Karandikars & Associates

Prices Gold Silver

India`s fascination for Gold is globally famous and is deeply rooted in its history, culture, and economic landscape. From ancient times to the modern era, gold has remained a symbol of wealth, security, and status, playing a pivotal role in religious ceremonies, weddings, and financial planning

India is one of the world`s largest importers of gold, typically accounting for 20–25% of global demand. The country imports around 800–900 metric tons of gold annually, making it a key player in global gold pricing and trade. The fluctuations in Indian gold demand often influence international bullion prices, with the London and Dubai gold markets closely watching Indian consumption trends

The Indian government regulates gold imports through import duties and schemes like the Sovereign Gold Bond (SGB) program and the Gold Monetization Scheme (GMS), aimed at reducing the nation’s dependence on imports. Despite these measures, physical gold remains the preferred choice for Indian households, with rural India contributing significantly to the overall demand

Like Gold, India has equally deep-rooted tradition of silver ownership. India is currently the world's largest consumer of silver jewelry and silverware, and the second-largest market for physical silver investment

Table below captures annual trend in Gold prices in Mumbai (Rs per 10 gms), Gold prices London (dollar per troy oz), Gold price London Equivalent (Rs per 10 gms) and Spread in Rupees per 10 gms

Likewise, it captures annual trend in Silver prices in Mumbai (Rs per kg), Silver prices New York (Cents per troy oz), Silver price New York Equivalent (Rs per kg) and Silver Spread in Rupees per kg (Source: RBI Handbook of Statistics)

Gold prices in Mumbai have set new records during 2025, crossing the Rs 100,000 per 10 gram mark for the first time on April 22, 2025, including 3% GST. It had crossed the Rs 130,000 per 10 gram mark in early December'2025

The silver price first crossed the Rs 100,000 per kilogram mark in the Indian market around October 21-22, 2024. Silver prices too have set new records during 2025. After falling to ~ Rs 90,000 per kg, the silver price in Mumbai again crossed the Rs 100,000 per kilogram during Q1 2025, with the price fluctuating around and above this threshold in the first few months of the year, before firmly establishing a higher baseline by June 2025. The price climbed to Rs 1,50,000/kg in September'2025 and then to over Rs 1,80,000 - Rs 1,90,000/kg by early December'2025

Troy Ounce

The above Table has captured gold price in dollar per troy oz in London market and silver price in Cents per troy oz in New York market

While price in Rs per 10 gms for Gold, and Rs per kg for Silver are commonly known units, many readers may not be familiar with Troy Ounces.

The difference between Ounce and Troy Ounce is explained below:

Ounce: The ounce, denoted as "oz," is a unit of weight or mass used in the avoirdupois system, which is the most commonly used system of measurement in the United States for everyday items. In this system, 1 ounce is equal to 28.35 grams

Troy Ounce: The troy ounce, denoted as "ozt," is a unit of weight specifically used in the precious metals industry, measuring precious metals such as gold, silver, and platinum. The troy ounce is part of the troy weight system, which is derived from the medieval trading system of Troyes, France. In the troy weight system, 1 troy ounce is equal to 31.1035 grams, which is slightly heavier than the ounce used in the avoirdupois system

The key distinction between the two measurements lies in the specific industries and applications where they are used. The troy ounce is primarily employed for measuring precious metals due to its historical association with the industry. On the other hand, the ounce is used more widely in general commerce and daily life for measuring various items

View the trends graphically