Today, on May 18, gold and silver prices have fallen. The price of 1 kg silver fell by ₹1,722 to close at ₹2.67 lakh. Earlier, it was priced at ₹2.69 lakh. Meanwhile, according to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24-carat gold fell by ₹389 to ₹1.58 lakh today.
This year gold became costlier by ₹ 24,000 and silver by ₹ 37,000
This year, gold and silver prices are continuously fluctuating. So far in 2026, gold price has increased by ₹24,000 and silver price by ₹37,000. The price of 10 grams of gold on December 31, 2025 was ₹ 1.33 lakh, which has now increased to ₹ 1.58 lakh. Similarly, silver, which was priced at ₹2.30 lakh per kg, has now reached the level of ₹2.67 lakh. During this period – especially on January 29 – gold also touched an all-time high of ₹1.76 lakh, while silver hit a record high of ₹3.86 lakh.
Government increased import duty on gold and silver from 6% to 15%
The central government has increased the import duty on gold and silver from 6% to 15%. The government has imposed 10% Basic Customs Duty and 5% Agriculture Infrastructure and Development Cess (AIDC) on gold.
Keep these 2 things in mind while buying gold from jewelers
1. **Buy only certified gold:** Always buy certified gold, which is hallmarked by the Bureau of Indian Standards (BIS). This hallmarking number is alphanumeric (a combination of letters and numbers) – appearing in a format such as AZ4524. Hallmarking serves to certify the purity (carat value) of gold.
2. **Cross-checking the price:** Verify the correct weight of the gold and its current price on the day of purchase by cross-checking it with multiple sources (such as the website of India Bullion and Jewelers Association). The price of gold varies according to purity of 24-karat, 22-karat and 18-karat.