NOB- Bharat news: Gold prices in India witnessed decline on 28.10.2024 as US Dollar firmed and investors are looking forward to key US economic numbers for more cues on the Federal Reserve’s monetary policy path. 22k gold prices on 28.10.2024 edged lower by Rs. 450 to Rs. 73,150/10 grams and 100 grams of 22 carat precious metal prices slipped by Rs. 4500 to Rs. 7,31,500 thus offering huge relief to buyers in India ahead of crucial Dhanteras and Diwali festivals in the country. 24k gold prices declined by Rs. 490 to Rs. 79,800/10 grams and 100 grams of 22 carat precious metal prices fell by Rs. 4900 to Rs. 7,98,000. 18k gold prices in India lost shine by Rs. 370 to Rs. 59,850/10 grams and 100 grams of 18 carat yellow metal prices dipped by Rs. 3700 to Rs. 5,98,500. According to Dr. Renisha Chainani, Head Research – Augmont – Gold For All, “buying gold this Diwali in 2024, despite record-high prices, can still be a strategic decision, depending on your objectives. Gold is traditionally considered a hedge against inflation and economic uncertainty, offering stability when equity markets are volatile. The festive season also drives demand due to cultural beliefs, making it a favourable time for many buyers. However, with prices near record highs, there’s a risk of short-term corrections. If your goal is wealth preservation, staggered purchases through Gold ETFs or Digital Gold might be better to spread risks over time. Investors aiming for long-term portfolio diversification could benefit from buying gold, even at higher prices, as gold tends to appreciate over the years. For immediate festive purposes, small token purchases make sense, while waiting for price dips can also be a prudent strategy.”

1 gram gold rate on 28.10.2024 for 22k in India fell by Rs. 45 to Rs. 7,315. 1 gram gold rate for 24k became cheaper by Rs. 49 to Rs. 7980. 1 gram gold price for 18 carat yellow metal lost glitter by Rs. 37 to Rs. 5985. According to Reuters, “The U.S. dollar has continued its good run of form in the aftermath of the Japanese election, which has dented gold’s appeal,” said Tim Waterer, chief market analyst at KCM Trade. But, “gold still looks in good shape to potentially make a push towards $2,800 and beyond but it will first have to navigate a batch of key macro data this week, which could have interest rate implications for the Fed.” Silver price in India on 28.10.2024 steadied yet again. 1 kg silver prices stayed unchanged at Rs. 98,000 while 100 grams silver prices remained stable at Rs. 9,800. Spot gold declined 0.5% to $2,733.01 per ounce, as of 0232 GMT. Spot silver fell 0.9% to $33.39 per ounce and platinum declined 0.1% to $1,022.20. Palladium fell 0.3% to $1,189.27 after touching a 10-month high in the earlier session. U.S. gold futures fell 0.3% to $2,745.5 according to Reuters.

22k Gold Price Movement In Last 10-Days In India (1 gram)

22k gold price in India on 28.10.2024 dipped by Rs. 45, remained steady on October 27^th 2024, jumped by Rs. 65 on October 26^th 2024, rallied by Rs. 10 on October 25^th 2024, fell by Rs. 55 on October 24^th 2024, zoomed by Rs. 40 on October 23^rd 2024, remained steady on October 22^nd 2024, rallied by Rs. 20 on October 21^st 2024, steadied on October 20^th 2024, and rose by Rs. 40 on October 19^th 2024.

1kg Silver price India movement in last 10-days

Silver prices in India remained steady for last 3 sessions, dipped steeply by Rs. 4000 on October 25^th 2024, slipped by Rs. 2000 on October 24^th 2024, jumped by Rs. 2000, rose by Rs. 100 on October 22^nd 2024, rallied by Rs. 1500 on October 21^st 2024, steadied on October 20^th 2024, and gained by Rs. 500 on October 19^th 2024.