Mumbai Gold Rate Today, Oct 28, at 20-Day Low! Silver Slips Too; Can Bulls Make a Comeback Against Bears?

Mumbai Gold Rate Today: Gold prices continued their downward streak for the seventh straight day on Tuesday, October 28, weighed down by weak global cues and a persistent bearish trend in international markets. In Mumbai, the 24-karat gold rate slipped to a 20-day low of Rs 1.2 lakh per 100 grams. Silver, too, followed suit, extending its decline amid cautious investor sentiment.

The price of gold in India witnessed a sharp trend reversal in the second half of October after witnessing a record back-to-back highs in August and September. The massive rally in gold and silver prices lead to multiple revisions of gold and silver price targets by top brokerage firms and industry experts.

Mumbai Gold Rate Today

The price of 24 karat gold in Mumbai declined by Rs 82 per gram to Rs 12,246 per gram on Tuesday, October 28. Likewise, the price of 22 karat gold in Mumbai fell by Rs 75 per gram to Rs 11,225 per gram. The rate of 18 karat gold rate in Mumbai today dropped by Rs 62 per gram to Rs 9,184.

Mumbai Silver Rate Today

The price of silver in Mumbai also declined on Tuesday. Silver rate in Mumbai fell to Rs 151 per gram and to Rs 1,51,000 per kilogram. Silver rate in India has increased significantly since the beginning of the year, and the recent price correction is likely to pave the way for another stage of rally.

Gold Rate Today: Bull vs Bears, Who Will Win?

The decline in Mumbai gold rate today mirrors the falling international gold prices as investors cheer the progress in US-China trade talks. Improving ties between US and CHina could shift investors away from gold to other market instruments. However, the US Fed meeting could bring them back to gold and spark a rally, according to experts.

"If US President Donald Trump and China President Xi Jinping have a productive meeting on trade this week, this could leave gold swimming against the current to some degree. But this could be offset if the Fed delivers a dovish tone with the expected rate cut this week," Reuters quoted KCM Trade Chief Market Analyst Tim Waterer.

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