Gold, silver rates today, October 28: Gold prices fall, silver drops; Planning to buy before Dhanteras, Diwali? Check 24K, 22K rates in your city

However, buyers hoping to make the most of softer prices may be watching market movements closely.

On Wednesday, October 28, gold futures declined on the Multi Commodity Exchange (MCX), while silver futures also traded lower amid cautious sentiment in the bullion market.

Gold, silver rates today on MCX

Gold and silver futures traded lower on the Multi Commodity Exchange (MCX) on Wednesday, October 28, as investors remained cautious ahead of the US Federal Reserve's policy decision.

As per MCX market data for the December 4, 2026, expiry contract, gold futures were trading at ₹1,43,600 per 10 grams, down ₹538, or 0.37% at the time of writing. During the session, gold traded between ₹1,43,321 and ₹1,43,867 per 10 grams.

Silver futures for December delivery stood at ₹1,95,169 per kilogram, declining ₹1,548, or 0.79% at the time of writing. The metal traded in a range of ₹1,94,853 to ₹1,96,010 per kilogram during the session.

Both contracts were below their previous closing levels, reflecting continued caution in the bullion market ahead of the Fed's interest-rate announcement.

Gold and silver rates today in India

According to All India Bullion, at around 1:24 pm IST on October 28, 24-carat gold was quoted at approximately ₹1,44,392 per 10 grams, while 22-carat gold stood at ₹1,32,263 per 10 grams. Silver of 999 purity was priced at around ₹1,99,462 per kilogram.

The rates can vary across cities and may differ from exchange-traded futures and benchmark bullion prices. Buyers should also check whether the quoted price includes GST, making charges and other applicable costs.

IBJA gold and silver rates today, October 28

According to the India Bullion and Jewellers Association (IBJA), the indicative PM benchmark rates for October 28 stood at ₹1,41,431 per 10 grams for 24-carat gold (999 purity) and ₹1,92,499 per kilogram for silver (999 purity).

City-wise gold and silver rates on October 28

According to All India Bullion, the indicative prices in major Indian cities were as follows:

What is driving gold and silver prices today?

The upcoming US Federal Reserve policy decision is a key factor influencing bullion-market sentiment. Investors are awaiting the Fed's announcement and accompanying guidance on the interest-rate outlook.

What should gold and silver buyers watch next?

For consumers planning purchases for Dhanteras and Diwali, short-term price movements may offer opportunities, but there is no guarantee that prices will decline further.

The Fed's policy announcement, the US dollar, bond yields and physical demand will remain important factors to watch.

For retail buyers, the practical approach is to compare the latest local jeweller rates, confirm purity and check the final bill, including applicable taxes and making charges, before purchasing.