October 29 Gold Prices: 24K Gold at ₹1,44,000 in India
Gold prices continue to decline as crude oil prices rise, impacting market expectations.
24K gold prices in India are currently at ₹1,44,000 per 10 grams.
Gold futures fell by 0.3% to ₹1,43,705 on October 28.
Silver prices also decreased, with 999 fine silver at ₹1,94,990 per kg.
On October 29, gold prices in India have seen a notable decline, with 24K gold priced at ₹1,44,000 per 10 grams. This drop is attributed to rising crude oil prices, which have heightened expectations for a potential Federal Reserve interest rate hike in December 2026. The market had anticipated these changes following the recent US Federal Reserve policy meeting, where rates were maintained but concerns lingered about future increases.
The previous day, October 28, saw gold futures settle at ₹1,43,705 per 10 grams on the Multi Commodity Exchange, reflecting a decrease of approximately 0.3%. Silver futures also faced a downturn, closing at ₹1,94,325, down 1.2%. As of early trading on October 29, Comex gold was trading at $4,051 per ounce, continuing its downward trend, while silver was slightly lower at $53.65 per ounce.
In terms of city-specific prices, major Indian cities reported the following rates for 24K gold: Mumbai at ₹1,43,740, Delhi at ₹1,43,490, Chennai at ₹1,44,160, Kolkata at ₹1,43,550, and Bengaluru at ₹1,43,850 per 10 grams. For 22K gold, prices were recorded at ₹1,31,762 in Mumbai and ₹1,31,533 in Delhi, among others. Silver prices in metro cities also varied, with Mumbai's rate at ₹1,94,640 per kg and Chennai at ₹1,95,200 per kg.
The implications of these price fluctuations are significant for consumers and investors alike, especially as the festive season approaches. With Diwali around the corner, many are concerned about the potential for further declines in gold prices, prompting discussions about purchasing strategies during Dhanteras.
Looking ahead, market analysts will closely monitor crude oil prices and Federal Reserve announcements, as these factors are likely to influence gold and silver prices in the coming weeks. Investors are advised to stay informed about market trends and consider their options carefully as the situation develops.
