Gold and silver prices fell on October 29, 2026, during Karwa Chauth, a day when many Indian households traditionally buy precious metals. Gold futures dropped by 0.28%, while silver futures declined by 1.18% on the Multi Commodity Exchange (MCX). This price movement comes as buyers prepare for the upcoming festive season, including Dhanteras on November 6 and Diwali on November 8.
- Gold futures fell 0.28% and silver futures dropped 1.18% on October 29.
- 24-carat gold was priced around ₹1,44,597 per 10 grams; 22-carat at ₹1,32,450 per 10 grams.
- Silver of 999 purity traded near ₹1,96,734 per kilogram.
- US Federal Reserve's steady interest rates may influence gold prices.
- Festive demand and global market factors contribute to price volatility.
Why Did Gold and Silver Prices Fall on Karwa Chauth?
Despite Karwa Chauth being a traditional day for buying gold and silver, prices fell due to various market factors. Gold futures decreased by 0.28%, and silver futures dropped by 1.18% on the MCX. Traders reduced their positions in silver, leading to a sharper decline. The price of silver futures for December delivery fell to ₹1,92,025 per kilogram, down ₹2,300 during the session. Gold futures initially rose on firm spot demand but later declined, showing intraday volatility.
What Are the Current Prices of Gold and Silver?
As of October 29, 2026, the prices for gold and silver were as follows:
| Metal | Purity | Price |
|---|---|---|
| Gold | 24-carat | ₹1,44,597 per 10 grams |
| Gold | 22-carat | ₹1,32,450 per 10 grams |
| Gold | 18-carat | ₹1,08,447 per 10 grams |
| Silver | 999 purity | ₹1,96,734 per kilogram |
How Do Global Factors Affect Gold Prices?
Gold prices are influenced by several global factors, including expectations about US interest rates, the strength of the US dollar, bond yields, geopolitical developments, and investment demand. The US Federal Reserve's recent decision to keep interest rates unchanged may help stabilize gold prices in the near term. However, any changes in the Fed's policy outlook, especially ahead of December, could impact prices significantly.
What Role Does Festive Demand Play in Price Movements?
In India, the festive season greatly affects gold and silver demand. Events like Karwa Chauth, Dhanteras, and Diwali traditionally see increased buying of precious metals. While strong festive demand can support prices, it does not always lead to immediate price increases because international price trends and currency fluctuations also influence the market.
What Should Buyers Consider When Purchasing Gold or Silver?
Consumers planning to buy gold or silver during the festive season should compare prices across different jewellers. It is important to check the final bill carefully, including making charges and applicable taxes. Buyers should also verify the purity of the metal to ensure they receive genuine products. Since prices can change throughout the day, monitoring rates before making a purchase is advisable.
