Gold Rate Today: 24K Gold at ₹1,42,300 per 10g on 28 October 2026, Up ₹1,218

Key Takeaways

• IBJA 999-purity gold was quoted at ₹1,42,300 per 10 grams in the 28 October AM fixing, up ₹1,218 or approximately 0.86% from ₹1,41,082 in the previous trading day's AM benchmark.
• IBJA 916 gold, commonly associated with 22K purity, stood at ₹1,30,347 per 10 grams compared with ₹1,29,231 previously.
• Silver 999 was quoted at ₹1,94,000 per kg, an increase of ₹1,963 or approximately 1.02% from the previous AM rate of ₹1,92,037.
• IBJA benchmark rates exclude GST and making charges, so retail jewellery prices can differ from the benchmark figures.

Gold prices were higher in the IBJA morning benchmark on 28 October 2026. The IBJA AM rate for 999-purity gold stood at ₹1,42,300 per 10 grams, compared with ₹1,41,082 per 10 grams in the previous trading day's AM fixing.

That represents an absolute increase of ₹1,218 per 10 grams, or approximately 0.86%.

Silver also moved higher. IBJA Silver 999 was quoted at ₹1,94,000 per kg, up ₹1,963, or approximately 1.02%, from ₹1,92,037 per kg in the previous AM benchmark.

Gold Rates on 28 October 2026

The IBJA benchmark publishes gold prices per 10 grams and silver prices per kilogram. These benchmark rates exclude 3% GST and making charges.

How Much Did Gold Rise Today?

The like-for-like comparison between the 28 October AM fixing and the previous trading day's AM fixing shows an increase of ₹1,218 per 10 grams in 999-purity gold.

In percentage terms:

Gold change = (₹1,42,300 - ₹1,41,082) / ₹1,41,082 × 100 = approximately 0.86%.

The increase was proportionately similar across the lower-purity IBJA gold benchmarks. The 995 rate increased by ₹1,213, the 916 rate by ₹1,116, the 750 rate by ₹913 and the 585 rate by ₹713 per 10 grams.

Silver registered the larger percentage change, rising about 1.02% to ₹1,94,000 per kg.

What Is Driving Gold Prices?

Gold prices in India reflect a combination of international bullion prices and domestic currency conversion rather than a single factor.

Movements in global gold benchmarks can be influenced by changes in the US dollar, US Treasury yields, monetary-policy expectations and geopolitical developments. For Indian buyers, the USD/INR exchange rate provides an additional transmission channel because internationally traded bullion is predominantly priced in US dollars.

The 28 October IBJA AM benchmark confirms that domestic gold prices were higher than in the previous comparable AM fixing. However, the benchmark move by itself does not establish that any single macroeconomic factor was solely responsible.

What Can Higher Gold Prices Mean for Indian Markets?

Jewellery Companies

Higher bullion prices increase the rupee value of gold held as inventory. For jewellery businesses maintaining similar physical inventory volumes, this can increase the amount of working capital tied up in inventory.

The eventual financial effect also depends on inventory-management practices, hedging arrangements, the timing of purchases and how changes in raw-material costs are passed through to customers.

Consumer Demand

For a consumer purchasing a fixed quantity of gold, the benchmark cost increased on 28 October.

At the 999-purity benchmark, 10 grams cost ₹1,218 more than under the previous trading day's AM rate, before GST, making charges and any retailer-specific adjustments.

Gold Imports

India imports a substantial portion of its gold requirements. When the dollar price of imported gold or the rupee cost of that gold rises, the value of the import bill can increase if import volumes and other factors remain unchanged.

This can affect the merchandise trade balance and the amount of foreign currency required to finance gold imports.

Gold-Loan Businesses

Gold prices influence the rupee value of collateral pledged against gold-backed loans.

A higher gold valuation can increase the assessed value of a given quantity of eligible collateral. Actual lending remains subject to applicable loan-to-value limits, lender policies and regulatory requirements.

Broader Markets

Gold is monitored alongside currencies, bond yields, interest-rate expectations and other commodities as part of cross-asset market analysis.

A change in the gold price, however, does not by itself determine the direction of equities or other financial assets.