Gold and silver prices today, October 29, moved lower in the Indian retail market across 24-carat, 22-carat and 18-carat gold categories, while silver continued to trade below the ₹2 lakh mark. The latest movement comes as investors assess the US Federal Reserve’s decision to keep interest rates unchanged ahead of next week’s US midterm elections.

The benchmark gold rate stands at ₹1,44,150 per 10 grams, while silver is priced at ₹1,93,800 per kilogram.

On the Multi Commodity Exchange (MCX), gold futures edged up 0.03% to ₹1,43,752 per 10 grams at the time of writing. Silver futures, meanwhile, declined 0.55% to around ₹1,93,264 per kilogram.

Gold and Silver Rates Across Major Indian Cities

City

24K Gold (1g)

22K Gold (1g)

Silver (10g)

Chennai

₹14,424

₹13,222

₹1,940

Mumbai

₹14,382₹13,183₹1,934

Delhi

₹14,357

₹13,160

₹1,931

Kolkata

₹14,363₹13,166₹1,932

Bengaluru

₹14,394₹13,194₹1,936

Hyderabad

₹14,405₹13,204₹1,937

Gold rate today: What is driving prices?

Gold prices remain sensitive to interest-rate expectations because the precious metal does not generate interest income. Higher interest rates can make interest-bearing investments more attractive, putting pressure on gold demand.

Investors are also tracking global economic uncertainty and geopolitical tensions in West Asia. International bullion prices, movements in the US dollar against the Indian rupee, and domestic buying demand all influence gold prices in India.

24-carat, 22-carat and 18-carat gold: What is the difference?

Gold is sold in different purity levels, with 24-carat gold representing the purest form commonly quoted in the market. It is generally preferred for investment products such as coins and bars.

22-carat gold contains other metals mixed with gold, making it more durable and suitable for jewellery. 18-carat gold has a lower gold content and is also used in jewellery, including designs that require added strength.

Buyers should check the applicable rate for their preferred purity before purchasing gold, as prices differ between 24-carat, 22-carat and 18-carat gold.

Gold and silver jewellery prices: GST and other charges

The final price of gold jewellery can be higher than the quoted base gold rate. In India, purchases of gold jewellery attract 3% GST on the value of the gold, while making charges are subject to a separate 5% GST.

Import duties, transportation costs and local market factors can also contribute to price differences between states and cities. Buyers should check the jeweller’s final bill, including the gold rate, making charges and applicable taxes, before completing a purchase.