Gold and Silver Prices Decline Ahead of Dhanteras
Gold and silver prices declined in the domestic futures market on Wednesday, October 28, 2026, ahead of Dhanteras. Gold futures traded below Rs 1.50 lakh per 10 grams, while silver futures remained below Rs 2 lakh per kilogram. Gold futures on the Multi Commodity Exchange (MCX) fell to around Rs 1.44 lakh per 10 grams, while silver futures declined to approximately Rs 1.96 lakh per kilogram.
On Wednesday morning, December delivery gold futures on MCX declined by around 0.36% to Rs 1,43,623 per 10 grams. Gold prices had also fluctuated during Tuesday's session. The strength of the US dollar and uncertainty over interest rates have been affecting precious metal prices.
Silver also faced selling pressure in the domestic futures market. December delivery silver futures on MCX fell by around 0.52% to Rs 1,95,699 per kilogram.
These figures represent futures market prices. Retail gold and silver prices in local bullion markets may differ.
According to preliminary market rates, 24-carat gold was quoted at approximately Rs 1,44,060 per 10 grams. The price of 22-carat gold was around Rs 1,32,055 per 10 grams, while 18-carat gold was priced at approximately Rs 1,08,045 per 10 grams.
However, prices vary across market sources. An alternative market update for Mumbai quoted 24-carat gold at Rs 1,42,570 per 10 grams and 22-carat gold at Rs 1,30,590 per 10 grams.
24-carat gold has a higher level of purity, while 22-carat and 18-carat gold are commonly used to make jewellery. Buyers are advised to check the latest prices with local jewellers before making purchases.
Gold and silver prices continued to fluctuate in international markets alongside domestic trading. On Wednesday morning, US gold futures were trading at around $4,066.20 per ounce, while international spot gold was quoted at approximately $4,047 per ounce.
Investors are monitoring the US Federal Reserve's interest rate decision. A ber dollar and elevated bond yields could put pressure on gold prices.
International price movements also affect domestic bullion rates. In addition, the rupee's exchange rate against the US dollar and import-related costs play an important role in determining prices in India.
Dhanteras will be observed on November 6 this year, followed by Diwali on November 8. The decline in silver futures prices ahead of the festivals may offer some relief to buyers planning purchases.
Different bullion market updates quoted silver at approximately Rs 1.94 lakh to Rs 2 lakh per kilogram.
However, a decline in futures prices does not necessarily translate into an immediate or equivalent reduction in retail prices. Local demand, availability and trading costs can result in differences between futures prices and the rates charged by retail jewellery shops.
