Gold, silver firm on MCX ahead of US Fed rate decision on April 29
Synopsis
With the US Fed's rate decision looming, gold and silver are trading in a tight range on MCX — a classic pre-event holding pattern. COMEX gold near $4,616 and MCX gold hovering around ₹1,50,000 signal that markets are pricing in uncertainty, not conviction. The next directional move hinges entirely on what the Fed signals about the rate trajectory.
Key Takeaways
MCX gold was trading at ₹1,49,971 per 10 grams as of 11:30 am IST on 29 April , after opening at ₹1,50,720.
MCX silver was at ₹2,38,738 per kg , up ₹1,393 or 0.6% during the session.
COMEX gold rose 0.19% to $4,616 per ounce ; COMEX silver gained 0.81% to $73.81 per ounce .
Experts see gold resistance at ₹1,50,000–₹1,51,000 ; a break above ₹1,51,000 could target ₹1,52,000–₹1,53,000 .
Silver faces resistance at ₹2,44,000–₹2,46,000 ; a fall below ₹2,43,000 may drag it to ₹2,41,000 .
Near-term outlook remains cautious amid global macro uncertainty and geopolitical developments .
Gold and silver traded on a firm note on the Multi Commodity Exchange (MCX) on Wednesday, 29 April, as investors exercised caution ahead of the US Federal Reserve's interest rate decision, with both precious metals oscillating in a narrow range through the session.
Gold Price Movement on MCX
MCX gold contracts for June 5 opened at ₹1,50,720 per 10 grams, up ₹693 or 0.46% from the previous close of ₹1,50,027. However, the yellow metal pared early gains and was trading marginally lower by ₹56 or 0.04% at ₹1,49,971 as of 11:30 am IST. During the session, gold touched an intraday low of ₹1,49,720 — a decline of 0.20% or ₹307 — and a high of ₹1,51,527, representing a rise of 1% or ₹1,500.
Silver Holds Positive Bias
MCX silver contracts for July 3 opened at ₹2,43,589 per kg, up ₹826 or 0.34% from the previous close of ₹2,42,763. At the time of reporting, silver was trading at ₹2,38,738, up ₹1,393 or 0.6%. The white metal hit a session low of ₹2,37,607 — a marginal gain of 0.11% or ₹262 — and a high of ₹2,38,750, up 0.59% or ₹1,405.
International Markets: COMEX Mildly Positive
In global markets, both metals maintained a mildly positive bias. COMEX gold was up 0.19% at $4,616 per ounce, while COMEX silver gained 0.81% to trade at $73.81 per ounce. The international cues broadly supported domestic prices, though the upside remained capped by pre-Fed caution.
Expert View: Key Levels to Watch
According to a commodity market expert, MCX gold is facing resistance near the ₹1,50,000–₹1,51,000 range, with price action suggesting limited upside unless the metal sustains above these levels.
Point of View
616 — historically elevated — any dovish signal from the Fed could trigger a sharp upside breakout, while a hawkish hold may prompt significant profit-booking. Indian markets face an added layer of complexity: a rupee under pressure amplifies domestic gold prices even when international moves are modest. The expert resistance levels around ₹1,51,000 are worth watching closely — they will be the first tell of which way sentiment breaks post-Fed.
NationPress
1 May 2026
Frequently Asked Questions
Why are gold and silver prices firm today?
Gold and silver are trading on a firm note on 29 April ahead of the US Federal Reserve's interest rate decision, which has prompted investors to hold positions cautiously. Both metals are oscillating in a narrow range as markets await the Fed's policy signal.
What are the key price levels for MCX gold to watch?
According to a commodity market expert, MCX gold faces resistance near ₹1,50,000–₹1,51,000. A sustained move above ₹1,51,000 could push prices to ₹1,52,000–₹1,53,000, while a break below ₹1,49,000 may trigger profit booking.
Where is MCX silver trading today and what are its key levels?
MCX silver for July contracts was trading at ₹2,38,738 per kg, up 0.6% on 29 April. Experts see immediate resistance at ₹2,44,000–₹2,46,000, and warn that a break below ₹2,43,000 could pull prices towards ₹2,41,000.
How are gold and silver performing on COMEX international markets?
COMEX gold was up 0.19% at $4,616 per ounce, while COMEX silver gained 0.81% to $73.81 per ounce on 29 April. Both metals maintained a mildly positive bias in international trade.
How does the US Fed rate decision affect gold and silver prices?
The US Federal Reserve's interest rate decisions significantly influence gold and silver prices globally. A dovish signal or rate cut typically boosts precious metals by weakening the dollar, while a hawkish stance or rate hold can cap gains and trigger profit-booking in commodities.
