Today, on June 23, gold and silver prices fell. According to the India Bullion and Jewelers Association (IBJA), the price of one kg silver fell by ₹10,566 to ₹2.27 lakh from ₹2.37 lakh on Monday. At the same time, the price of 10 grams of 24-carat gold decreased by ₹2,522 to ₹1.45 lakh; On June 22 it was ₹1.47 lakh. This month, gold prices have fallen by ₹ 10,748 and silver prices by ₹ 36,015. On June 1, the price of gold was ₹1.56 lakh per 10 grams and the price of silver was ₹2.63 lakh per kg.
4 reasons for change in gold prices in cities
Transportation and security: When transporting gold between cities, fuel and security costs are added, which increases the price as the distance increases.
Purchase Volume: Due to high consumption in South India (about 40%), jewelers purchase gold in large quantities, although discount benefits are limited.
Local Jewelery Association: State and city jewelery associations decide the rates based on local supply and demand.
Old stock and purchase price: The price at which jewelers buy gold determines the selling price to customers.
This year the price of silver fell by ₹ 1.59 lakh
This year, constant fluctuations have been seen in the prices of gold and silver. The price of gold was ₹1.33 lakh on December 31, 2025, which increased to a high of ₹1.76 lakh on January 29. Since then gold has become cheaper by ₹31,333. Whereas on December 31, 2025, the price of silver was ₹2.30 lakh and on January 29, it reached ₹3.86 lakh – which was the highest price of silver till date. Since then, silver prices have fallen by ₹1.59 lakh in 145 days.
**Import duty on gold and silver increased from 6% to 15%**
The central government has increased the import duty on gold and silver from 6% to 15%. The aim of the government is to restrict foreign purchases and reduce the pressure on the country’s foreign exchange reserves. This decision was taken during the ongoing tension between America and Iran. The government has imposed 10% basic custom duty and 5% Agriculture Infrastructure and Development Cess (AIDC) on gold, taking the total effective tax to 15%. Earlier, in the 2024 budget, Finance Minister Sitharaman had reduced the import duty from 15% to 6%.
**Keep these 2 things in mind while buying gold from a jeweler**
**Buy only certified gold:** Always buy certified gold with Bureau of Indian Standards (BIS) hallmark. This number is alphanumeric – eg, AZ4524. Hallmarking reveals the purity (carat) of gold.
**Check Price:** Verify the exact weight and price of gold on the day of purchase from multiple sources (such as the website of India Bullion and Jewelers Association). Gold prices vary depending on the level of purity: 24-karat, 22-karat, and 18-karat.
**4 ways to identify real silver**
**Magnet Test:** Real silver does not stick to a magnet. If it sticks, it’s fake.
**Ice Test:** Place ice on the silver. Ice melts faster on real silver.
**Smell Test:** Genuine silver is odorless. Fake silver often smells like copper.
**Cloth Test:** Rub the silver with a white cloth. If there are black marks, it is genuine.