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Gold Price Today: Rates Fall by ₹563 to ₹1.42 Lakh; Silver Slumps ₹2,945

Posted on 29th Oct 2026 01:47 pm by rohit kumar

Gold and silver prices continued to decline ahead of Diwali, offering potential relief to buyers planning jewellery purchases during the festive season. On Thursday, October 29, the price of 10 grams of 24-carat gold fell by ₹563 to around ₹1.42 lakh, according to the India Bullion and Jewellers Association (IBJA) figures provided for this report.

 

Silver prices also moved lower. One kilogram of silver became cheaper by ₹2,945, taking its reported price to approximately ₹1.90 lakh. According to the supplied figures, gold has declined by around ₹6,000 in October so far, while silver has lost approximately ₹30,000.

 

The latest decline comes after precious metals recorded substantial losses in September. However, whether prices will fall further remains uncertain, as interest-rate expectations, geopolitical developments, currency movements and global investment demand can all influence bullion prices.

 

These are indicative bullion rates, not necessarily the final amount a customer will pay at a jewellery shop. Retail bills may include GST, making charges and other applicable costs. Prices can also differ by location and seller.

 

Buyers should confirm the latest published rate and the purity of the metal before making a purchase.

 

Gold and Silver Prices Have Fallen in October

 

Precious metals have experienced a notable correction during October, according to the figures supplied for this report.

 

Gold has become cheaper by approximately ₹6,000 per 10 grams so far this month, while silver has declined by around ₹30,000 per kilogram. The falls follow further declines in September.

 

Gold and silver prices in September

 

The supplied figures show that 24-carat gold fell from approximately ₹1.56 lakh per 10 grams on August 31 to ₹1.48 lakh by September 30—a decline of around ₹8,000.

 

Silver also declined during the same period. Its reported price fell from approximately ₹2.37 lakh per kilogram on August 31 to ₹2.22 lakh on September 30, a reduction of around ₹15,000.

 

These figures indicate that both precious metals have faced pressure over recent weeks. However, daily prices can move in either direction, and past declines do not guarantee further falls.

 

Why Are Gold Prices Falling?

 

Several factors can influence gold and silver prices. Interest-rate expectations are particularly important because gold does not pay interest, making its relative attractiveness sensitive to changes in bond yields and monetary policy.

 

US Federal Reserve policy

 

The US Federal Reserve raised interest rates in September 2026, according to its official monetary-policy record, before holding rates steady at its October 28 meeting. Higher interest rates can support the US dollar and increase the opportunity cost of holding non-yielding assets such as gold.

 

However, gold prices also depend on inflation expectations, currency movements and investors' assessment of economic risks. A single central-bank decision does not determine the direction of bullion prices.

 

Geopolitical uncertainty

 

Geopolitical tensions, including developments involving the United States and Iran, can influence demand for safe-haven assets. When uncertainty increases, some investors turn to gold as a store of value.

 

This can partly offset downward pressure from interest rates or a stronger dollar. As a result, gold and silver may remain volatile even when their broader price trend is weak.

 

Profit-booking and market volatility

 

After a strong rally, investors may sell holdings to lock in gains. Changes in global commodity prices, the dollar and market positioning can also trigger sharp daily movements.

 

Silver may experience additional volatility because it has both investment demand and industrial uses.

 

Will Gold and Silver Prices Fall Further?

 

The direction of gold and silver prices remains uncertain. Continued pressure from interest rates, currency movements or profit-booking could lead to further declines. On the other hand, heightened geopolitical uncertainty or renewed investment demand could help support prices.

 

Commodity expert Ajay Kedia has suggested buying gold and silver in instalments rather than investing the entire amount at once. Under this approach, buyers can spread purchases over intervals of around 15–20 days and assess market conditions as they go.

 

For investors, a six-month-to-one-year horizon may be more appropriate for evaluating a long-term allocation than trying to predict price movements over just a few weeks. However, instalment buying does not eliminate the risk of losses, and the right approach depends on individual financial circumstances.

 

Consumers buying jewellery for an upcoming festival should also distinguish between purchasing gold for personal use and buying it as a financial investment.

 

Two Things to Check Before Buying Gold from a Jeweller

 

Falling gold prices may encourage consumers to shop ahead of Diwali, but buyers should pay attention to purity and the final price.

 

1. Buy BIS-hallmarked gold

 

Check that the gold jewellery carries the applicable Bureau of Indian Standards (BIS) hallmark. Verify the hallmark details and the purity designation, such as 22K or 18K, rather than relying solely on a shop's verbal assurance.

 

For additional confidence, consumers can verify the hallmark information using official BIS resources.

 

2. Verify the day's gold rate and the final bill

 

Before paying, compare the quoted price with a reliable bullion-rate source, such as the IBJA. Confirm the jewellery's net gold weight, purity, making charges and applicable taxes.

 

Remember that 24-carat gold is purer than the 22-carat gold commonly used for jewellery. Therefore, the price per gram will differ by purity, and a bullion reference price may not match the final retail jewellery price.

 

Should You Buy Gold Before Diwali?

 

The latest decline may create a more attractive entry point for some buyers, but it does not guarantee that prices have reached their lowest level. Anyone considering a purchase should compare current rates, understand the total cost and decide whether the purchase is for personal use or investment.

 

Investors should avoid making decisions based solely on a few days of price declines. Gold and silver remain exposed to global economic developments, interest-rate expectations and market volatility.

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