Today, on July 3, the prices of gold and silver increased for the fourth consecutive day. According to the India Bullion and Jewelers Association (IBJA), the price of 10 grams of 24 carat gold rose by ₹3,104 to ₹1,46,107. Earlier on Thursday, the price was Rs 1,43,003 per 10 grams. Meanwhile, silver price rose by ₹ 4,504 to ₹ 2,33,354 per kg; On July 2, its price was Rs 2,28,850 per kg. In the last four days, gold has increased by Rs 4,686 and silver by Rs 13,374. Earlier on Monday, gold was at Rs 1.41 lakh and silver at Rs 2.2 lakh.
4 reasons for change in gold prices in cities
Transportation and security: Fuel and security costs are added when transporting gold between cities, causing prices to increase with distance.
Purchasing Volume: Due to higher consumption in South India (about 40%), jewelers purchase in bulk, although discounting benefits remain limited.
Local jewelry associations: State and city jewelry associations set rates based on local supply and demand.
Old Stock and Purchase Price: The rate at which jewelers buy metal determines the selling price offered to customers.
This year the price of gold has increased by Rs 12,908 and that of silver by Rs 2,934.
This year, there are continuous fluctuations in the prices of gold and silver. Till now gold has become costlier by Rs 12,908 and silver by Rs 2,934. The price of 10 grams of gold on December 31, 2025 was ₹1.33 lakh; It has now reached Rs 1.46 lakh. At the same time, on December 31, 2025, the price of silver was Rs 2.30 lakh per kg, which has now increased to Rs 2.33 lakh. During this period, on January 29, gold reached the highest level of Rs 1.76 lakh, while silver reached the highest level of Rs 3.86 lakh.
**Import duty on gold and silver increased from 6% to 15%*
In May 2026, the central government increased the import duty on gold and silver from 6% to 15%. Its objective is to curb foreign purchases and reduce pressure on the country’s foreign exchange reserves. The government has imposed 10% basic customs duty and 5% Agriculture Infrastructure and Development Cess (AIDC) on gold, taking the total effective tax to 15%. Earlier, Finance Minister Sitharaman had reduced the import duty from 15% to 6% in the budget of 2024.
**License required for import of foreign jewelery**
Additionally, the government has moved gold, silver and platinum jewelery from ‘free’ category to ‘restricted’ category. This has had a direct impact on the supply in the market and the prices of gold and silver have increased. According to a notification issued by the Directorate General of Foreign Trade (DGFT), importing jewelery made of these precious metals from any country will now require a special license or permission from the government. The government has taken this step to prevent misuse of Free Trade Agreements (FTA).
**Keep these 2 things in mind while buying gold from jewelers*
1. Buy only certified gold: Always buy certified gold with Bureau of Indian Standards (BIS) hallmark. This symbol consists of an alphanumeric code – for example, AZ4524. Hallmarking reveals the purity (karatage) of gold.
2. Double check the price: Check the actual weight of gold and its price on the day of purchase using various sources (such as the website of the India Bullion and Jewelers Association). Gold rates vary depending on 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 so then it is fake.
Ice test: Place ice on silver; Ice melts quickly on real silver.
Smell Test: Real silver is odorless, while fake silver may smell like copper.
Cloth test: Rubbing silver with a white cloth; If black marks are seen then it is real.