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Informist, Wednesday, Apr. 29, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold and silver edged lower on the Multi Commodity Exchange of India and the COMEX Wednesday as rising crude oil prices renewed concerns about inflation. Market participants will be closely watching the US Federal Reserve's monetary policy decision and comments, later Wednesday, for cues on the future path of interest rates.

 

"Elevated energy costs are reinforcing expectations of a prolonged hawkish stance, with markets anticipating the Federal Reserve to hold rates steady. Higher yields continue to pressure non-yielding bullion despite its inflation-hedge appeal," Kotak Securities said in a report. The Fed decision on Wednesday could mark Jerome Powell's final meeting as chair before Kevin Warsh likely takes over in May. 

 

At 1658 IST, the most active June contract of GOLD was down 0.7% at INR 149,029 per 10 grams on the MCX. The same-month contract on COMEX was down 0.6% at $4,581.5 per ounce. The most active July SILVER contract on the MCX was down 0.9% at INR 240,508 per kilogram and the same-month contract on COMEX was down 0.8% at $73.15 per ounce.

 

Efforts to end the two-month war in West Asia remained stalled, with reports saying US President Donald Trump was unhappy with the latest plan from Iran that proposed setting aside discussion on Tehran's nuclear programme until the conflict was concluded and shipping disputes were resolved. "Iran has just informed us that they are in a 'State of Collapse'. They want us to 'Open the Hormuz Strait,' as soon as possible, as they try to figure out their leadership situation (Which I believe they will be able to do!)," Trump posted on Truth Social.

 

Meanwhile, global demand for gold rose 2% on year to 1,231 tonnes in the March quarter, and surged 74% to $193 billion in value terms, thanks to the rise in prices, the World Gold Council said. The quarter saw demand for bars and coins rising to 474 tonnes, up 42%, marking the second-highest quarterly demand on record. Asian investors led the charge, pushing up gold investment products, WGC said in its report on trends in gold demand for the first quarter of 2026, released Wednesday.

 

"Near term, bullion faces pressure from elevated rates, and a firm dollar, though geopolitical risks and resilient investment demand provide underlying support," Kotak Securities said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 147,000–INR 151,500 per 10 grams

--COMEX gold seen at $4,520–$4,605 an ounce

--MCX silver seen at INR 225,824-INR 246,176 per kg

--COMEX silver seen at $70.00-$75.00 an ounce

End

 

US$1 = INR 94.84

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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