Gold Rate Today (October 29) Prices Crash To 3-Week Low: 24K Gold Down Rs 1 Lakh In 10 Days

By Admin Oct 29, 20250

Shockwave in the bullion market! Gold Rate Today (October 29) sees a sharp crash to a 3-week low, with 24K gold falling by nearly Rs 1 lakh per 100 grams in just 10 days. Get the latest price analysis and check city-wise rates across Delhi, Mumbai, and other major Indian cities.

The Gold Rush Hits a Sudden Stop

For months, the yellow metal was the undisputed champion of the investment world, hitting one record high after another. But the celebration has abruptly ended. The Gold Rate Today (October 29) has sent a shockwave through the market, with prices tumbling to a three-week low. Following an unprecedented rally that had pushed 24-karat gold to all-time highs above the Rs 1,30,000 per 10 grams mark, we are now witnessing a dramatic correction.

The headline news is stark: 24K Gold is down nearly Rs 1 lakh per 100 grams in just 10 days from its recent peak. This significant drop has changed the conversation from “how high can gold go?” to “is this the end of the rally, or a massive buying opportunity?”

This detailed guide will break down the precise factors driving this steep decline in the Gold Rate Today (October 29), provide the latest 24K and 22K prices across major Indian cities, and offer expert insights for investors and consumers. Whether you are a jeweler, an investor, or a prospective wedding buyer, understanding this correction in the Gold Rate Today (October 29) is crucial for your next move.

The Dramatic Decline: How Gold Fell So Fast

The journey from a historic high to a three-week low in a mere ten days is a sharp reminder of gold market volatility. The primary catalyst for this swift correction is a confluence of global and domestic factors that suddenly tipped the scales away from safe-haven buying and toward widespread profit-booking.

Global Factors Pulling Down the Gold Rate Today (October 29)

The international gold price (Comex spot gold) is the bedrock for domestic prices, and the global outlook has shifted dramatically:

Strengthening US Dollar and Treasury Yields: The US Dollar Index (DXY) has seen a significant climb, making dollar-denominated gold more expensive for holders of other currencies, dampening global demand. Concurrently, a rise in US bond yields makes non-yielding assets like gold less attractive.
Easing Geopolitical Tensions: A key driver of gold’s recent surge was safe-haven demand fueled by escalating global geopolitical risks. Recent optimism around potential trade-deal breakthroughs between the US and China, alongside an apparent de-escalation in Middle Eastern conflict zones, has significantly reduced the demand for defensive assets.
The Federal Reserve’s Policy Stance: Markets are closely watching the US Federal Reserve’s policy meeting this week (October 28-29). While expectations of a rate cut had supported gold earlier, a nuanced stance from Fed Chair Powell, or a data-dependent approach following slightly softer US inflation prints, has led to market caution and profit-booking.

Expert Quote: Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA), notes that, “The recent dip reflects profit-booking and a strong dollar. While gold remains a safe haven, short-term bias looks guarded.” This confirms that much of the correction is technical and sentiment-driven after an extended, overbought rally.

Domestic Triggers Magnifying the Crash

In the Indian market, several local factors amplified the impact of the global price drop:

Massive Profit Booking: After a 50% to 60% rally in 2025, particularly after the record high around mid-October, many investors and speculators liquidated their positions to realize massive gains. This heavy selling pressure accelerated the price fall on the Multi Commodity Exchange (MCX).
Post-Festive Season Lull: The peak demand of the Indian festive season has largely passed, leading to a temporary slowdown in physical gold buying, which typically keeps domestic prices firm.
A Stable Rupee: A relatively steady or slightly stronger Indian Rupee (INR) against the US Dollar also softens the impact of global price hikes, contributing to the domestic correction.

🪙 City-Wise Gold Rate Today (October 29) in Major Metros

The price of gold varies slightly across Indian cities due to factors like state taxes, local demand-supply dynamics, and transportation costs. Here is a snapshot of the latest indicative Gold Rate Today (October 29) for 10 grams of both 24K (Pure Gold) and 22K (Standard Jewelry Gold) across key cities:

City	24K Gold Rate (Per 10 Grams)	22K Gold Rate (Per 10 Grams)
New Delhi	₹1,20,960	₹1,10,950
Mumbai	₹1,20,810	₹1,10,800
Chennai	₹1,21,200	₹1,11,100
Kolkata	₹1,20,750	₹1,10,740
Bangalore	₹1,20,810	₹1,10,800
Hyderabad	₹1,21,200	₹1,11,100
Jaipur	₹1,20,960	₹1,10,950

Note: These prices are indicative, sourced from reputed bullion associations, and may not include GST, TCS, and other local levies. Please confirm with your local jeweler.

📉 The Shocking 10-Day Price Fall

To truly grasp the scale of the correction in the Gold Rate Today (October 29), let’s look at the movement over the last ten days, which led to the Rs 1 lakh per 100 grams drop:

Around October 18, 2025 (Recent Peak): 24K Gold Price was approximately ₹1,30,800 per 10 grams.
Today, October 29, 2025: 24K Gold Price is approximately ₹1,20,810 per 10 grams (Mumbai rate).
Total Decline (Per 10 Grams): ₹1,30,800−₹1,20,810≈₹9,990
Total Decline (Per 100 Grams): ₹9,990×10=₹99,900 (Approaching ₹1 Lakh!)

