There is a fall in the prices of gold and silver on July 17. According to India Bullion and Jewelers Association (IBJA), 10 grams of 24 carat gold has fallen by Rs 415 to Rs 1,41,264 lakh. Earlier on July 16, it was at Rs 1,41,679 lakh.
At the same time, one kg of silver has decreased by Rs 797 to Rs 2,16,637, which was Rs 2,17,434 lakh on Thursday. Gold prices have fallen by Rs 2,104 and silver prices by Rs 3,753 this week. On July 10, gold was ₹1,43,368 per 10 grams and silver was ₹2,20,390 per kg.
Silver fell by Rs 1.69 lakh from all time high
This year, there are continuous fluctuations in the prices of gold and silver. On December 31, 2025, the price of gold was Rs 1.33 lakh, which increased to the highest level of Rs 1.76 lakh on January 29. Since then, gold has become cheaper by Rs 34,857.
At the same time, the price of silver was Rs 2.30 lakh on December 31, 2025, which reached an all-time high of Rs 3.86 lakh on January 29. Since then, silver has become cheaper by Rs 1,69,296 lakh in 169 days.
Import duty on gold and silver increased from 6% to 15%
The Central Government has increased the duty on import of gold and silver from 6% to 15%. The aim of the government is to reduce foreign purchases and reduce the pressure on the country’s foreign exchange reserves. The government has taken this decision amid the US-Iran war.
The government has imposed 10% basic custom duty and 5% Agriculture Infrastructure and Development Cess (AIDC) on gold. In this way the total effective tax becomes 15%. Earlier, in the budget of 2024, Finance Minister Sitharaman had reduced the import duty from 15% to 6%.
Keep these 2 things in mind while buying gold from jewelers
- Buy only certified gold: Always buy certified gold bearing the hallmark of Bureau of Indian Standards (BIS). This number can be alphanumeric i.e. something like this – AZ4524. Hallmarking shows how many carats the gold is.
- Price Cross Check: Cross-check the correct weight of gold and its price on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to 24 carat, 22 carat and 18 carat.
4 ways to identify real silver
- Magnet Test: Real silver does not stick to magnets. If it sticks then it is fake.
- Ice Test: Place ice on silver. Ice melts faster on real silver.
- Smell Test: Real silver has no smell. Fakes smell like copper.
- Cloth Test: Rub the silver with a white cloth. If a black mark appears then it is real