Gold is on fire. Every year this is the time when the demand for gold peaks across India, thanks to the increased demand, irrespective of the price. However, this year presents an unprecedented scenario. Comparing the price of 24 karat variety of the precious metal on the eve of Dhanteras in 2023, one can see that the price has jumped about a jaw-dropping 26% this year. However, on October 28, gold prices in the Indian market declined around Rs 3,700- 4,900 for 100 grams of the 22K, 24K, and 18K variety.
On October 28, 2024, 10 grams of 24K gold cost Rs 79,800 while the same quantity of 22K was priced at Rs 73,150. Incidentally, most jewellery is made of the 22K variety. The lowest cost of gold was Rs 59,850 for 10 grams of the 18K variety.
Gold price today in Indian cities
| . No. | City | Price (Rs/ 10 gm) |
| 1 | New Delhi | 79,950 |
| 2 | Mumbai | 79,800 |
| 3 | Kolkata | 79,800 |
| 4 | Chennai | 79,800 |
| 5 | Bengaluru | 79,800 |
| 6 | Ahmedabad | 79,850 |
| 7 | Hyderabad | 79,800 |
| 8 | Pune | 79,800 |
Source: Goodreturns
Experts pointed out in the media that on October 29, one has to keep watching the global cues for a signal. On October 28, gold prices went down by Rs 350 on MCX at Rs 78,150 while on Comex it softened to $2,730 (by an amount of $17). This was due to indications of the Israel-Iran conflict softening a bit. If the geopolitical tensions weaken, the prices of gold could soften further. However, traders were watchful of the global theatre with the US Fed to give more signals in the next several days — more rate cuts could be contemplated — and the political scenario in the world’s biggest economy the US.
Silver price today in India
The prices of silver have risen more than gold since Dhanteras 2023. According to Goodreturns, the price of 1 kg of the metal was at Rs 1,07,000 in Chennai, Hyderabad and the state of Kerala. The prices of both gold and silver in India also also available at the website of IBJA (India Bullion and Jewellers Association), a body established in 1919.
