Gold Slips Further: Latest 22K and 24K Gold Rates in Major Indian Cities

Gold prices continued to decline on Tuesday, extending their post-Diwali correction after a record-breaking rally earlier this month.

In Mumbai, 24-carat gold was priced at ₹1,23,270 per 10 grams, while 22-carat gold stood at ₹1,12,990 per 10 grams. Silver also dipped slightly, trading at ₹1,54,900 per kilogram.

According to Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, the current downtrend in gold prices reflects profit booking, a strong US dollar, and optimism over a potential US-China trade agreement.

“Gold remains a safe-haven asset, but short-term sentiment is cautious. Demand continues, though momentum has slowed. Investors may prefer to wait for clearer market cues before entering,” said Kamboj.

Gold Rates in Major Indian Cities (October 28)

• Delhi: ₹1,23,450 (24K) | ₹1,13,100 (22K)
• Mumbai: ₹1,23,270 (24K) | ₹1,12,990 (22K)
• Chennai: ₹1,24,120 (24K) | ₹1,13,720 (22K)
• Kolkata: ₹1,23,300 (24K) | ₹1,13,050 (22K)

(Rates may vary slightly across local markets.)

International Market Update

Globally, spot gold was down 0.33%, trading near $3,991 per ounce as of 9:20 am IST, while silver hovered around $46.02 per ounce.

Key Factors Influencing Gold Prices

Gold prices in India are primarily driven by:

• Global market movements
• Import duties and local taxes
• Currency exchange fluctuations

Investor sentiment and demand during festivals and weddings

As India’s festive season winds down, analysts expect prices to stabilise in the coming weeks, though global cues and dollar strength will remain key determinants.