Broadly recovering from the plunge from the past couple of days, the prices of silver increased further to Rs 2.67 lakh per kg on Wednesday, while gold rose to Rs 1.53 lakh per 10 grams, according to the India Bullions website. This recovery comes as a risk-on tone returned to markets and the US dollar weakened, as reported by Bloomberg.

In early Wednesday trading, gold held steady after recouping part of its earlier decline, as bargain hunters moved in following a sharp pullback from recent record levels. The metal traded close to $4,950 an ounce in early dealings, building on a jump of more than 6% in the previous session. By Tuesday’s close, prices were still about 12% below the Jan. 29 all‑time high, yet remained nearly 15% higher for the year. Silver also stabilised alongside gold.

ALSO READ: Gold, Silver Bounce Back: Key Factors Behind The Rally And What Experts Predict

Precious metals surged last month, driven by speculative trading, rising geopolitical tensions, and renewed worries about the Federal Reserve’s autonomy. But that powerful rally abruptly reversed late last week, with silver suffering its largest one‑day decline on record and gold experiencing its steepest fall since 2013. The pullback followed repeated cautions from analysts who warned that prices had risen too far, too fast.

Gold Price Today

In Mumbai, the financial heart of the country, 24-carat gold is retailing at approximately Rs 153,540 per 10 grams. Kolkata follows a similar trend, with its gold rate reported at Rs 153,340. Both cities are ahead of the national capital, Delhi, where the 24-carat rate currently stands at Rs 153,280.

The southern markets continue to record the highest figures in the country. Chennai leads the metros with a peak rate of Rs 153,990, while Hyderabad and Bengaluru follow closely at Rs 153,780 and Rs 153,660 respectively, keeping the price gap between the southern hubs and the northern capital distinct.

Silver Price Today

Here is how the silver rates are unfolding across major Indian hubs today: Mumbai is the epicenter of this price rally. Prices have surged to Rs 267,410 per kg. In the national capital, Delhi, silver is keeping pace with Mumbai, currently priced at Rs 266,950 per kg.

Chennai and Hyderabad are seeing silver trade at approximately Rs 268,190 and Rs 267,830 per kg, respectively. Bengaluru follows closely, with rates hovering around Rs 267,620 per kg. Kolkata is also witnessing a surge with silver currently trading at roughly Rs 267,050.

Gold Rates City-Wise

The following rates are as per 10 grams of gold.

• Mumbai: Rs 153,540

• Delhi: Rs 153,280

• Bengaluru: Rs 153,660

• Chennai: Rs 153,990

• Hyderabad: Rs 153,780

• Kolkata: Rs 153,340

Silver Rates City-Wise

The following rates are as per 1 kg

• Mumbai: Rs 267,410

• Delhi: Rs 266,950

• Bengaluru: Rs 267,620

• Chennai: Rs 268,190

• Hyderabad: Rs 267,830

• Kolkata: Rs 267,050

ALSO READ: Gold, Silver ETFs Rebound Up To 13% After Three-Day Sell-Off As MCX Prices Recover

Nithin Kamath, founder and CEO of Zerodha, sounded a sharp warning after global commodity markets witnessed an unusually severe meltdown that saw silver crash nearly 30% and gold fall around 15% in a single session, with several metals hitting their lower circuits-the maximum allowable daily decline.

In a detailed post on X, Kamath said the volatility was so extreme that it overwhelmed even robust risk-management systems, leaving some traders losing more than their entire initial margin. He described it as one of those rare occasions where neither traders nor brokers have any escape route when markets move faster than controls can respond.

He noted that all major metals hit lower circuits, underscoring the scale of the disruption, while natural gas, in contrast, hit its upper circuit on the same day – highlighting the unpredictability dominating the market.

As a broker, there are rare days when risk management simply doesn’t work, when markets move so violently that traders lose more than their entire initial margin. When this happens, both the trader and the broker are sitting ducks with no way out.

Yesterday was one of those days… pic.twitter.com/lkfeSleky9

— Nithin Kamath (@Nithin0dha) January 31, 2026

Kamath compared it to the 2020 Covid Pandemic period when crude oil prices briefly turned negative – the only other time in Zerodha’s 16-year history when markets behaved with similar intensity. However, he noted that this time the impact was broader, spanning multiple commodities simultaneously.

Kamath warned that such violent movements are not limited to commodities, adding that a similar collapse could occur in equities, recalling how markets behaved during the 2008 financial crisis. “What happened in commodities yesterday can happen in equities too; we saw it in 2008,” he said.

