New Delhi: Gold and silver prices declined on February 11 after rising for two consecutive sessions, according to data released by the India Bullion and Jewellers Association (IBJA).
Silver fell by Rs 1,000 to Rs 2.58 lakh per kilogram, compared with Rs 2.59 lakh on Tuesday. Despite the recent recovery, silver remains about Rs 1.28 lakh below its all-time high of Rs 3.86 lakh per kilogram recorded on January 29.
Gold prices also edged lower. The price of 10 grams of 24-carat gold slipped by Rs 142 to Rs 1.56 lakh. On February 10, the rate had stood at roughly the same level. Gold is currently about Rs 20,000 below its peak of Rs 1.76 lakh per 10 grams, also touched on January 29.
IBJA rates exclude 3% GST, making charges and jewellers’ margins, which means retail prices may vary across cities. The association’s rates are used by the Reserve Bank of India to determine Sovereign Gold Bond pricing, and are also referenced by banks when setting gold loan rates.
What buyers should keep in mind
Market experts advise consumers to take certain precautions when purchasing gold:
- Buy hallmarked jewellery: Always opt for gold certified by the Bureau of Indian Standards (BIS). Hallmarking, usually marked with an alphanumeric code such as AZ4524, certifies purity and carat value.
- Cross-check daily prices: Verify the day’s gold rate and the exact weight before purchase. Prices differ for 24-carat, 22-carat and 18-carat gold, and should be checked against reliable sources such as the IBJA website.
How to identify genuine silver
Consumers can also use simple checks to assess silver authenticity:
- Magnet test: Genuine silver does not stick to a magnet.
- Ice test: Ice melts faster on real silver due to its high thermal conductivity.
- Smell test: Pure silver has no distinct smell, unlike alloys containing copper.
- Cloth test: Rubbing silver with a white cloth may leave a black mark, a sign of oxidation typical of real silver.
Analysts say bullion markets remain volatile, with prices continuing to react to global cues and investor sentiment.
