Gold Rate In India Keeps Climbing: 3-Day Rally Sends 22K, 24K Gold Rates Up By Rs. 13,700/100g; Silver Flat

Gold prices in India have been rallying for the third consecutive day on October 28, with 22K, 24K and 18K gold rates rising across all major cities in the country adding to the cost of gold purchases, which has disappointed retail buyers.

Meanwhile, international gold prices fell this morning as the market is now waiting for the US Federal Reserve's upcoming policy decision where the central bank is expected to keep the rates unchanged this time. At the time of writing spot gold was at $4028 per ounce down by 0,75% as per data from Trading Economics.

Gold Rate in India Today, October 27

Gold Rate in India Today Per Gram: The 24-carat gold rate in India today stands at Rs. 14,395 per gram, rising by Rs. 66. Meanwhile, the 22-carat gold price in India climbed by Rs. 60 to Rs. 13,195 per gram. The 18-carat gold rate today also increased by Rs. 39 to Rs. 10,796 per gram.

Gold Rate in India Today for 10 Grams: The 24K gold price in India today stands at Rs. 1,43,950 per 10 grams after rising by Rs. 660. The 22K gold rate increased by Rs. 600 to Rs. 1,31,950 per 10 grams, while the 18K gold price surged by Rs. 390 to Rs. 1,07,960 per 10 grams.

Gold Rate in India Today for 100 Grams: The 24-carat gold price in India today stands at Rs. 14,39,500 per 100 grams, up by Rs. 6,600. Similarly, the 22-carat gold rate in India climbed by Rs. 6,000 to Rs. 13,19,500 per 100 grams, while the 18-carat gold price rose by Rs. 3,900 to Rs. 10,79,600 per 100 grams.

Silver Rate in India Today

Another day of no movement in Silver prices in India. Currently, 1 kg of silver in India costs Rs. 2,20,000. While 100 g of silver rates in India cost Rs 22,000.

Market Outlook for Gold Prices

According to a report from Nirmal Bang Securities, "Gold prices are expected to pull back. One can buy at 143500 with a stop loss of 142500 for the target at 145000- 146200."

"Gold fell below $4,000 last week for the first time since mid-July, posting a 4% weekly loss, its worst in about four months, as rising energy prices stoked inflation fears and US rate hike bets. A firmer dollar added pressure on Tuesday ahead of the Fed meeting. Policymakers have signalled no hike this week, but traders still see an 82% chance of a December increase. Geopolitical risks linger in the Gulf, even as diplomatic efforts with Iran continue," said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA and Chairman at Jain International Trade Organisation.

"Technically, gold may slide towards $3,950, which is around Rs. 1,40,000 and silver towards $50, though both are building a base, with a 10-15% rebound possible." he added

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