The bullion market witnessed a slight correction on Thursday with both gold and silver prices dipping after days of sharp gains. According to the India Bullion and Jewellers Association (IBJA), gold fell by ₹270 per 10 grams while silver declined by ₹320 per kilogram. Despite the dip, the overall trend in September so far remains bullish, with gold becoming costlier by ₹3,363 per 10 grams and silver soaring by ₹5,328 per kilogram over just the past four trading sessions.

Current Gold and Silver Rates

As per IBJA’s morning update, gold opened at ₹105,751 per 10 grams and silver at ₹122,900 per kilogram. On the last trading day of August, gold closed at ₹102,388 per 10 grams, while silver closed at ₹117,572 per kilogram. This sharp rise in just a few days reflects continued investor confidence and high demand in the bullion market.

When including GST, prices for gold and silver in the sarrafa market become even higher. With GST, gold is priced at ₹108,923 per 10 grams, while silver reaches ₹126,979 per kilogram. On Monday, silver without GST had closed at ₹123,220 per kilogram and gold at ₹106,021 per 10 grams.

Notably, 24-carat gold reached a record ₹106,021 per 10 grams on Wednesday before the slight correction.

Gold Price by Carat on September 4

IBJA’s breakdown for carat-wise rates shows how prices have shifted today.

23-carat gold opened ₹268 lower at ₹105,328 per 10 grams. With GST, its price stands at ₹108,487 per 10 grams, excluding making charges.

22-carat gold fell by ₹247 and now costs ₹96,868 per 10 grams. After GST, this rate becomes ₹99,774 per 10 grams.

18-carat gold declined by ₹202 to open at ₹79,313 per 10 grams. Adding GST, the rate rises to ₹81,692 per 10 grams.

Meanwhile, 14-carat gold, which is widely popular for lightweight jewelry, is now priced at ₹63,719 per 10 grams inclusive of GST.

Silver Price Movements

Silver, like gold, saw a slight dip today, losing ₹320 per kilogram. However, silver has seen a steep upward movement in the broader trend of September, gaining over ₹5,300 per kilogram since the start of the month.

With GST, silver prices climb further in the sarrafa market. The IBJA has been consistently reporting a strong upward momentum in silver over the past year, reflecting growing industrial demand alongside its use in jewelry.

IBJA’s Role in Bullion Rate Announcements

The India Bullion and Jewellers Association (IBJA) issues gold and silver rates twice daily, around 12 PM and 5 PM. These rates form the benchmark for jewelry shops and bullion traders across the country. However, retail prices in local markets may differ from IBJA rates by ₹1,000 to ₹2,000 depending on region, demand, and making charges.

Year-to-Date Price Movements

The year 2025 has been remarkable for precious metals. Since the beginning of the year, gold has gained approximately ₹30,011 per 10 grams, while silver has become costlier by ₹36,888 per kilogram.

On December 31, 2024, gold opened at ₹76,045 per 10 grams and closed the day at ₹75,740 per 10 grams. Silver, on the same day, opened at ₹85,680 per kilogram and closed slightly higher at ₹86,017 per kilogram.

Since then, both metals have seen a significant rally, driven by global economic uncertainty, inflationary pressures, and strong investor interest in safe-haven assets.

Factors Driving the Market

The surge in gold and silver prices this year can be attributed to multiple global and domestic factors. Internationally, volatility in stock markets and concerns over economic slowdown have increased demand for gold as a safe-haven investment. Silver, meanwhile, is benefiting not only from its investment appeal but also from rising industrial demand, particularly in electronics and renewable energy sectors.

Domestically, seasonal demand for jewelry, particularly in the lead-up to festivals like Diwali, Dhanteras, and the wedding season, continues to push demand higher. The depreciating rupee against the dollar also plays a role in keeping domestic prices elevated.

Investor Outlook

For investors, gold remains a preferred choice during uncertain times. The consistent upward trajectory of gold in 2025, despite minor fluctuations, suggests long-term confidence. Silver’s dual demand from both industrial and investment sides makes it an attractive option for those seeking higher returns, albeit with greater volatility.

Financial advisors continue to recommend allocating a portion of portfolios to precious metals, citing their potential to hedge against inflation and market risk.

Impact on Consumers

For jewelry buyers, the sharp rise in gold prices has made ornaments more expensive. Many families planning for weddings and festivals are now facing higher budgets. On the other hand, investors who bought gold earlier are seeing strong returns.

Silver jewelry and utensils, traditionally popular during festivals, are also becoming costlier. The significant rise in silver’s price per kilogram is being felt across households, especially during events where silver gifting is customary.

Gold and silver prices on September 4, 2025, witnessed minor corrections with gold falling by ₹270 per 10 grams and silver by ₹320 per kilogram. However, the overall trend remains bullish, with both metals having gained significantly since the start of September and throughout 2025.

With gold now hovering near ₹106,000 per 10 grams and silver above ₹122,000 per kilogram, the bullion market continues to remain strong. Seasonal demand, global uncertainty, and investor confidence are expected to keep prices elevated in the near future.

As the festive season approaches, buyers and investors alike will closely monitor daily fluctuations. While consumers may feel the pinch of higher prices, investors holding gold and silver are already witnessing impressive gains.