Gold prices in India dropped sharply on November 30, according to the India Bullion and Jewellers Association (IBJA). The price of 10 grams of gold fell by ₹1,009 to ₹1,19,619, compared to ₹1,20,628 on Wednesday. In contrast, silver prices increased slightly by ₹150, reaching ₹1,46,783 per kilogram, up from ₹1,46,633 the previous day.
Gold and Silver Prices See Major Correction After Record Highs
Earlier this month, on October 17, gold hit an all-time high of ₹1,30,874 per 10 grams, while silver touched ₹1,71,275 per kilogram. Since then, both metals have seen a sharp decline — gold has become cheaper by ₹11,255, and silver has fallen by ₹24,492 in just 13 days.
These fluctuations are based on IBJA rates, which exclude 3% GST, making charges, and jewellers’ margins. That’s why retail prices can vary across different cities. IBJA’s benchmark rates are also used by the Reserve Bank of India (RBI) to determine Sovereign Gold Bond (SGB) prices and by banks to fix gold loan rates.
3 Main Reasons Behind the Fall in Gold and Silver Prices
- End of Festive and Wedding Season Demand
After major Indian festivals such as Dussehra and Diwali, gold and silver demand usually dips. With most weddings and festive purchases completed, seasonal buying has ended. This reduction in domestic demand has directly contributed to the price fall. - Easing of Global Tensions
Precious metals like gold and silver are often called ‘safe-haven assets’, as investors buy them during global uncertainty. However, with geopolitical tensions easing and markets stabilizing, investors have shifted to riskier assets like equities, reducing demand for gold and silver. - Profit Booking and Technical Selling
After the massive rally earlier in the month, many traders and investors began booking profits. Technical indicators such as the Relative Strength Index (RSI) also showed that prices had entered an overbought zone, prompting trend-following traders to sell and push prices lower.
Gold and Silver Still Much Costlier Than Last Year
Despite the recent fall, both gold and silver have seen huge price gains in 2025.
- On December 31, 2024, the price of 10 grams of 24-carat gold was ₹76,162, which means gold has risen by ₹43,457 this year.
- Similarly, silver prices have gone up by ₹60,766 during the same period, climbing from ₹86,017 to ₹1,46,783 per kilogram.
This indicates that while short-term corrections are common, the long-term trend for precious metals remains upward, supported by inflation, currency fluctuations, and global investment demand.
Important Tips Before Buying Gold
- Always Buy Hallmarked Gold
Purchase only BIS-certified (Bureau of Indian Standards) hallmarked gold. Each certified piece carries a unique identification number (for example, AZ4524), confirming its purity and carat value. - Cross-Check Daily Prices
Before buying, verify the day’s live gold rate and the exact weight with reliable sources such as the IBJA website or trusted jewellers. Gold rates differ based on purity levels — 24 carat, 22 carat, and 18 carat — as well as city-wise price variations.
Outlook
Analysts expect gold prices to stay volatile in the coming weeks as global factors, including US inflation data, dollar movement, and bond yields, influence investor sentiment. However, the metal remains a preferred long-term investment option for Indians.
Also read: US-China Trade Truce Brings Temporary Calm — India Faces New Challenges and Opportunities