He reiterated that traders often underestimate leverage risk, stressing that years of gains can be erased in one extreme session when markets gap through circuits.

ALSO READ: Gold And Silver Plunge As Wild Swings Rock Metals Markets

Friday’s crash marked one of the steepest declines in precious metals in recent months. Silver futures plunged nearly 17% to Rs 3.32 lakh per kilogram, while gold futures dropped around 9% to Rs 1.54 lakh per 10 grams as investors rushed to book profits amid weak global cues and a stronger U.S. dollar.

Kamath’s cautionary note serves as a stark reminder of the latent risks in leveraged trading and the limits of technical safeguards when markets behave unpredictably. As commodity markets continue to digest the shock, both traders and brokers are likely to revisit their risk frameworks in light of his warning.

 On the Multi Commodity Exchange, gold futures for October delivery jumped ₹520 or 0.46% to touch a lifetime high of ₹1,12,750 per 10 grams. File.
| Photo Credit: Reuters

Gold prices breached the ₹1.11 lakh per 10 grams by jumping ₹799 in the domestic futures market on Monday (September 22, 2025) tracking strong global cues as investors looked ahead to key U.S. inflation data and comments from several Federal Reserve officials this week for further policy guidance.

On the Multi Commodity Exchange (MCX), gold futures for December delivery climbed ₹799 or 0.72% to hit a record high ₹1,11,750 per 10 grams.

However, the most traded precious metal futures for October delivery appreciated ₹761 or 0.69% to ₹1,10,608 per 10 grams. Last week, it had surged to hit a fresh peak of ₹1,10,666 per 10 grams.

Silver, too, witnessed gains to hit record peaks. The white metal futures for March next year delivery rallied ₹2,446 or 1.86% to hit an all-time high of ₹1,33,582 per kilogram.

Similarly, the most traded silver futures for December delivery surged by ₹2,473, or 1.9%, to hit a fresh peak of ₹1,32,311 per kg on the MCX.

Traders said weakness in the rupee and subdued sentiment in the domestic equity markets further supported the bullion prices.

On the global front, gold futures increased by $26.82, or 0.72% to $3,732.62 per ounce. Last week, it rose to hit a lifetime high of $3,744 per ounce.

“Gold prices edged up to hover near record levels, as investors looked ahead to key US inflation data and comments from several Federal Reserve officials this week for further policy guidance,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

Last week, the U.S. Federal Reserve delivered its first rate cut of the year and signalled further reductions ahead as the labour market weakens.

“Markets currently imply two more reductions this year, one in October and another in December, with expectations of continued monetary policy easing providing a major boost to bullion’s 40 per cent surge so far this year,” Mr. Trivedi said.

Gold has also been supported by safe-haven demand amid ongoing geopolitical tensions and concerns over the economic impact of President Donald Trump’s tariffs, alongside robust central bank buying and sustained ETF inflows, he added.

Meanwhile, silver futures for December delivery were trading 2.17% higher at $43.88 per ounce.

“Silver has been carving out a more aggressive trajectory than gold, driven by investment flows, solar panel demand and industrial use in electric vehicles, 5G infrastructure and battery storage,” said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services.

Supply growth has been muted, leaving the market vulnerable to disruptions, she added.

Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services, projected that silver prices in the domestic market have an upside potential to test ₹1,40,000-1,50,000 per kilogram on the commodities bourse.

Published – September 22, 2025 11:35 am IST

Gold imports accounted for $11.7 billion of the $14.2 billion revision in the year’s import bill.
| Photo Credit: Reuters

In what may constitute the steepest revision in India’s trade data in recent times, the Centre has revised India’s import bill for November 2024 by almost six billion dollars to $63.86 billion from the record tally of $70 billion reported as quick estimates by the Commerce Ministry last month, led by a sharp $5 billion downward revision in gold imports.

In fact, India’s overall import bill for the first eight months of 2024-25, which was reckoned to have grown 8.35% at $486.73 billion, has been pared by almost 3% to $472.5 billion, as per data uploaded on the website of the Directorate General of Commercial Intelligence and Statistics (DGCIS) on Wednesday and reviewed by The Hindu. The dramatic revisions triggered alarm among economists, with one terming it as outright ‘statistical harakiri’.

A bulk of this $14 billion drop in the year’s cumulative goods import tally was linked to a revision in the gold import bill from $49.1 billion for April to November 2024, which marked a 49% spike from a year ago, to just $37.4 billion which reflects a mere 13.5% rise.

