Is Gold a Good Investment Now? Gold Prices Hold Steady Ahead of Deepavali

Gold prices in Chennai remained unchanged on October 29, 2026, following a sharp increase over the previous three days. The price of 22-carat gold jewellery continues to stand at ₹1,05,560 per sovereign, offering a brief pause for buyers concerned about rising prices. Meanwhile, silver prices declined by ₹5 per gram, bringing the rate to ₹215.

With the Deepavali festive season approaching, jewellery buyers and investors are closely monitoring market movements to determine whether gold prices will rise further or experience another decline.

Gold Prices Remain Stable After Three Day Rally

After falling last week, gold prices began climbing again, recording a cumulative increase of ₹1,000 per sovereign over three consecutive days.

On Monday, gold prices increased by ₹120 per sovereign, followed by a rise of ₹400 on Tuesday. On Wednesday, October 28, the price climbed by another ₹480, taking the sovereign rate to ₹1,05,560.

On October 29, gold prices remained unchanged at the previous day`s level.

Gold Rate Today in Chennai

The latest rates for October 29 are:

22-carat gold: ₹13,195 per gram

22-carat gold: ₹1,05,560 per sovereign (8 grams)

Silver: ₹215 per gram

Silver bar: ₹2,15,000 per kilogram

The stability in gold prices may provide temporary relief to jewellery buyers, although the recent upward trend continues to raise concerns among middle-class families planning purchases.

Silver Prices Decline by ₹5 Per Gram

Unlike gold, silver prices recorded a decline on Thursday. The price of silver fell from ₹220 to ₹215 per gram, while the rate for a one-kilogram silver bar dropped from ₹2,20,000 to ₹2,15,000.

The reduction offers some relief to customers planning to purchase silver jewellery and other silver products during the festive season.

Will Gold Prices Rise During Deepavali?

With Deepavali scheduled for November 8, speculation about gold prices during the festive period has intensified. Some market predictions suggest that prices could continue to rise, while others anticipate a possible correction.

Many buyers who had hoped for gold prices to fall below ₹1 lakh per sovereign are now waiting to see whether the recent rally will continue or reverse in the coming weeks.

A forecast suggesting that gold could reach ₹2 lakh by the end of the year has also attracted attention. However, this remains a prediction rather than a guaranteed outcome, and actual prices will depend on market conditions.

Is Gold a Good Investment Now?

Gold is often considered a long-term investment and a way to diversify a portfolio. However, recent price fluctuations highlight the uncertainty involved in predicting short-term movements.

Investors should consider their financial goals, investment horizon and risk tolerance before purchasing gold. Those buying jewellery should also account for making charges and applicable taxes.

With gold holding steady at ₹1,05,560 per sovereign and silver prices declining, buyers will be watching the market closely ahead of Deepavali. Whether gold becomes more affordable or continues its upward trend remains uncertain.