Gold and silver prices in India dropped on Monday, November 2, 2026, according to the latest evening benchmark fixing by the India Bullion and Jewellers Association (IBJA). The price of 24-karat gold fell by ₹2,530 to ₹1,37,524 per 10 grams, while 22-karat gold declined by ₹2,299 to ₹1,25,990 per 10 grams. Silver also saw a decrease, with prices dropping by ₹1,372 to ₹1,79,972 per kilogram.
The decline in precious metal prices comes as investors react to volatility in global bullion markets. The correction follows a period of sharp price movements, prompting investors to reassess their exposure to gold and silver. The latest IBJA benchmark rates provide a new reference point for consumers looking to purchase gold jewelry, coins, or silver, though final retail prices will vary based on factors like GST and making charges.
For those planning to buy gold or silver, the IBJA rates serve as national benchmarks. However, actual prices at jewelry stores can differ depending on location and additional costs. The 24K variety, with 99.9% purity, is typically used for investment products, while 22K gold, containing 91.6% pure gold, is commonly used in jewelry making. Buyers should note that the IBJA rates do not include GST or making charges, which can impact the final price.