The Indian bullion market experienced a notable recovery on February 10 as gold and silver prices continued their upward trend for the second straight session. According to data released by the India Bullion and Jewellers Association (IBJA), the price of one kilogram of silver rose by ₹3,759 to reach ₹2,57,424. This follows Monday's closing price of ₹2,53,665. Similarly, 24-carat gold prices saw an appreciation of ₹824, bringing the cost of 10 grams to ₹1,55,700. This rally comes after a period of sharp volatility in the precious metals sector.
Historical Context and Recent Market Volatility
The current price action follows a significant correction observed in the previous week. On Friday, silver was trading at ₹2,44,929 per kg, indicating a total recovery of ₹12,495 over the last two trading days. It's pertinent to note that both metals reached their historic peaks on January 29, 2026. During that period, gold touched an all-time high of ₹1,76,121 per 10 grams, while silver peaked at ₹3,85,933 per kilogram. Despite the recent gains, current market prices remain below those record levels, reflecting a stabilizing trend after the 15% correction seen earlier this month.
Understanding IBJA Pricing and Regional Variations
Consumers often observe discrepancies between the rates published by IBJA and those offered by local jewelers. According to industry experts, the IBJA rates serve as a benchmark and don't include the 3% Goods and Services Tax (GST), making charges, or the jeweler's profit margin. These rates are critically important as they're utilized by the Reserve Bank of India (RBI) to determine the pricing for Sovereign Gold Bonds (SGB). Also, financial institutions rely on these benchmarks to calculate the Loan-to-Value (LTV) ratios for gold-backed lending products across the country.
Comparative Growth Analysis: 2025 vs. Early 2026
The year 2025 was a landmark period for precious metals in India. Gold prices surged by approximately 75% during the year, rising from ₹76,162 on December 31, 2024, to ₹1,33,195 by the end of 2025. Silver outperformed gold with a staggering 167% increase, moving from ₹86,017 to ₹2,30,420 per kg in the same timeframe. In the first 41 days of 2026, the momentum has persisted. Gold has already appreciated by ₹22,505, while silver has seen an increase of ₹27,004 since the beginning of the current calendar year.
Consumer Guidance: Ensuring Purity and Authenticity
With prices reaching new heights, ensuring the quality of the purchase has become paramount for consumers. Experts emphasize the importance of buying only Bureau of Indian Standards (BIS) hallmarked gold. The 6-digit alphanumeric HUID (Hallmark Unique Identification) code allows buyers to verify the purity and origin of the metal. For silver, several physical tests are recommended to verify authenticity. The 'Ice Test' leverages silver's high thermal conductivity, causing ice to melt rapidly upon contact. Also, genuine silver is diamagnetic and won't adhere to a magnet, and it typically leaves a dark residue when rubbed against a clean white cloth.
Market Analysis and Analyst Perspectives
According to market analysts, the recent 15% dip in prices acted as a catalyst for renewed buying interest at lower levels. Analysts suggest that the stabilization of prices has encouraged retail investors to return to the market, particularly in anticipation of the ongoing wedding season. While the immediate outlook remains firm, analysts mention that a staggered approach to purchasing—rather than lump-sum investments—might be more effective in managing the risks associated with price volatility. Global macroeconomic factors, including inflation data and currency fluctuations, continue to play a decisive role in domestic price movements.
Conclusion
The resurgence in gold and silver prices on February 10 underscores the continued appeal of precious metals as a hedge against economic uncertainty and a staple of Indian cultural demand. As the market navigates through these high-valuation zones, transparency in pricing and adherence to purity standards remain the key pillars for consumer protection. Stakeholders are advised to monitor official IBJA updates and verify all hallmarking credentials before concluding high-value transactions.