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Indian Gold Rates Dropped By Rs. 80, On Oct 28, Price Fallen Two Days In A Row

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Indian gold prices have dropped today by a tad before Diwali, on October 28. Today, 22 carat gold rates are quoted at Rs. 47,050/10 grams and 24 carat gold rates are quoted at Rs. 48,050/10 grams. But, gold prices in Delhi, Bangalore, and Hyderabad have increased by Rs. 200/10 grams, while in cities like Pune and Kolkata gold prices have dropped marginally today.

 
Indian Gold Rates Dropped By Rs. 80, On Oct 28, Price Fallen Two Days In A Row

The Comex gold December futures today hiked by 0.08%, and was quoted at $1800.2, while the spot gold prices also hiked by 0.02%, and were quoted at $1798/oz till 3.45 PM IST today. On the other hand, the US dollar index in the spot market stood at 93.87, dropping by only 0.03%. Mirroring the same gold rate trend, in India, the Mumbai MCX gold in October future dropped by 0.07%, and was quoted at Rs. 47,927/10 grams, till 3.45 PM IST.

Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai47,050/-48,050/-
Delhi47,100/-51,380/-
Bangalore44,950/-49,040/-
Hyderabad44,950/-49,040/-
Chennai45,250/-49,360/-
Kerala44,950/-49,040/-
Kolkata47,350/-50,050/-

Before Diwali, Indian gold prices are mostly stayed surged because of the inflationary concerns, globally. The drops in gold rates are only marginally. Diwali and Dhanteras are the 2 most significant events for the Indian gold business. But, a surged gold rate can impact gold sales. A recent WGC report has also mentioned that India's gold demand fell this quarter. So, a subdued gold rate can help the market to boom this festive season.

This festive season, one important measure to remember while buying gold is the recent hallmarking mandate. The union government has mandated all the jewellers to sell only hallmarked gold jewelleries to assure the customers about the purity of the gold.

Story first published: Thursday, October 28, 2021, 16:00 [IST]
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