This near-Rs 1 lakh drop per 100 grams in 10 days highlights the intense volatility and the rapid unwinding of long positions in the market.

💡 What This Gold Rate Correction Means for You

Is this the time to panic, or the perfect moment to execute your investment strategy? Experts suggest that this dramatic correction is a healthy market consolidation rather than a full reversal of the long-term bullish trend.

For Long-Term Investors (The ‘Buy on Dips’ Strategy)

Seasoned investors view this dip in the Gold Rate Today (October 29) as a prime entry point. The fundamental reasons that drove gold’s monumental rally—sustained central bank buying, elevated global debt levels, persistent inflation, and geopolitical uncertainty—have not disappeared.

Opportunity: The pullback offers a chance to accumulate gold at a much more favorable rate than even a week ago.
Strategy: Financial advisors often recommend a ‘Buy-on-Dips’ approach, especially for strategic investors. Instead of buying a lump sum, consider a systematic investment plan (SIP) to take advantage of continued volatility.
Authority Source: J.P. Morgan Research, in a recent outlook, projected gold prices to average 3,675/oz by the final quarter of 2025, rising toward 4,000/oz by the second quarter of 2026 (External Link: J.P. Morgan Research Gold Forecast). This long-term bullish outlook supports buying during sharp corrections.

For Consumers and Wedding Buyers

The pre-wedding and festive buying segment is the biggest beneficiary of the current Gold Rate Today (October 29).

Lock in a Lower Rate: If you have a wedding or significant purchase planned in the coming months, this dip is an excellent opportunity to purchase gold.
Hedge Against Future Volatility: Utilize gold-saving schemes offered by jewelers now to lock in today’s lower price and hedge against a potential rebound.
Choose Hallmarked Gold: Given the high value, always ensure you are buying BIS Hallmarked gold to guarantee purity and avoid any disputes on quality. For a deeper dive into gold purity, read our guide on: [The Difference Between 24K, 22K, and 18K Gold Purity]. (Internal Link: Assume a link to a related article on gold purity).

🔮 The Road Ahead: Will the Gold Rate Fall Further?

Market analysts predict that the immediate outlook for the Gold Rate Today (October 29) is one of volatility and consolidation. The market will be trading within a range, awaiting clearer signals from global central banks and geopolitical developments.

Key Technical and Economic Triggers to Watch:

The Rs 1,20,000 Level: Traders consider the ₹1,20,000 per 10 grams level as a crucial psychological support for Indian buyers. A sustained break below this point could trigger further selling toward the ₹1,18,000 mark.
US Federal Reserve’s Commentary: The outcome and commentary from the October 29th Fed meeting will be pivotal. Any indication of a slower pace for rate cuts or a more hawkish tone will likely put more pressure on gold.
US Dollar Movement: Continued strength in the US dollar will remain a headwind for gold prices. Investors should monitor the Dollar Index (DXY) closely (External Link: Bloomberg DXY Index).

Investor Action Plan (Numbered List):

Avoid Panic Selling: If you are a long-term investor, do not liquidate your holdings based on short-term volatility.
Stagger Your Buying: For fresh investments, use a staggered approach. Buy small tranches at different price points to average out your purchase cost.
Diversify Beyond Physical Gold: Consider Gold ETFs or Sovereign Gold Bonds (SGBs) for investment, which offer better liquidity and tax benefits compared to physical gold. Learn more about SGBs here: [Investing in Sovereign Gold Bonds: A Comprehensive Guide]. (Internal Link: Assume a link to a related SGB article).

🖼️ Image/Infographic Suggestion

Title: Gold Price Crash: Peak vs. Today’s Rate & Market Drivers

Content Description: A clear, mobile-friendly infographic divided into two main sections:

Price Comparison Bar Chart: Show two bars: the “Recent Peak Price (Oct 18)” and the “Gold Rate Today (Oct 29)” for 24K/10 grams in a major city (e.g., Mumbai). Visually represent the nearly Rs 10,000 drop.
Key Drivers Section: Use icons and short text for three main “Pressure Factors” (e.g., Strong US Dollar, Easing Geopolitics, Profit Booking) and three “Long-Term Support Factors” (e.g., Central Bank Buying, Inflation Hedge, Global Uncertainty).

Conclusion: The Luster is Still There

The sharp correction in the Gold Rate Today (October 29) is a powerful reminder that no asset moves in a straight line forever. While the Rs 1 lakh per 100 grams drop from the peak feels dramatic, it largely represents a necessary and healthy consolidation after a record-breaking rally.

For prudent investors, this is not a time to fear but to strategize. Gold’s role as the ultimate store of value during times of systemic risk remains unchallenged. The current dip offers a highly compelling opportunity for both long-term wealth builders and immediate consumer buyers to acquire the precious metal at a significantly reduced rate. Keep a keen eye on global economic indicators, and remember that for the yellow metal, the long-term outlook remains overwhelmingly bright.

🔥 Call to Action (CTA): Are you taking advantage of the lower Gold Rate Today (October 29)? Tell us your investment strategy in the comments below! Or, would you like a detailed comparison of today’s 22K and 24K prices across all Tier 1 cities to help you decide on your next purchase?