iPad Air 2, iPad Mini 3 Gold Release Date, Price, Specs - Will Be Unveiled October 16, 2014 at Apple Event

Apple has announced the launch of its next generation of tablets, the iPad Air and iPad Mini 3, for Oct. 16.

The world's leading tech titan is expected to reveal the iPad Air and iPad Mini 3, along with the next generation Mac desktops, at an Apple's Town Hall Auditorium on October 16. Which happens to be the same time the iPad Mini Retina and iPad Air were released last year.

Apple is also reported to be launching the OS X Yosemite, a new mobile wallet app- Apple Pay, report iPhone 6 and iPhone 6 Plus sales, and address the controversial "bendgate" issue at the same event.

Meanwhile, the new iPads and Mac desktops will come also in "gold" aside from the gray and silver variants, according to a Bloomberg report.

The move was reportedly a result of Apple failing to strike "gold" with declining sales of the iPad after its introduction back in 2010.

iPad sales have reportedly went down in the past two quarters from over 19 million units to about 17 million units from the previous quarter. On that note, Apple shares declined 1.6 percent (to $99.18) in the New York Stock Exchange.

The widely popular iPad Air 2 upgrades include 2 GB RAM, Touch ID feature and split Window multitasking, 8-megapixel rear camera and 1.5-megapixel front-facing camera and boasts of better performance because of the A8 chip designed to extend battery life.

The iPad Air 2 will reportedly come in a 9.7-inch LCD display and be available in 16 GB, 32GB, 64GB and 128 GB.

On the other hand, the iPad Mini 3, which Apple plans to call iPad Mini Air will be 0.21-inches thick, dubbed as the thinnest tablet in the world, possibly grabbing the title from the Samsung Galaxy Tab S 8.4.

Meanwhile, the Mac desktops are expected to have a Retina 4K resolution with faster processors and will be available in 13-inch and 15-inch models.

The iPad Air 2 will reportedly be priced at $499 while the iPad Mini 3 will start at $399.