Gold Rate In India Pauses Rally After Rs. 13700/100g Surge; Check Gold & Silver Prices Your City On October 29

Gold prices in India today have paused their continuous surge after a sharp rise of Rs. 13,700 per 100 grams over the past three days, because of the huge demand from the buyers. As the festive season is approaching with diwali and dhanteras round the corners, market activity is gradually picking up as more people are now stepping in for the annual gold purchase. The months of October and November have historically been bullish for gold & silver prices.

On the global front, international gold prices fell to $4050 per ounce after the federal reserve kept the interest rate unchanged as expected.

As per Trading Economics, "Investors are now awaiting the US PCE price index, the Fed's preferred inflation measure, for further insight into the monetary policy outlook. Meanwhile, markets continue to assess renewed diplomatic efforts to prevent further escalation of the Middle East conflict. However, elevated oil prices remain a concern, sustaining inflationary pressures and expectations for higher interest rates, which could weigh on gold."

Gold Rate in India Today

Since no movement has been observed in gold prices on October 29, the 22-carat gold rate in India is stable at Rs. 1,31,950 per 10 grams. While the 24-carat gold prices today are currently retailing at Rs.1,43,950 per 10 grams. Similarly, the 18-carat gold rate today costs Rs. 1,07,960 per 10 grams.

100 grams of 22-carat gold stand at Rs.13,19,500. While the 24-carat gold price in India per 100 grams is now retailing at Rs 1,14,950.

Market Outlook for Gold Prices

'MCX Gold closed negative in the previous session, while the daily trend remains bearish. Rallies are likely to encounter selling pressure at higher levels, keeping the near-term bias negative. The prevailing price structure continues to favour a sell-on-rallies strategy.' as per Report from Way of Wealth.

"For the day, the outlook remains negative, with support placed at 141300 and resistance at 144350. Sustained selling pressure could drag prices towards the support zone, while a recovery towards resistance may attract fresh selling. The outlook will require a review on sustained strength above 145150." it further mentioned

Silver Rate in India Today

Silver prices in India today fell slightly on October 29, as 1 kg of silver in India now costs Rs. 2,15,000, after falling by Rs. 5,000. While 100 g of silver rates in India cost Rs 21,500 which jumped by Rs 500.

Spot Gold Prices

According to the latest report by Reuters, "Spot gold slid 0.7% to $4,037.98 per ounce by 0410 GMT, while US ​gold futures for December delivery steadied at $4,049.80."

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