Gold prices witnessed a decline in India on Monday, October 28, as the US dollar strengthened and optimism grew over easing trade tensions between the United States and China. The yellow metal slipped on the Multi Commodity Exchange (MCX), reflecting the global market sentiment.
Gold and Silver Prices Today — October 28
As of 9:32 a.m. on Tuesday, MCX Gold December futures were trading 0.78% lower at ₹1,22,490 per 10 grams, while MCX Silver December contracts fell 1.07% to ₹1,45,898 per kilogram.
According to data from the Indian Bullion Association (IBA), the price of 24-carat gold stood at ₹1,22,590 per 10 grams, and 22-carat gold was priced at ₹1,12,374 per 10 grams at 9:40 a.m. Meanwhile, silver (999 fine) was quoted at ₹1,46,380 per kilogram.
Long-Term Performance of Gold
Over the last two decades, gold prices in India have soared by nearly 1,200%, rising from around ₹7,638 in 2005 to over ₹1,25,000 in 2025 (as of September). The precious metal has delivered positive returns in 16 out of the past 20 years, reaffirming its reputation as a reliable hedge against inflation and market volatility. So far in 2025, gold has surged 56% year-to-date (YTD), ranking it among the best-performing asset classes of the year.
Retail buyers should note that jewellers typically add making charges, GST, and other fees, which can increase the final price of gold jewellery compared to bullion or futures rates.
City-Wise Gold and Silver Rates in India — October 28
Mumbai:
- Gold bullion: ₹1,21,960/10 gm
- MCX Gold: ₹1,21,868/10 gm
- Silver bullion: ₹1,45,540/kg
- MCX Silver 999: ₹1,45,438/kg
Pune:
- Gold bullion: ₹1,21,960/10 gm
- MCX Gold: ₹1,21,868/10 gm
- Silver bullion: ₹1,45,540/kg
- MCX Silver: ₹1,45,438/kg
Delhi:
- Gold bullion: ₹1,21,790/10 gm
- MCX Gold: ₹1,21,868/10 gm
- Silver bullion: ₹1,45,330/kg
- MCX Silver 999: ₹1,45,438/kg
Kolkata:
- Gold bullion: ₹1,21,840/10 gm
- MCX Gold: ₹1,21,868/10 gm
- Silver bullion: ₹1,45,390/kg
- MCX Silver 999: ₹1,45,438/kg
Ahmedabad:
- Gold bullion: ₹1,22,160/10 gm
- MCX Gold: ₹1,21,868/10 gm
- Silver bullion: ₹1,45,770/kg
- MCX Silver 999: ₹1,45,438/kg
Bengaluru:
- Gold bullion: ₹1,22,180/10 gm
- MCX Gold: ₹1,21,868/10 gm
- Silver bullion: ₹1,45,930/kg
- MCX Silver 999: ₹1,45,438/kg
Hyderabad:
- Gold bullion: ₹1,22,280/10 gm
- MCX Gold: ₹1,21,868/10 gm
- Silver bullion: ₹1,46,050/kg
- MCX Silver 999: ₹1,45,438/kg
Chennai:
- Gold bullion: ₹1,22,440/10 gm
- MCX Gold: ₹1,21,868/10 gm
- Silver bullion: ₹1,46,240/kg
- MCX Silver 999: ₹1,45,438/kg
Despite the slight correction in prices, analysts believe gold’s long-term outlook remains positive, supported by global economic uncertainties, inflationary pressures, and continued demand from investors and central banks.