While gold imports accounted for $11.7 billion of the $14.2 billion revision in the year’s import bill, silver imports accounted for another billion as they were recalibrated to $2.33 billion from $3.28 billion estimated as of December 16. The data revision implies India’s trade deficit this year should be about $14 billion lower than estimated earlier. November’s trade gap remains the worst on record but at around $31.8 billion, from the earlier estimate of $37.84 billion.

October’s import bill has also been revised downward, but by a marginal $0.16 billion to $66.18 billion, which means it still marks India’s highest import bill in a month.

Ajai Srivastava, director of the Global Trade Research Initiative, said the government must explain the rationale behind the revision to ensure India’s economic data retains credibility among investors and financial markets.

Indians traditionally prefer jewellery made in 22-carat gold, which contains 91.7% pure gold, while 18-carat gold contains 75% pure gold and 25% other metals. File.
| Photo Credit: Reuters

Soaring gold prices have led many Indian families to opt for lightweight and lower-carat jewellery to stay within their budgets, industry officials said.

“I wanted to gift my daughter 80 grams of gold, but I was forced to scale it down to 50 grams because of price increase in the past two years,” said Mumbai-based Shubhangi More, choosing a necklace with a traditional design for her daughter’s wedding.

Gold prices in the world’s second biggest buyer of the precious metal have surged 22% so far this year, after rising 15% in 2023.

Most Indian buyers prefer traditional jewellery, but now they want it crafted in lightweight designs to fit their budgets, said Bachhraj Bamalwa, partner at jewellery retailer Nemichand Bamalwa & Sons.

“Recognising this preference, we are stocking more lightweight jewellery sets while scaling down our inventory of heavier designs,” Bamalwa said.

Advances in manufacturing technology have enabled jewellery makers to craft traditional designs in lighter weights, said Sachin Jain, CEO of the World Gold Council’s Indian operations.

Buyers are also switching to lower carat jewellery to reduce costs, jewellers said.

Guddi Devi, a teacher from Jamalpur in the northern state of Bihar, bought 18-carat jewellery for her daughter’s wedding instead of 22-carat.

“I preferred the 18 carats of jewellery because it was cheaper compared to the 22 carats and is much stronger than it,” she said.

Indians traditionally prefer jewellery made in 22-carat gold, which contains 91.7% pure gold, while 18-carat gold contains 75% pure gold and 25% other metals. The price of 18-carat gold is nearly a fifth lower than that of 22-carat gold.

“Lower prices and greater durability are making 18-carat jewellery increasingly popular. Its share in total sales has risen to over 15%, compared to just 5% to 7% two years ago,” said Surendra Mehta, secretary at the India Bullion and Jewellers Association.

Bengaluru:

A team of officials from the South Western Railway successfully recovered and returned a bag containing gold ornaments valued at approximately Rs 5.4 lakh, which was left behind on a Yesvantpur bound train, to a passenger.

Upon receiving information from the Tumakuru outpost regarding a misplaced bag, the railway team promptly sprang into action. The bag was located in the rear general coach of the train at Yesvantpur station, officials said.

The recovered bag contained a mangal sutra weighing 40 grams and valued at approximately Rs. 2,80,000, a necklace weighing 20 grams and valued at Rs. 1,40,000, a pair of earrings weighing 10 grams and valued at Rs. 50,000, and a neck chain weighing 10 grams and valued at Rs 70,000.

“After a thorough verification and documentation process, including photographing the recovered items, the valuables were handed over to the passenger following all legal formalities,” a senior official said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Humanity’s fascination with gold stretches back thousands of years. Gold mining is described in ancient Greek and Roman sources, and gold rushes – especially in the 19th century – played a powerful role in shaping the modern world.

The dense, yellow metal is often found in the veins of the rocky mineral quartz. This is because the two condense together from hot fluids underground as a result of changes in temperature, pressure and chemistry.

Geologists understand this process quite well, but large gold nuggets have been a bit of a mystery. Gold is only dissolved in natural fluids at around one part per million, so how does it concentrate into lumps that weigh tens or even hundreds of kilograms?

As we report today in Nature Geoscience, the answer likely has to do with the unusual electrical properties of quartz – and what happens when an earthquake puts it under pressure.

Quartz under pressure

Quartz is what is called a piezoelectric material. There aren’t many minerals like this on Earth, and quartz is by far the most abundant.

Piezoelectric materials generate an instantaneous electric charge when put under stress – when there is a physical force compressing or stretching them. The bigger the force, the bigger the charge.

Not only did we see gold deposited onto the quartz surface, we also saw it clumping together into nanoparticles. What’s more, once the process began, gold was more likely to be deposited onto existing grains of gold than on quartz.

