Gold and silver prices recently increased as investors monitored global economic trends and the United States Federal Reserve's monetary policy decisions. Both precious metals are heavily influenced by interest rates, inflation, and currency fluctuations. Additionally, silver prices are driven by significant industrial demand.
Gold prices edged higher in early trade on Wednesday, October 28, as investors monitored global economic developments and expectations surrounding the US Federal Reserve's monetary policy decision. Silver prices also remained in focus amid uncertainty over interest rates, inflation and currency movements.
International spot gold traded near $4,047 per ounce in early trade, while US gold futures remained around $4,066.20 per ounce. In the domestic market, spot gold closed marginally higher at Rs 1,40,819 per 10 grams on October 27, while silver settled at Rs 1,92,193 per kilogram.
Silver prices are being influenced by the same macroeconomic factors affecting gold, including US interest-rate expectations, movements in the dollar and inflation concerns. However, silver also has substantial industrial demand, particularly from the solar energy, electronics and manufacturing sectors. Changes in industrial demand and expectations for global economic growth can therefore influence silver prices alongside investment activity.
In the futures market, silver contracts on the Multi Commodity Exchange (MCX) traded lower, reflecting fluctuations in domestic bullion trading. Investors are watching the Federal Reserve's policy announcement for clues about the direction of interest rates and the dollar, both of which can influence precious metals.
Gold and Silver Rates - October 28, 2026
| City | 22K (10g) | 24K (10g) | Silver (1kg) |
| Delhi | Rs 1,33,112 | Rs 1,45,319 | Rs 2,01,153 |
| Mumbai | Rs 1,32,929 | Rs 1,45,119 | Rs 2,01,078 |
| Kolkata | Rs 1,32,746 | Rs 1,44,919 | Rs 2,01,178 |
| Chennai | Rs 1,33,190 | Rs 1,45,404 | Rs 2,01,178 |
| Bengaluru | Rs 1,33,103 | Rs 1,45,309 | Rs 2,01,238 |
| Hyderabad | Rs 1,33,158 | Rs 1,45,369 | Rs 2,01,113 |
What Should Buyers Know?
Gold and silver prices in India are influenced by international bullion prices, the rupee's exchange rate against the US dollar, import duties and domestic demand. Jewellery buyers should also account for applicable taxes and making charges when comparing final prices.
