Patna: Gold and silver prices edged lower on February 20, reversing part of their recent gains, according to data released by the India Bullion and Jewellers Association (IBJA).
The price of 10 grams of 24-carat gold fell by Rs 132 to Rs 1.54 lakh. Meanwhile, one kilogram of silver declined by Rs 792 to Rs 2.45 lakh.
The marginal dip comes amid continued fluctuations in the bullion market, with prices responding to domestic demand and broader market movements.
What Buyers Should Keep In Mind
Market observers advise consumers to exercise caution and verify details carefully before making purchases.
Buy certified gold: Consumers should ensure that gold jewellery carries the Bureau of Indian Standards (BIS) hallmark. The hallmark, which may include an alphanumeric code such as “AZ4524”, certifies the purity and caratage of the gold.
Cross-check prices: Buyers are advised to confirm the exact weight and prevailing market rate on the day of purchase through multiple sources, including the IBJA website. Gold prices vary depending on purity — 24-carat, 22-carat and 18-carat gold are priced differently.
How To Identify Real Silver
Consumers can also use simple checks to verify the authenticity of silver:
- Magnet test: Genuine silver does not stick to a magnet.
- Ice test: Ice melts quickly when placed on real silver due to its high thermal conductivity.
- Smell test: Pure silver is odourless; a metallic or copper-like smell may indicate impurities.
- Cloth test: Rubbing silver with a white cloth may leave a black mark, a sign of authenticity due to oxidation.
Despite the day’s modest decline, bullion prices remain elevated compared with earlier levels, and market watchers expect continued volatility in the weeks ahead.
