Domestic Gold Prices Climb for Third Day Adding Rs 13,700 per 100g While Silver Holds Steady

Gold rates across 18K, 22K, and 24K categories saw extended gains on October 28 across Indian markets, while silver prices showed no movement.

Retail gold shoppers across India are feeling the pinch as bullion prices recorded their third consecutive trading session of price hikes on October 28. The sharp upward movement pushed rates higher across all popular purities, including 24K, 22K, and 18K gold, making festive and routine jewellery acquisitions significantly more expensive in major metropolitan centres. Over the course of this three-day surge, the cumulative jump has inflated rates by approximately Rs 13,700 per 100 grams, catching budget-conscious retail consumers completely off guard.

Silver Market Remains Stagnant Across Metros
While the yellow metal witnessed brisk price action, the domestic silver counter presented a picture of complete inertia. Industrial buyers and retail customers saw no shift in prices throughout the day, marking yet another session without any upward or downward trajectory across bullion exchanges.

On the spot front, 1 kilogram of silver in India maintained a firm price tag of Rs 2,20,000. In parallel, retail buyers seeking smaller amounts found 100 grams of silver trading flat at Rs 22,000. This lack of volatility provided some breathing space for utensil buyers and electronic component manufacturers navigating unpredictable commodity trends.

Short-Term Trading Strategy and Chart Projections
Despite the recent momentum in spot counters, market strategists are advising caution and looking for temporary consolidations. Nirmal Bang Securities highlighted in its tactical assessment that domestic bullion benchmarks could soon experience a modest retracement before finding sustainable footing.

The brokerage firm pointed out that bullion rates are likely to pull back, offering defined entry opportunities for tactical traders. Its research note recommended initiating fresh long positions at Rs 1,43,500 while strictly maintaining a protective stop loss at Rs 1,42,500. On the upper band, the firm set upside profit targets between Rs 1,45,000 and Rs 1,46,200 for short-term positions.

Global Headwinds, Dollar Strength, and Rate Speculation
The broader macro environment remains tightly bound to overseas currency and policy cues. Providing context on international pricing pressures, RiddiSiddhi Bullions Ltd Managing Director, IBJA President, and Jain International Trade Organisation Chairman Prithviraj Kothari explained that yellow metal contracts had faced steep selloffs in preceding sessions as fuel costs stoked broader inflation worries.

Global commodity desks have also had to contend with aggressive monetary policy bets. While the US central bank gave indications of pausing benchmark rate adjustments during its immediate gathering, bond traders continue to price in an 82 percent probability of a rate hike arriving in December. A buoyant US currency ahead of the policy declaration compounded the downward momentum. Concurrently, unresolved geopolitical crosscurrents across the Gulf persist despite active diplomatic discussions involving Iran.

Consolidation Levels and Rebound Horizons
From a charting perspective, market analysts project that bullion values are working through a stabilization phase. Prithviraj Kothari noted that gold could technically test downside support near $3,950 an ounce, translating roughly to Rs 1,40,000 in local pricing, whereas international silver could touch $50.

Both metals, however, appear to be constructing a sturdy price platform at these corrective thresholds. Market participants anticipate that once this base-building process concludes, the two precious metals could generate a sharp 10 to 15 percent price recovery, revitalising longer-term investment portfolios.

What this means for you
The continuous three-day rally in bullion has increased financial strain on jewellery shoppers across the country.

• Retail jewellery impact: Cumulative price tags have jumped by Rs 13,700 per 100 grams across 24K and 22K categories over three sessions. Households planning immediate wedding or festive ornaments must budget higher cash reserves.
• Silver purchaser relief: Wholesale silver prices stayed entirely flat at Rs 2,20,000 per kilogram. Smaller retail buyers continue to access 100-gram units at an unchanged price of Rs 22,000.
• Short-term trading outlook: Active traders can eye entry points around Rs 1,43,500 following analyst commentary. Positioning with a stop loss at Rs 1,42,500 targets potential gains up to Rs 1,46,200.
• Long-term asset projection: Chartists foresee a potential 10 to 15 percent rebound once current basing patterns complete. Patient investors may treat corrective dips as strategic accumulation zones.

Why this happened
The sudden surge in domestic gold prices stems from broader shifts in macro energy dynamics and geopolitical risks.

• Energy-driven inflation fears: Spiking fuel and energy prices internationally have triggered broader concerns over persistent cost pressures. Heightened inflationary risks traditionally steer asset allocators toward tangible gold reserves.
• Federal Reserve rate expectations: Traders maintain an 82 percent implied probability of a December US interest rate hike despite a temporary pause. A firmer dollar index against major currencies has simultaneously introduced sharp volatility into paper contracts.
• Middle East political frictions: Geopolitical concerns across the Gulf have lingered even amid diplomatic dialogues with Iran. Regional tension keeps baseline risk premiums elevated in international commodity exchanges.

Questions & Answers

1. What was the trend in domestic gold prices on October 28?
Gold rates in India rose for the third consecutive day across 18K, 22K, and 24K purities.

2. How much have gold prices increased over the recent three-day rally?
Gold prices gained approximately Rs 13,700 per 100 grams across major Indian centres over the three-day stretch.

3. What are the prevailing rates for silver in India?
Silver stayed flat, costing Rs 2,20,000 for 1 kilogram and Rs 22,000 for 100 grams.

4. What trading targets did Nirmal Bang Securities project for gold?
The firm suggested buying at Rs 1,43,500 with a stop loss of Rs 1,42,500 for targets between Rs 1,45,000 and Rs 1,46,200.

5. What technical price floors did Prithviraj Kothari point out?
He projected potential technical support near $3,950 (around Rs 1,40,000) for gold and $50 for silver.

6. What are market expectations regarding future US rate hikes?
Traders are factoring in an 82 percent likelihood of a rate increase occurring at the December policy meeting.

https://trendkia.com/en/business/sone-ki-kimaton-men-lagatara-tisare-dina-uchhala-100-grama-para-13-700-rupaye-taka-barhe-bhava-jabaki-chandi-ki-chala-susta-52900
TrendKia — Har trend, sabse pehle.