Gold and silver prices declined on October 28, 2026, as investors awaited the US Federal Reserve's upcoming policy decision. Those planning to buy gold or silver before the festive season of Dhanteras and Diwali should review the latest rates, including 24-carat and 22-carat gold prices, and compare local jeweller rates to make informed purchases.
- Gold futures on MCX fell to ₹1,43,600 per 10 grams, down 0.37%.
- Silver futures dropped to ₹1,95,169 per kilogram, down 0.79%.
- 24-carat gold was priced around ₹1,44,392 per 10 grams in retail markets.
- 22-carat gold stood at approximately ₹1,32,263 per 10 grams.
- Silver of 999 purity was about ₹1,99,462 per kilogram.
- Prices vary by city and may include taxes and making charges.
Why Did Gold and Silver Prices Fall on October 28?
Gold and silver futures traded lower on the Multi Commodity Exchange (MCX) due to cautious investor sentiment ahead of the US Federal Reserve's policy announcement. The Fed's decision on interest rates influences global bullion markets, affecting prices. Investors awaited the announcement to gauge the future direction of rates, which impacts the US dollar and bond yields, key factors for gold and silver prices.
What Are the Current Gold and Silver Rates?
As of October 28, 2026, gold futures for the December 4 expiry contract were trading at ₹1,43,600 per 10 grams, down ₹538 or 0.37%. The session range was between ₹1,43,321 and ₹1,43,867 per 10 grams.
Silver futures for December delivery stood at ₹1,95,169 per kilogram, down ₹1,548 or 0.79%, with a trading range of ₹1,94,853 to ₹1,96,010 per kilogram.
Retail prices from the All India Bullion association showed 24-carat gold at about ₹1,44,392 per 10 grams and 22-carat gold at ₹1,32,263 per 10 grams. Silver of 999 purity was priced near ₹1,99,462 per kilogram.
The India Bullion and Jewellers Association (IBJA) reported indicative PM benchmark rates of ₹1,41,431 per 10 grams for 24-carat gold and ₹1,92,499 per kilogram for silver on the same day.
How Do City-Wise Rates Affect Buyers?
Gold and silver rates can vary across different cities due to local demand, supply, and jeweller pricing policies. Buyers should check the latest local jeweller rates and confirm the purity of the metal. It is important to verify whether the quoted price includes GST, making charges, and other applicable costs before making a purchase.
What Should Buyers Consider Before Purchasing Gold or Silver?
For retail buyers, it is practical to compare rates from multiple jewellers, confirm the metal's purity, and carefully review the final bill. Taxes and making charges can significantly affect the total cost. While softer prices may present buying opportunities, there is no guarantee that prices will decline further before Dhanteras and Diwali.
What Factors Will Influence Bullion Prices Going Forward?
The US Federal Reserve's policy decision remains a key factor influencing bullion prices. Additionally, movements in the US dollar, bond yields, and physical demand for gold and silver will continue to impact market sentiment and prices.
Frequently Asked Questions
Q: Why are gold and silver prices falling before Diwali?
A: Prices are falling due to cautious investor sentiment ahead of the US Federal Reserve's interest rate announcement, which affects global bullion markets.
Q: What are the current gold rates for 24-carat and 22-carat gold?
A: On October 28, 2026, 24-carat gold was around ₹1,44,392 per 10 grams, and 22-carat gold was approximately ₹1,32,263 per 10 grams in retail markets.
Q: Should I wait for prices to fall further before buying gold?
A: While prices have softened, there is no guarantee they will decline further. Buyers should compare local rates, check purity, and consider taxes and making charges before purchasing.
