Indian Gold Price Drops By Rs. 380 Today, Comex Gold Rate Falls Below US$ 1,648

Indian gold rates depend on the international market trend. Today, the yellow metal fell sharply in trade. Today the US Dollar index and US Treasury Yields recovered only marginally. Following the international trend, today, on October 29, in India the 22-carat gold rate fell to Rs. 46,750, and the 24-carat gold rate fell to Rs. 51,000/10 grams, down by Rs. 350-380 today. Additionally, the silver rate quoted at Rs. 5750/100 grams today, falling by Rs. 80.

In Bangalore, the 22-carat gold rate quoted at Rs. 46,800, and the 24-carat gold rate quoted at Rs. 51,050/10 grams, falling by Rs. 350-380/10 grams.

In Chennai, the 22-carat gold rate quoted at Rs. 47,050, and the 24-carat gold rate quoted at Rs. 51,330/10 grams, falling by Rs. 300-430/10 grams.

In Kolkata, the 22-carat gold rate quoted at Rs. 46,750, and the 24-carat gold rate quoted at Rs. 51,000/10 grams, falling by Rs. 350-380/10 grams.

In Delhi, the 22-carat gold rate quoted at Rs. 46,900, and the 24-carat gold rate quoted at Rs. 51,160/10 grams, falling by Rs. 350-370/10 grams.

Investors and analysts are waiting for the next week's US FOMC Meeting, to know the next monetary policy of the central bank to control inflation. Investors are looking forward to knowing if the Federal Reserve will be slowing down the rate hike after the November meeting. "The Fed is going to back away from raising so aggressively. There could be talk of a step down at the next meeting. Gold hasn't faired too well priced in dollars. If we see the dollar come off, gold can do very well," commented RJO Futures senior commodities broker Daniel Pavilonis, as reported by Kitco News.

The Comex gold futures were quoted at $1,648.30/oz, down by 1.04%, till last traded. Additionally, in the Mumbai Commodity Exchange (MCX) gold in December future is quoted at Rs. 50230/10 grams, down by 1%, from the last trading day. MCX silver in December future is quoted at Rs. 57500/10 grams, down by 1.33%, from the last trading day. Meanwhile, the US 2-year Treasury bond yield gained to around 4.414%, and the US 10-year Treasury yield gained to around 4.01%. The US Dollar index quoted at 110.67, up by 0.08% today.