fall, gold remains significantly more expensive than it was at the end of 2025.
On December 31, 2025, 10 grams of gold was priced at around Rs 1.33 lakh. Even after the latest decline, the precious metal is still trading about Rs 10,000 higher than those levels.
Silver has followed a different trajectory.
After ending last year at Rs 2.30 lakh per kilogram, its price has fallen by around Rs 12,000 in 2026 to the current level of Rs 2.18 lakh.
A Retreat From Record Highs
The recent declines also mark a significant pullback from the record highs seen earlier this year.
On January 29, gold touched an all-time high of Rs 1.76 lakh per 10 grams, while silver climbed to Rs 3.86 lakh per kilogram.
Although both metals have corrected sharply since then, analysts note that they continue to trade at historically elevated levels.
Should Investors Buy Now?
Commodity market experts believe the correction has improved the investment case for precious metals but caution against investing all at once.
They advise investors to accumulate gradually through staggered purchases, allowing them to average out price fluctuations if volatility continues.
According to a commodity market expert, bullion prices could regain momentum before the end of the year.
He estimates that gold may rise to around Rs 1.60 lakh per 10 grams, while silver could climb to approximately Rs 2.80 lakh per kilogram by year-end.
While such projections remain subject to global economic conditions, inflation trends and central bank policies, the recent correction has drawn renewed attention from investors looking at precious metals as a long-term store of value.
