On 1 August, both gold and silver prices continued their downward trend in India’s bullion market. Gold dropped further while silver also declined moderately. The price movements come as part of ongoing fluctuations observed in the precious metals market over the past few weeks.

In major markets, 24-carat gold was selling at ₹100910 per 10 grams with GST. Meanwhile, silver was priced at ₹113104 per kilogram, also inclusive of GST. These prices reflect a clear decline from recent highs.

Gold has now fallen ₹2562 per 10 grams from its all-time high level. Silver too has dropped sharply by ₹6040 per kg, compared to its peak. These corrections are being closely monitored by investors and traders in the bullion segment.

Gold Price Today: Slips Further from All-Time High

As per market rates on 1 August, gold prices have dropped by ₹563 per 10 grams. This brings the base rate of 24-carat gold to ₹97971 per 10 grams without GST. Including GST, the same gold is being sold at ₹100910 per 10 grams.

Just a day earlier, gold had closed at ₹98534 per 10 grams. With the latest movement, gold has now dropped from its all-time high of ₹100533 to ₹97971. The total decline stands at ₹2562 per 10 grams from its peak.

This price drop has triggered cautious sentiment among gold buyers. While demand remains steady, many investors are waiting for prices to stabilize before making fresh purchases.

Silver Price Falls ₹140 in a Day

Silver prices have also seen a drop of ₹140 per kilogram on 1 August. The current silver price stands at ₹109810 per kg in the spot market. Including GST, silver is now priced at ₹113104 per kg.

On the previous day, silver closed at ₹109950 per kg without GST. In comparison to its all-time high of ₹115850 per kg on 23 July, silver has now dropped ₹6040 per kilogram.

Silver had shown strong upward momentum in July, but the current correction has brought some relief for retail buyers and industrial users alike.

23-Carat Gold Price Today

The price of 23-carat gold also saw a decline of ₹560 per 10 grams on 1 August. The rate opened at ₹97579 per 10 grams, excluding GST. With GST, the price has now reached ₹100506 per 10 grams. The current rate still excludes making charges applied by individual jewellers.

22-Carat Gold Rate Update

The 22-carat gold rate dropped ₹516 per 10 grams today. It is now being sold at ₹89741 per 10 grams in base value. After adding GST, the price stands at ₹92433 per 10 grams.

22-carat gold is generally preferred for jewellery purposes. The fall in price may encourage some seasonal buying, especially with the festive season approaching.

18-Carat and 14-Carat Gold Prices

In the lower purity segment, 18-carat gold opened ₹423 cheaper at ₹73478 per 10 grams. After applying GST, the rate has reached ₹75682 per 10 grams. Similarly, 14-carat gold, which is used in lightweight ornaments, has dropped to ₹59032 per 10 grams with GST included.

The consistent dip in prices across categories reflects the broad-based trend in the bullion market this week.

Gold vs Silver Trends in July 2025

Despite the recent fall, both gold and silver had seen notable gains in July. Gold jumped ₹2085 per 10 grams over the month. In comparison, silver outperformed gold, rising by ₹4440 per kilogram in the same period.

According to the India Bullion and Jewellers Association (IBJA), gold was priced at ₹95886 per 10 grams on 30 June. Silver closed at ₹105510 per kg on the same day. These prices do not include GST.

The sharp increase in silver rates during July had created strong buying interest, especially from industrial and export segments. However, the latest drop is being interpreted as a technical correction.

Spot Prices and Local Variations

IBJA publishes spot rates of gold and silver twice daily — around noon and again in the evening. The rates are considered a national benchmark for traders. However, prices may vary between cities by ₹1000 to ₹2000 due to local market conditions and making charges.

Buyers are advised to check city-specific rates before making any large transactions. Local taxes and dealer mark-ups can cause variation even within the same purity bracket.

Gold and Silver Performance in 2025 So Far

In the broader context, gold and silver have seen significant appreciation in 2025. Gold has surged by ₹22231 per 10 grams since the beginning of the year. Silver, on the other hand, has risen by ₹23793 per kilogram during the same period.

On 31 December 2024, gold opened at ₹76045 per 10 grams, while silver was at ₹85680 per kg. On the same day, gold closed slightly lower at ₹75740, and silver finished at ₹86017 per kg.

These figures suggest that despite short-term volatility, gold and silver continue to be among the best-performing asset classes in 2025.

Market Outlook: What to Expect Ahead

The bullion market is expected to remain volatile in the coming weeks. Global economic indicators, interest rate expectations, and central bank policies will influence gold and silver prices further.

Analysts believe that if inflation pressures persist, gold could see renewed buying. However, short-term corrections like the one seen this week are likely to continue.

Investors are keeping a close eye on the US Federal Reserve, which may alter interest rates in response to economic data. A rise in interest rates often strengthens the dollar, which in turn puts pressure on gold prices.

Silver prices, while tracking gold, are also influenced by industrial demand. Any slowdown in manufacturing or exports can affect silver rates more rapidly than gold.

What This Means for Buyers and Investors

For retail buyers, the dip in prices could be a good opportunity to enter the market. With festivals like Raksha Bandhan and Onam approaching, many households may look to take advantage of the lower prices.

Long-term investors may view this correction as a natural part of the gold price cycle. Historically, every major fall in gold prices has been followed by gradual recovery. However, timing the bottom is difficult, and many prefer to buy in small quantities at regular intervals.

Silver, often seen as a high-risk high-reward investment, may attract more attention due to its relatively lower cost per unit compared to gold.

The latest fall in gold and silver prices on 1 August reflects broader market adjustments. With 24-carat gold selling at ₹100910 per 10 grams and silver at ₹113104 per kg (both including GST), the precious metals are trading below recent highs.

The market is currently navigating through a phase of consolidation. For now, buyers are advised to stay informed and follow daily updates. As always, gold and silver remain safe-haven assets, but timing and strategy are key in volatile times.