Gold price today: Gold traded lacklustre on the MCX on Wednesday (29 April) morning ahead of the US Federal Reserve’s monetary policy decision and Fed chair Jerome Powell’s comments on the impact of a US-Iran war on economic growth and inflation.
MCX June futures was 0.03% up at ₹1,50,077 per 10 grams around 9:10 am. MCX July futures was 0.34% up at ₹2,43,600 per kg at that time.
The is expected to keep interest rates unchanged on 29 April, as elevated crude oil prices driven by the US-Iran conflict have raised the risk of inflation shooting up, which is already above the central bank’s target level.
Stalled talks are keeping market sentiment weak. stayed above $110 per barrel, supporting the US dollar and weighing on gold prices.
US President claimed on Tuesday that Iran wanted the United States to open the Strait of Hormuz as soon as possible. Meanwhile, Trump is reportedly not happy with Iran’s latest proposals, as they did not address their nuclear program.
“Gold is pressured by stalled US-Iran peace talks and the ongoing closure of the Strait of Hormuz, which has fueled concerns over rising inflation. Investors have increasingly priced in the possibility that central banks may keep interest rates elevated for longer or even tighten further, weighing on non-yielding bullion,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
According to Trivedi, MCX gold June futures may appreciate to ₹1,50,800 per 10 grams as prices have recovered a bit in the global markets.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,574 and $4,540, while resistance is at $4,640 and $4,681 per troy ounce, and silver has support at $71.40 and $69.80, while resistance is at $75 and $76.60 per troy ounce in today’s session.
MCX gold, as per Jain, has support at ₹1,49,200 and ₹1,48,400, and resistance is at ₹1,51,100 and ₹1,52,200, while silver has support at ₹2,34,400 and ₹2,31,000, and resistance at ₹2,41,000 and ₹2,44,400.
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said COMEX gold is facing resistance near $4,800 and $4,850, indicating selling pressure at higher levels.
In the near term, LKP Securities’ expert believes gold may trade between ₹1,48,000 and ₹1,52,000, with a cautious and volatile bias.
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