# Indian Bullion Market Records Decline in Gold and Silver Benchmarks Latest IBJA evening fixing shows significant price corrections for 24K gold and silver. - **Source:** [mint - money](https://www.livemint.com/rss/money) - **Published:** 2026-11-02 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/8ab71f75-071a-4ac4-b4af-b62848c10eba ## Market Correction Overview On Monday, 2 November, the domestic bullion market experienced a notable decline in precious metal prices. According to the India Bullion and Jewellers Association (IBJA) evening fixing, both gold and silver benchmarks closed lower compared to previous levels. This downward movement reflects broader volatility currently impacting global bullion market participants. ## Gold Price Adjustments The 24-karat gold of 999 purity dropped to ₹1,37,524 per 10 grams, marking a decrease of ₹2,530 from the 30 October evening fixing. Simultaneously, 22-karat gold of 916 purity saw a decline of ₹2,299, settling at ₹1,25,990 per 10 grams. These figures serve as the primary national benchmark for current market valuations. ## Silver Market Performance Silver prices also weakened during the latest trading session, with 999-purity silver falling by ₹1,372 to reach ₹1,79,972 per kilogram. This decline follows the trend observed in gold, as investors reassess their exposure to precious metals. The evening benchmark rates were consistently lower than the morning fixing rates published earlier that day. ## Benchmark vs Retail Reality While IBJA rates provide a national reference point, final retail prices for consumers vary significantly across different cities and individual jewellers. Buyers must account for additional costs, including a 3% Goods and Services Tax (GST) and specific making charges. These variables mean the actual purchase price often exceeds the published benchmark rates. ## Purity Standards Explained The 24K gold variety maintains 99.9% purity and is primarily utilized for investment vehicles such as bars and coins. In contrast, 22K gold contains 91.6% pure gold, making it the standard choice for jewellery manufacturing. Understanding these purity levels is essential for investors and consumers when comparing prices across different market segments. ## Investor Sentiment Drivers The recent price correction is attributed to investors tracking volatility in global bullion markets. After a period of sharp price movements, market participants are actively reassessing their holdings and risk exposure. This shift in sentiment directly influences the domestic bullion fixing, as local prices align with the broader international trends observed by traders. ## Consumer Buying Considerations For those planning to purchase gold jewellery or investment coins, the current correction offers a fresh reference point for price comparisons. However, consumers should remain aware that the IBJA rates exclude essential costs like GST and making fees. Always verify the final invoice details with your local jeweller before finalizing any transaction. ## Market Data Implications The IBJA evening fixing provides a critical snapshot of market health and pricing trends for precious metals. By comparing these figures against previous benchmarks, such as those from 30 October, stakeholders can gauge the intensity of market corrections. These data points remain vital for maintaining transparency in the domestic bullion trading ecosystem. ## Sources covering this story - https://www.livemint.com/money/personal-finance/silver-gold-prices-today-24k-gold-slips-to-1-37-lakh-silver-below-1-80-lakh-kg-check-latest-24k-22k-gold-rates-11793630778648.html — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._