Gold Prices Stable, Silver and Copper Prices Firm
Gold prices remained steady, while silver and copper saw slight increases in India.
Gold Prices
The price of 22 carat gold in India remained stable at 1,32,100 rupees per 10 grams on October 29, 2023, despite a minor increase from the previous day.
18 carat gold prices also remained unchanged at 1,08,080 rupees per 10 grams, indicating no significant market movement.
Chander Prices
Chander prices in India ranged between 2,19,900 and 2,20,000 rupees per kilogram on October 29, 2023, with prices in major cities like Delhi, Mumbai, and Kolkata at 2,20,000 rupees per kilogram.
Chennai saw slightly higher prices at 2,24,900 rupees per kilogram.
Federal Reserve's Stance
The Federal Reserve maintained its benchmark interest rate at around 3.9% on October 28, 2023, stating the need for more data before taking further monetary policy actions.
With higher inflation, there is increased pressure on precious metals like gold and silver, as they offer no interest income.
Impact on Gas Cylinder Prices
The price of gas cylinders may rise before Diwali, as per current booking rates, but specific details are not yet available.
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