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【Agra, India】Gold Price 2026: Gold Drops 15,000 Rupees, Silver Also Sees Heavy Decline; Yet People Are Not Buying New Jewelry

Jul 13, 2026

Editor’s Note

**Editor’s Note:** As gold and silver prices dip and import duties rise, a notable shift is reshaping the bullion market: customers are increasingly opting to melt down old jewelry for modern redesigns, paying only making charges rather than buying new pieces. This trend highlights a pragmatic response to economic pressures.

Summary

Gold and silver prices have fallen, and after the increase in import duties, the trend of melting old jewelry to create new designs has rapidly increased in the bullion market. Instead of buying new jewelry, customers are giving old ornaments a modern look by only paying making charges.

Detailed Report

The downturn in gold and silver prices over the past three months, coupled with an increase in import duties, has completely changed the mood of the bullion market. Foreign imports have seen a sharp decline of up to 50 percent. Meanwhile, due to price uncertainty, customers are focusing on melting old jewelry kept at home to make new ones (the ‘palta’ trade) rather than buying new gold and silver. Despite the market slowdown, bullion traders and local artisans are now dependent on this new trend of ‘palta’.

According to the latest data from the bullion market, gold prices have recorded a significant decline of approximately 15,000 rupees per 10 grams (per tola) in the last three months. On Sunday, gold was at 1.40 lakh rupees per tola, whereas it had previously reached 1.65 lakh rupees. With industrial and jewelry demand decreasing, silver prices have also fallen by 70 to 80 rupees per kg. On Sunday, silver was at 2.30 lakh rupees per kg. Three months ago, it had reached 3 lakh rupees. Due to continuously falling prices, investors and ordinary buyers have adopted a wait-and-see approach.

What is the ‘Palta’ Trade and How is the Trend Growing?

In bullion market terminology, ‘palta’ means exchanging old jewelry for new ones or melting old ornaments to create new designs. This trend has gained momentum in the current market. There are several reasons behind this. Instead of buying new metal, customers now prefer to wear the latest designs by only paying making charges and GST.

Amidst inflation and price uncertainty, recycling old jewelry has become the safest economic option for the middle class. For the upcoming wedding season, people are giving heirloom and outdated designs a trendy look instead of taking the risk of new purchases. Additionally, the increase in import duties and the Prime Minister’s appeals regarding the economy are also directly impacting the growth of the ‘palta’ trade in the domestic market.

What Bullion Traders Say

Decreased Demand for New Metal

“Gold prices have been continuously falling for the past few months. Customers are afraid that prices might fall further. Therefore, purchases of new metal are negligible, but the ‘palta’ work has sustained the market and business is ongoing.” – Raju Mehra, Patron of the Commercial Goldsmith Committee

Increased Employment for Artisans

“Even though the business is suffering due to increased import duties and a 50% decline in imports, the work of melting old jewelry to make new ones has kept our local artisans continuously employed.” – Tarun Agarwal, Jewelry Manufacturer

Impact of Wedding Season

“The wedding season is approaching. People are being sensible. They are exchanging their old, heavy, and outdated jewelry for lightweight and modern designs that are in trend. This is also saving them money.” – Anand Prakash, Jewelry Showroom Operator

Customers Balancing Budgets

“In this era of inflation, middle-class families are unable to afford the budget for buying new gold and silver. In such a situation, ‘palta’ is the best option for them. They are fulfilling their desire to wear new jewelry by only paying the making charges.” – Dhan Kumar Jain, Jewelry Manufacturer

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⏰ Published on: July 13, 2026