Gold prices witnessed an upward trend across major jewellery retailers in India on Wednesday, October 28, 2026. The India Bullion and Jewellers Association (IBJA) confirmed that retail selling rates for gold increased across multiple purity levels, including 24k, 22k, 20k, and 18k varieties, compared to the previous day's figures. This shift in pricing has been observed nationwide, impacting major brands such as Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas.
Data released by the IBJA indicates that the price for 24k gold (999) rose to Rs 14,230 per gram from its previous closing of Rs 14,143 per gram. Similarly, the 22k gold category saw an increase to Rs 13,889 per gram from Rs 13,804. Other purities followed suit; 20k gold rose to Rs 12,665, 18k gold to Rs 11,526, and 14k gold to Rs 9,178 per gram. Conversely, silver prices recorded a decline, with the 999-purity metal settling at Rs 1,90,000 per kilogram, down from the previous day's rate of Rs 1,92,499 per kilogram.
Major retail brands also reflected these broader market adjustments. As of October 28, 2026, Tanishq priced its 22k gold jewellery at Rs 13,245 per gram, marking an increase from the Rs 13,175 recorded on October 27. Meanwhile, Malabar Gold & Diamonds, Joyalukkas, and Kalyan Jewellers all reported a 22k gold rate of Rs 13,195 per gram, up from Rs 13,135 the previous day. These rates apply uniformly across major cities including New Delhi, Mumbai, Chennai, Kolkata, Thiruvananthapuram, Coimbatore, and Bengaluru.
Industry experts suggest that the current price movement is influenced by a complex interplay of global and domestic factors. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of IBJA, noted that gold is maintaining a position near $4,000 per ounce. He highlighted that the market is currently caught between concerns regarding oil-driven inflation and the stabilizing effect of softer Treasury yields and consistent physical buying.
Looking ahead, market participants are monitoring the Federal Reserve's upcoming policy decisions. According to Kothari, while the Fed is expected to maintain rates at 4%, there remains an 82% probability of a rate hike in December, which serves as a potential headwind for precious metal prices. Despite this, domestic demand in India, particularly linked to the upcoming Diwali festivities, is expected to provide some support to the market, potentially offsetting softer interest from Western investors.
For consumers planning to purchase gold for weddings, festivals, or investment purposes, industry analysts emphasize the importance of verifying key details before transaction. Potential buyers are encouraged to check hallmark certifications, understand the impact of making charges, and consider applicable taxes, which can significantly influence the final cost of jewellery. As the market continues to fluctuate, tracking the latest indicative rates from authoritative bodies like the IBJA remains a prudent step for those navigating the current precious metal landscape.
The outlook for the coming weeks remains a subject of analysis, with some experts anticipating a potential 10–15% rebound for gold and silver as the metals work to build a stronger price base. However, market volatility is expected to persist in the short term as investors react to global economic signals and shifting inflation expectations.
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