Gold Rate Today in India, Check 22K, 24K Gold Price in India on October 28, 2024: The gold MCX futures contracts with the expiry of December 2024 were quoted for Rs 78,577 per 10 gm
As the festive season unfolds with Diwali, Dhanteras, and Govatsa Dwadashi, gold and silver prices are scaling new heights. The price of 24-carat gold is approaching the Rs 80,000 per 10 grams mark, largely driven by the traditional increase in demand during this period. Purchasing gold around the festivities is common, serving both as an investment and as gifts for loved ones.
Week-on-week, gold prices have experienced notable fluctuations, influenced by rising geopolitical tensions and heightened festive demand. Regarded as a safe-haven investment, gold remains a popular choice for investors seeking assurance and stability in uncertain times.
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Gold Yields over 64% in Last Two Year
Gold prices have surged nearly 37% over the past year, driven by fluctuating currency rates and ongoing geopolitical instability. This substantial increase compared to October of last year underscores gold’s enduring appeal as a safe-haven investment during uncertain times.
A two-year analysis reveals even more dramatic growth, with gold prices soaring by 64% since October 2022. This sharp rise highlights the strong influence of global factors, including economic concerns and geopolitical tensions, on the demand for the precious metal. As currency volatility and external pressures persist, gold continues to be a key asset for investors seeking stability.
Experts on Gold & Silver Outlook
Commenting on the gold outlook Rahul Kalantri, VP Commodities, Mehta Equities said that Gold and silver experienced profit-taking after reaching record highs, driven by strong gains in the dollar index and U.S. 10-year bond yields. Increased uncertainties surrounding the U.S. elections spurred safe-haven demand for the U.S. dollar and bonds. The dollar index hit a 3-month high, surpassing the 104 mark, while U.S. 10-year bond yields also exceeded 4.25%. A global equity market sell-off, along with the likelihood of fewer rate cuts by the Federal Reserve, contributed to the profit-taking in gold and silver.
Kalantri also added that however, ongoing geopolitical tensions and the trend towards de-dollarization continue to lend support to precious metals. The Bank of Canada’s decision to cut interest rates by 50 basis points on Wednesday also helped buoy gold and silver prices at lower levels. Gold has support at $2,710-$2,688, with resistance at $2,740-$2,755. Silver has support at $33.40-$33.00, and resistance at $33.98-$34.25. In INR terms, gold has support at Rs 77,550- Rs 77,340, with resistance at Rs 78,060-Rs 78,240. Silver has support at Rs 96,240-Rs 95,550, while resistance stands at Rs 97,980-Rs 98,750.
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Why is gold a safe haven investment?
Gold is widely seen as a safe-haven investment, offering protection against monetary expansion and helping maintain currency value. As central banks increase the money supply, gold serves as a hedge against potential currency devaluation, making it a reliable asset in uncertain economic conditions.
Its resilience against inflation further boosts its appeal. As the cost of living rises, gold’s value often increases, shielding investors from the effects of inflation. During economic downturns, gold typically outperforms other assets, helping safeguard portfolios from devaluation and providing a buffer against financial instability.
Gold and silver rates today, October 28
The 24-carat gold rate in India was Rs 78,640 per 10 grams on October 28. The rate for 24-carat gold per gram is Rs 7,864. The rate of 22-carat gold was Rs 72,087 per 10 grams.
The rate of 24-carat gold has risen by 0.48% in the last one week, and the yellow metal has gained by 1.03% in the last ten days. The silver is currently quoted at Rs 97,470 per kilogram.
Gold rate in Mumbai on October 28
The glittering metal was quoted for a price of Rs 78,640/10 grams in Mumbai on October 28. On October 25, the price of gold was Rs 78,630/10 grams. Seven days back, on October 21, gold was trading for Rs 78,060/10 grams.
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Silver rate in Mumbai on October 28
The shining metal silver was selling for a rate of Rs 97,470/Kg on October 28 in Mumbai. Whereas on October 25, the metal was priced at Rs 97,330/Kg and a week ago the price was Rs 97,390/Kg.
Gold rate in Kolkata on October 28
In Kolkata, the 24-carat gold rate in Kolkata was trading for Rs 78,540/10 grams, today, October 28. The glittering metal was selling for Rs 78,520/10 grams on October 25 and was quoting for Rs 77,950/10 grams last week.
Silver rate in Kolkata on October 28
The silver rate in Kolkata today was Rs 97,220/Kg. The price of silver was Rs 97,200/Kg on October 25. Last week, the price was trading at Rs 97,260/Kg.
Gold rate in Delhi on October 28
Diwali is just a couple of days away and people in North India prefer shopping for jewellery and ornaments during winter festivities. On October 28, the gold was trading at a price of Rs 78,510/10 grams.
The gold was quoted at Rs 78,490/10 grams on Friday, October 25. While the price of the 999 gold was selling for a price of Rs 77,920/10 grams a week ago.
Silver rate in Delhi on October 28
In Delhi, the silver was priced at Rs 97,180/Kg on October 28. The price of silver was Rs 97,160/Kg on October 25. The price of silver was quoted at Rs 97,220/Kg last week.
Gold rate in Chennai on October 28
The gold rate in Chennai was Rs 78,870/10 grams today, October 28. On Friday 25-10-2024 the gold rate was quoted at Rs 78,860/10 grams. On October 21 or a week ago, the price of gold was Rs 78,820/10 grams in Chennai.
Silver rate in Chennai on October 28
The silver rate in Chennai today, October 28, is Rs 97,630/Kg. On October 25, the price of silver at Rs 97,620/Kg. The silver in Chennai was available to the customers for a price of Rs 95,680/Kg a week ago.
MCX Futures on October 28
The gold MCX futures contracts with the expiry of December 2024 were quoted for Rs 78,577 per 10 gm, an increase of Rs 250. While the futures contracts for silver with the December 2024 expiry on MCX futures were trading at Rs 97,269 per kg, gain of Rs 237.
