Patna: Gold and silver prices declined on July 7, extending the downward trend seen over the past month, according to data released by the India Bullion and Jewellers Association (IBJA)
The price of 24-carat gold fell by Rs 1,442 to Rs 1.44 lakh per 10 grams, while silver declined by Rs 4,408 to Rs 2.29 lakh per kilogram.
Prices Continue June Correction
The latest fall follows a broader decline in June, when gold prices dropped by around Rs 15,000 per 10 grams and silver fell by approximately Rs 38,000 per kilogram.
Market data show that bullion prices have remained volatile in 2026 after reaching record highs earlier in the year.
Gold And Silver Retreat From Record Highs
Gold was priced at around Rs 1.33 lakh per 10 grams on December 31, 2025, before rising to an all-time high of Rs 1.76 lakh on January 29. Since then, the price has fallen by about Rs 32,000.
Silver has witnessed a sharper correction. It was priced at Rs 2.30 lakh per kilogram at the end of 2025 and climbed to a record Rs 3.86 lakh on January 29. Over the following 159 days, the price declined by around Rs 1.57 lakh per kilogram.
Factors Behind The Decline
Market analysts attribute the recent fall in bullion prices to several factors.
A reported easing of geopolitical tensions following a ceasefire agreement involving the United States and Iran has reduced demand for traditional safe-haven assets such as gold and silver.
The strengthening of the US dollar after signals from the US Federal Reserve has also weighed on precious metal prices, as a stronger dollar generally makes gold and silver more expensive for international buyers.
Analysts also cited profit-booking after bullion touched record highs earlier this year, along with selling pressure in gold and silver exchange-traded funds (ETFs), as contributing factors behind the decline.
What Buyers Should Check Before Purchasing Gold
Consumers planning to buy gold should ensure that the jewellery carries a Bureau of Indian Standards (BIS) hallmark, which certifies its purity.
Buyers are also advised to compare the day’s market price with the quoted rate and verify the weight and purity of the jewellery before making a purchase.
How To Check Silver Authenticity
Jewellers recommend simple checks to verify silver, including testing whether it is attracted to a magnet, observing how quickly ice melts on its surface and checking for any unusual odour.
Another commonly used method involves rubbing the silver with a white cloth. Genuine silver often leaves a dark mark because of natural oxidation.
