Gold prices in India continued to decline for the second straight session on the auspicious occasion of Chhath Puja. Yesterday, 24-carat gold prices fell by Rs. 23,400 per 100 grams, which was happily welcomed by retail buyers of gold.
In the last seven days, the gold rate in India has fallen by 7% from the record high level, which it touched before Diwali on October 17. However, gold prices have been falling since despite the massive demand during the festive season.
This recent fall in gold prices is being influenced by global factors like the rebound of the US Dollar index. Additionally, ongoing US-China trade tensions and uncertainty around interest rate decisions by the US Federal Reserve have further impacted the safe-haven demand for gold. Spot gold also fell about 2.3%.
Gold Prices in India Drop Sharply
On 28 October, both pure and standard gold fell from record high rates. As of today, the 22-carat gold rate in India slipped by Rs.750 per 10 grams to cost Rs. 1,12,250. While the 24 carat gold prices are off-peak at Rs. 1,22,460 slipping Rs. 820. Similarly, 18 carat gold rate also dropped Rs. 620 to retail at Rs. 91,840.
In a similar line, the 100 grams of 22-carat gold plunged Rs. 7,500to stand at Rs. 11,22,500. While the 24-carat gold prices in India per 100 grams decreased to Rs. 8200 which is now retailing at Rs. 12, 24,600.
Gold Price Target
According to a report by Nirmal Bang Securities, “Gold prices are expected to correct. Traders can sell at 121000 with a stop loss of 121700 for the target at 120000-119300.”
Silver Rates in India Today
Silver prices in India on Tuesday declined today after three days of stability. On 28th October, 1kg of silver in India cost Rs. 1,54,900 after dropping Rs. 100. While 100g of silver rates in India retails at Rs. 15,490.
Latest 22-Carat & 24-Carat Gold Prices Across India: City-Wise
The current gold prices for 22-carat gold and 24-carat gold in major Indian cities are similar to Indian gold prices today.
Gold Price in Chennai
Gold Price in Bangalore
Gold in Price in Hyderabad
Gold Price in Mumbai
MCX Gold Price and Silver Price
Gold prices on the MCX are trading in the Green Zone today. At the time of writing, gold futures prices due to mature on December 5th, 2025 were trading 0.07% higher at Rs, 1,21,043 per 10 grams. While Silver futures, which are also maturing on December 5, 2025, rose today, currently trading 0.06% up at Rs 1,43,460 per Kg.
Market Outlook for Gold Prices
“Gold prices fell over 2.5% toward $4,000 per ounce as progress in US-China trade talks reduced safe-haven demand. Despite the pullback, bullion remains up 54% this year, supported by rate-cut expectations, central bank buying, and ETF inflows. On the technical front, MCX Gold continues to weaken on the daily timeframe. In yesterday’s session, it fell below the 20 DEMA line, breaking a crucial momentum support. It now trades below the short-term 10 and 20 DEMA lines, with RSI consistently sliding lower, indicating pressure from the bears.” As per Way to Wealth Commodity Report
The Report further added, “There are no signs of a reversal on the daily chart for now. Immediate resistance is placed at 122,850, while support will be seen at 120,100-119,500. Since the near-term trend is negative, traders can sell MCX Gold near 122,850 for a target of 120,100-119,500, with sustained strength above 122,900 to be taken as a stop-loss.”