Gold and silver prices continued to slide on October 29, as rising crude oil prices fuelled expectations of a possible US Federal Reserve rate hike in the coming months.
Gold and silver prices continued to slide on October 29, as rising crude oil prices fuelled expectations of a possible US Federal Reserve rate hike in the coming months. Although the Fed kept interest rates unchanged at its latest policy meeting, market participants are increasingly anticipating a rate hike in December 2026, putting additional pressure on precious metals.
Gold futures for December delivery on the Multi Commodity Exchange (MCX) fell around 0.3% on October 28 to settle at Rs 1,43,705 per 10 grams. Silver futures for December delivery suffered a sharper decline, dropping 1.2% to close at Rs 1,94,325 per kilogram.
Gold and Silver Rates Across Major Indian Cities
| CITY | 22K (Rs/10g) | 24K (Rs/10g) | Silver (1kg) |
| New Delhi | Rs 1,31,533 | Rs 1,43,490 | Rs 1,94,300 |
| Mumbai | Rs 1,31,762 | Rs 1,43,740 | Rs 1,94,640 |
| Kolkata | Rs 1,31,588 | Rs 1,43,550 | Rs 1,94,380 |
| Chennai | Rs 1,32,147 | Rs 1,44,160 | Rs 1,95,200 |
| Bengaluru | Rs 1,31,863 | Rs 1,43,850 | Rs 1,94,790 |
| Hyderabad | Rs 1,31,973 | Rs 1,43,970 | Rs 1,94,950 |
The downward trend continued in international markets during early trade on Thursday, October 29. COMEX gold slipped another 0.01% to trade at $4,051 per ounce, extending its losing streak. COMEX silver also edged lower by around 0.03%, trading at $53.65 per ounce at approximately 00:55 GMT.
Gold, Silver Prices Today in India
Domestic bullion prices remained elevated despite the recent declines. As of around 6:20 am on October 29, 24-karat gold was priced at Rs 1,44,000 per 10 grams, while silver stood at Rs 1,94,990 per kilogram.
Meanwhile, 22-karat gold was trading at Rs 1,32,000 per 10 grams. The price of 925 sterling silver stood at Rs 1,80,366 per kilogram, according to Bullion.co.in.
With precious metals facing continued pressure from shifting interest-rate expectations and movements in global commodity markets, buyers and investors will be watching closely for further price movements.