Patna, June 17: Gold and silver prices declined on Tuesday, June 17, according to data released by the India Bullion and Jewellers Association (IBJA). The price of 24-carat gold fell by Rs 558 to Rs 1.50 lakh per 10 grams, while silver dropped by Rs 744 to Rs 2.48 lakh per kilogram.
The fall comes after a prolonged rally in precious metals that has pushed both gold and silver to record or near-record levels in recent months. Despite the day’s decline, prices remain substantially higher than they were at the beginning of the year.
Gold remains Rs 17,000 higher than year-end levels
IBJA data shows that 10 grams of gold was priced at Rs 1.33 lakh on December 31, 2025. The current rate of Rs 1.50 lakh represents an increase of around Rs 17,000, or nearly 13%, over the period.
Silver has also recorded strong gains in 2026. The metal was trading at Rs 2.30 lakh per kilogram at the end of last year and has since climbed to Rs 2.48 lakh, reflecting an increase of Rs 18,000 per kilogram.
The sustained rise in prices has been driven by global economic uncertainty, investor demand for safe-haven assets and expectations regarding interest rate movements in major economies.
Wells Fargo raises gold outlook
US-based banking and financial services group Wells Fargo has increased its long-term target for gold prices to between $6,100 and $6,300 per ounce. Based on prevailing exchange rates, that projection implies gold could rise to as much as Rs 1.93 lakh per 10 grams in the future.
Market analysts have pointed to continued central bank purchases, geopolitical tensions and investor demand as factors supporting higher gold prices over the long term. Patna Press could not independently verify Wells Fargo’s price forecast.
Silver is also attracting attention from investors due to its growing industrial applications. Demand from sectors such as solar energy, electronics and electric vehicle manufacturing, combined with supply constraints, has strengthened the metal’s long-term outlook.
What Bihar consumers should know
The movement in gold and silver prices is particularly relevant for consumers in Bihar, where purchases of precious metals typically increase during wedding seasons and major festivals. Higher prices can affect household budgets, jewellery purchases and investment decisions.
Jewellers and industry experts advise buyers to verify both purity and prevailing market rates before making purchases, especially during periods of price volatility.
Tips for buying gold
Consumers planning to purchase gold should ensure that jewellery carries a valid Bureau of Indian Standards (BIS) hallmark. The hallmark includes an alphanumeric code that certifies the purity of the metal and helps protect buyers against misrepresentation.
Experts also recommend checking the day’s market rate through reliable sources, including IBJA data, before making a purchase. Gold prices vary depending on purity levels, including 24-carat, 22-carat and 18-carat categories.
How to identify genuine silver
Jewellery experts suggest several basic checks that may help consumers identify genuine silver products.
A magnet test can indicate authenticity because pure silver does not stick to magnets. An ice cube placed on genuine silver typically melts faster due to the metal’s high thermal conductivity.
Consumers can also check for unusual metallic odours, which may indicate the presence of other metals such as copper. Another commonly used method involves rubbing the item with a white cloth; a dark mark can indicate the presence of silver.
What happens next
Market participants will continue to monitor global economic data, central bank policies and industrial demand trends for clues about the direction of precious metal prices. While short-term fluctuations remain likely, analysts expect gold and silver to remain closely watched investment assets through the remainder of 2026.
