Gold Rate In India Crashes To 3-Week Low, 24K Down Rs 1 Lakh In 10 Days! Will Drop Continue? 29 Oct Outlook

Gold Rate in India: Gold prices in India cooled off and slipped to a three-week low on Tuesday, October 28, after witnessing one of the strongest rallies in decades. With the beginning of the US Federal Reserve meeting and progress in US-China trade talks, the gold price movement will remain in the spotlight on Wednesday, October 29.

Gold prices in India have increased by more than 60% since the beginning of the year 2025 amid rising geopolitical tensions and trade tariff uncertainty. Factors like a strong US dollar and progress in US-China trade talks have eased investors' concerns and weakened the gold price rally.

Gold Rate in India

The price of 24 karat gold in India witnessed a sharp decline on Tuesday. The rate of 24 karat gold in India declined to Rs 12,082 per gram on Tuesday, whereas the price of 22 karat gold in India fell by around Rs 225 per gram to Rs 11,075 per gram. Likewise, the rate of 18 karat gold in India tumbled by Rs 184 per gram to Rs 9,062.

The price of 24 karat gold in India fell by Rs 1004 per gram from Rs 13,084 per gram on October 18 to Rs 12,082 on October 28. Hence, the 24 karat gold rate in India has dropped by a massive Rs 1,00,400 per 100 grams in ten days.

Silver Rate in India

The prices of silver in India have also witnessed a sharp downturn over the past seven to eight days. Silver rate in India on Tuesday declined to Rs 151 per gram and to Rs 1,51,000 per kilogram. Silver rate in India has surged significantly since the beginning of the year due to strong industrial demand and supply-side bottlenecks.

Gold, Silver MCX Rate

Gold futures with December expiry closed lower at Rs 120957 per 10 gram on Multi Commodity Exchange on Tuesday. Meanwhile, the international gold prices also tumbled on Tuesday. The international gold rate declined to $3,925 per ounce on Tuesday, according to Trading Economics.

Gold, Silver Price Outlook

The prices of silver and gold may witness significant volatility amid continued investor concern around the US Fed meeting. Investors must stay cautious as the gold price may remain volatile.

"Investors should keep in mind that 24-karat gold is currently available at approximately. Following a prolonged bull run in the early part of the year, the price has turned downwards to Rs 121,077 for every 10 grams. This indicates profit booking and a strong US dollar, in addition to expectations of a US-China trade agreement. In terms of investments, even though gold remains a safe-haven asset, its short-term bias seems guarded," Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

The US Fed Rate meeting will also remain in focus. "This week's policy meeting is amidst more than a 20 day shutdown hence, comments from Governor Powell could provide further clarity and direction regarding the monetary policy ahead and overall economic health. For investors, this dip may present an opportunity to accumulate positions, balancing near-term volatility against gold's enduring role as a hedge in uncertain times," noted Motilal Oswal.

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