Gold and silver prices are rising high as India immerses in the auspicious festival of lights, fireworks, sweets, etc. The price of 24-carat gold is inching towards the Rs 80,000 per 10-gram mark, on the back of an increase in festive demand. Purchasing gold around the festivities is common, serving both as an investment and as gifts for loved ones.
As the Iran-Israel conflict escalated, its impact could be seen on precious metals like gold and silver. The prices of gold and silver experienced significant fluctuations. Regarded as a safe-haven investment, gold remains a popular choice for investors seeking assurance and stability in uncertain times.
The 24-carat gold rate in India was quoted for a price of Rs 78,610 per 10 grams on October 29. The rate for 24-carat gold per gram is Rs 7,861. The rate of 22-carat gold was Rs 72,059 per 10 grams.
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“The outlook for MCX Gold (December) suggests a bullish scenario as the price has tested the upward trend line twice and is nearing a potential third test. If it holds support at this trend line, which aligns with the bottom band of the Bollinger Bands, it could signal further upward movement. Therefore, it is recommended to consider going long, provided the price maintains support at these critical levels,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.
“COMEX gold prices to a record high of $2,772.60 per ounce last week as tightly contested race between Vice President Kamala Harris and former President Donald Trump boosted safe-haven demand. However, prices retreated to $2,722 during the week as strong US economic data raised expectations that the Federal Reserve would take a cautious approach to monetary easing. Concerns over the growing US budget deficit and a pullback in the US 10-year Treasury yield from 4.25%, its highest level since late July, helped gold prices rebound to $2,760.90 per ounce on Friday before closing at $2,754.60,” said Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities.
The price of 24-carat gold declined by 0.13% in the last week, and the yellow metal has fallen by 1% in the last ten days. The silver is available to customers today at a price of Rs 97,480 per kilogram.
Gold rate in Mumbai on October 29
Today, the 24-carat Gold is priced at Rs 78,610/10 grams. On October 28, the gold was available for Rs 78,640/10 grams. A week back, on October 22, gold was sold for Rs 78,720/10 grams.
Silver rate in Mumbai on October 29
Silver was sold for a price of Rs 97,480/Kg on October 29 in Mumbai, a price rise of Rs 130. A day ago, the shinning metal was priced at Rs 97,350/Kg and a week ago the price touched the milestone of one lakh rupees per kilogram.
Gold rate in Kolkata on October 29
The 24-carat gold was trading for a price of Rs 78,500/10 grams, today, October 29. The glittering metal was selling for Rs 78,540/10 grams yesterday and was quoting for Rs 78,610/10 grams last week.
Silver rate in Kolkata on October 29
Today, the silver in Kolkata was selling for a price of Rs 97,350/Kg. The price of silver was Rs 97,220/Kg on October 28. Last week, the metal was trading at Rs 99,870/Kg.
Gold rate in Delhi on October 29
On October 29, the gold was selling for Rs 78,470/10 grams. The gold was quoted at Rs 78,510/10 grams on October 28. While the price of the 24K gold was Rs 78,580/10 grams a week ago.
Silver rate in Delhi on October 29
In Delhi, the silver was priced at Rs 97,310/Kg on October 29. The price of silver was Rs 97,180/Kg on October 28. A week ago, the silver was trading for a price of Rs 99,830/Kg.
Gold rate in Chennai on October 29
On October 29, the gold was quoted in Chennai for a price of Rs 78,830/10 grams. On October 28, it was quoted for Rs 78,870/10 grams. A week ago, the price of gold was Rs 78,950/10 grams in Chennai.
Silver rate in Chennai on October 29
The silver rate in Chennai today, October 29, is Rs 97,760/Kg. On October 28, the price of silver was Rs 97,630/Kg. The silver in Chennai was available to the customers for a price of Rs 1,00,290/Kg a week ago.
MCX Futures on October 29
The gold MCX futures contracts with the expiry of December 2024 were quoted for Rs 78,536 per 10 gm, a fall of Rs 30. While the futures contracts for silver with the December 2024 expiry on MCX futures were trading at Rs 97,390 per kg.
