Gold, silver prices today on Oct 27: Gold posts first weekly drop as copper rallies - See 24K, 22K, 18K gold & silver rates per kg – Full List

Gold, Silver prices today on October 27 in India: Gold registered its first weekly drop since dizzying rally that began in early August. The gold rates have crashed across India since the Dhanteras-Diwali surge. In most Indian cities, 24K gold is being sold at around Rs 1.25 lakh. This is a sharp decline from the October 18 levels when 24K gold was being sold for over Rs 1.4 lakh.

As per latest Bloomberg data, prices of gold in the international bullion have declined as much as 1.3% to near $4,058 per ounce.

The US and China indicated they were close to finalising a broad agreement as President Donald Trump embarked on a diplomatic tour of Asia. The potential deal is expected to ease some of the economic uncertainty and geopolitical tensions that have been driving demand for the precious metal.

After a scorching rally that pushed gold to a record high of just over $4,380 an ounce last Monday, prices have since pulled back amid signs of overbought conditions. Still, bullion remains up nearly 55% for the year, supported by robust central bank purchases and the so-called "debasement trade," where investors steer clear of government bonds and currencies to shield themselves from ballooning fiscal deficits.

Similar to gold, silver is also witnessing a steady decline since Dhanteras. As against the Rs 2 lakh per kg high, the white metal has crashed to Rs 1.55 lakh in several Indian cities.

Meanwhile, copper is poised to test a record high as the US and China edge closer to sealing a broad agreement aimed at easing trade tensions - a key overhang on global economic growth.

On the London Metal Exchange, the global benchmark that begins trading at 9 a.m. Shanghai time, prices ended last week just 1.3% below their all-time peak. Reflecting the bullish sentiment, futures in New York climbed as much as 2.4% on Monday, with oil and US equities also moving higher.