Gold and silver prices fell on October 27, offering some relief to buyers ahead of the festive season. Gold futures dropped to around ₹1.42 lakh per 10 grams, while silver futures declined by ₹3,743 per kilogram. This price movement may help households planning to buy jewellery, coins, or silver articles for festivals like Dhanteras and Diwali.
- Gold futures fell to ₹1.42 lakh per 10 grams on October 27.
- Silver futures dropped ₹3,743 per kilogram on the Multi Commodity Exchange (MCX).
- 24K gold is priced at ₹14,291 per gram; 22K gold at ₹13,101 per gram.
- Retail jewellery prices vary by brand, city, purity, and charges.
- Silver futures declined amid selling pressure and reduced trader positions.
Why Did Gold and Silver Prices Fall on October 27?
Gold futures decreased by ₹814, or 0.57%, to ₹1,42,259 per 10 grams on the MCX. Analysts linked this fall to weak spot demand. Silver futures experienced stronger selling pressure, falling by ₹3,743 per kilogram as traders reduced their positions. The broader market is adjusting after gold's sharp rally and correction in September.
How Do Futures Prices Affect Retail Jewellery Rates?
Although futures prices for gold and silver have declined, retail jewellery prices do not always move in the same direction. For example, Tanishq's 22K gold jewellery rate increased slightly to ₹13,175 per gram on October 27 from ₹13,125 per gram the previous day. Other brands like Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas quoted ₹13,135 per gram for 22K gold jewellery across major cities.
What Are the Latest Gold and Silver Rates by Purity?
The India Bullion and Jewellers Association (IBJA) reported a decline in indicative gold rates on October 27 compared to the previous evening. Fine gold of 999 purity was priced at ₹14,108 per gram, while 22K gold stood at ₹13,770 per gram. The IBJA's 999-purity silver rate was ₹1,92,037 per kilogram, down ₹2,442 per kilogram from the previous evening.
How Do International Markets Influence Silver Prices?
Silver futures also fell in overseas trading. In New York, silver futures dropped 2.14% to $52.81 per ounce. This global decline contributed to the selling pressure seen on the MCX, where December silver contracts fell by ₹3,743 per kilogram.
What Should Buyers Consider Before Purchasing Gold or Silver?
Buyers should carefully check the gold rate, making charges, applicable GST, and any other fees before making a purchase. It is important to look for the appropriate hallmark and verify the purity of the gold or silver item. Since retail prices can vary by brand, city, and purity, comparing rates across stores can help buyers get the best deal.
Overall, the recent decline in gold and silver prices provides an opportunity for consumers to make informed purchases during the festive and wedding seasons. Monitoring futures prices and retail rates can help buyers plan their spending effectively.