This actually makes a lot of sense, as quartz is an electrical insulator and gold conducts electricity. The existing gold grains adopt the electric potential from the nearby quartz and become the focus of reactions that deposit gold.

Industrial gold-plating works in much the same way, only here we are gold-plating other gold.

Back to nuggets

Now we know how quartz and gold behave this way in the lab, we can think about geology again.

Some of the most impressive gold nuggets ever found have been in quartz veins where gold-bearing fluids flow through faults in earthquake-prone rock.

During seismic activity, the stress on quartz can generate piezoelectric voltages capable of drawing gold from these fluids. Once deposited, gold becomes the focus of further piezoelectric plating as fluid infiltration continues – so the gold deposits grow bigger over time.

Over millions and millions of years, this process will be repeated again and again. Is this the reason we see such large gold nuggets in this kind of quartz vein? We think it must be at least part of the picture.

Christopher Voisey, Research Fellow in the School of Earth, Atmosphere, & Environment, Monash University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Over the previous decade, UAE accepted over 2,500 tonne of smuggled gold. File
| Photo Credit: Reuters

Gold smuggling out of Africa, mainly to the United Arab Emirates, has surged over the last decade, with hundreds of tonnes of gold worth tens of billions of dollars illegally leaving the continent every year, according to a report published on May 30

Analysis by Swissaid, an organisation that focuses on development aid and advocacy, found that a total of 435 tonnes of gold, mostly mined by small-scale miners and worth more than $30 billion, was smuggled out of Africa in 2022. Swissaid said the UAE was the main destination for Africa’s smuggled gold and took in 405 tonnes in 2022. Over the previous decade, UAE accepted more than 2,500 tonnes of smuggled gold with a total value of over $115 billion, it said.

Asked to comment on the findings, a UAE official said the country had taken significant steps to address concerns about gold smuggling and implemented new regulations on gold and other precious metals.

The scale of the flow underscores how small scale, or artisanal, mining has mushroomed into an industry involving millions of people producing volumes of gold on a par with or even bigger than industrial mining.

In 2019, a Reuters investigation found that billions of dollars’ worth of gold was being smuggled out of Africa every year through the UAE, which served a gateway to markets in Europe, the U.S. and beyond.

Aside from the loss in tax revenues, experts and governments have warned that smuggling on this scale indicates a vast parallel illicit economy vulnerable to potential money laundering, terrorist finance and sanctions evasion.

Marc Ummel, commodities lead at Swissaid and one of the authors of the report, said the UAE contributes to gold laundering because large quantities of smuggled gold acquire a legal existence by transiting through the UAE.

Discrepancies

For its analysis, Swissaid compared total gold exports from all African countries with gold imports into non-African countries. The organisation filled gaps in UN Comtrade data with individual country statistics and identified errors by comparing the data with figures reported by trade associations and speaking with governments and refineries.

These discrepancies between declared exports and declared imports do not exist for Switzerland and India, the other two major gold importing countries for African gold.

The Swissaid report found that there were 12 countries in Africa involved in smuggling 20 tonnes or more per year.

In response to accusations that it was not doing enough to enforce regulations on the sector, a UAE Ministry of Economy spokesperson said the UAE cannot be held accountable for other government’s export records. “Only our own, where we have sophisticated technologies and systems to track and verify the data.”

With the gold price having doubled since 2009, the number of people turning to artisanal mining has surged. Swissaid estimates that artisanal and small-scale gold mining in African countries produced between 443 and 596 tonnes of gold in 2022. Of this, more than 70% is not declared. By comparison, industrial miners have produced around 500 tonnes of gold a year.

The report found that the majority of African gold imported into the UAE each year comes from informal artisanal and small-scale mining. These methods provide a livelihood to millions of Africans but often come at a high cost to local communities and the environment.

“There’s a certain hypocrisy with some of the Swiss refineries,” said Mr. Ummel. “They don’t want to source African artisanal gold directly but at the same time import very high quantities of gold from the UAE, which is the main hub for African artisanal gold.”

Representational file image.
| Photo Credit: Kamal Narang

Gold price fell by ₹50 to ₹57,500 per 10 grams in the national capital on October 4 amid a fall in precious metal prices in international markets, according to HDFC Securities.

The yellow metal had settled at ₹57,550 per 10 grams in the previous trade.

Silver also plunged ₹500 to ₹71,000 per kg.

In the overseas markets, gold was quoting lower at $1,822 per ounce, while silver was flat at $21.09 per ounce.

Comex spot gold traded around its lowest level in almost seven months on the back of strong U.S. macro data and a surge in US bond yields, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.