Gold and silver prices, 29 October: Gold and silver prices edged lower in the domestic market on Thursday, after the US Federal Reserve held benchmark interest rates steady in a move that was broadly anticipated.
In the international market, gold prices declined; spot gold lost 0.5% to $4,039.39 an ounce, while US gold futures for December delivery settled 0.6% lower at $4,051.60 per ounce. The Fed held interest rates steady in the 3.75%-4.00% range, as expected, opting to delay any changes to borrowing costs until after next week’s US midterm elections, according to a report by CNBC.
US interest rates have a strong inverse (negative) correlation with gold prices because higher rates increase the opportunity cost of holding a non-yielding asset.
In the domestic futures market, MCX gold futures were trading 0.030% lower at ₹1,43,960 per 10 grams, while MCX silver futures declined by around 0.79% to ₹1,93,440 per kg at approximately 9:13 am on 29 October.
Gold is available in different purities in the retail market, with 24-karat gold being the purest form and 22-karat gold commonly used to make jewellery due to its greater durability. Silver 999, also known as 99.9% pure silver, is a high-purity form of silver commonly used for investment purposes, including silver bars and coins.
Gold and silver prices today in India
Here’s a look at the latest gold and silver prices in major Indian cities on 29 October.
Gold Prices in New Delhi — 29 October
24 karat gold rate in New Delhi — ₹143,530/10 gm
22 karat gold rate in New Delhi — ₹131,569/10 gm
Silver 999 Fine rate in New Delhi — ₹192,800/1 kg
Gold Prices in Mumbai — 29 October
24 karat gold rate in Mumbai — ₹143,780/10 gm
22 karat gold rate in Mumbai — ₹131,798/10 gm
Silver 999 Fine rate in Mumbai — ₹193,130/1 kg
Gold Prices in Bengaluru — 29 October
24 karat gold rate in Bengaluru — ₹143,890/10 gm
22 karat gold rate in Bengaluru — ₹131,899/10 gm
Silver 999 Fine rate in Bengaluru — ₹193,280/1 kg
Gold Prices in Kolkata — 29 October
24 karat gold rate in Kolkata — ₹143,590/10 gm
22 karat gold rate in Kolkata — ₹131,624/10 gm
Silver 999 Fine rate in Kolkata — ₹192,870/1 kg
Gold Prices in Hyderabad — 29 October
24 karat gold rate in Hyderabad — ₹144,010/10 gm
22 karat gold rate in Hyderabad — ₹132,009/10 gm
Silver 999 Fine rate in Hyderabad — ₹193,430/1 kg
Gold Prices in Chennai — 29 October
24 karat gold rate in Chennai — ₹144,310/10 gm
22 karat gold rate in Chennai — ₹132,284/10 gm
Silver 999 Fine rate in Chennai — ₹194,010/1 kg