Gold and Silver Prices on October 29: Where Are the Markets Heading?

Gold and silver prices in India saw mixed movement on October 29 as traders tracked global cues, currency fluctuations, and investor sentiment ahead of key economic data releases. While gold remained steady, silver showed slight volatility as investors balanced inflation concerns with expectations of a stable U.S. dollar.

On the Multi Commodity Exchange (MCX), gold futures hovered near ₹72,000 per 10 grams, reflecting cautious optimism among traders. The metal has been supported by geopolitical tensions and strong central bank buying, which continue to drive safe-haven demand. However, profit booking and a stronger dollar index have limited sharp gains.

Silver futures were trading around ₹89,000 per kilogram, slightly lower from previous highs. Industrial demand remains uneven, but silver continues to draw long-term interest from investors due to its dual role as both a precious and industrial metal.

Experts say gold may face resistance if the U.S. Federal Reserve maintains its current monetary stance. A stronger dollar often pressures bullion prices globally, but domestic demand — especially from rural regions and upcoming festive purchases — may cushion any fall in India.

For Tier 2 cities like Nagpur, Indore, and Surat, local jewellers expect steady footfall as Diwali approaches. Gold buying remains culturally strong, and despite high prices, customers continue to see it as a reliable asset in uncertain times.

Analysts predict that in the short term, gold could trade in the range of ₹71,500–₹72,500, while silver may fluctuate between ₹88,000–₹90,000. Any significant shift in global market sentiment or economic data could set the next direction for precious metal prices.

In summary, while short-term fluctuations are likely, gold and silver continue to remain key investment options for Indian households, driven by tradition, market uncertainty, and the promise of long-term value stability.