Gold and Silver Prices in Delhi, Mumbai, Pune, and Other Cities on 29 April

Global Markets Hold Steady Ahead of US Federal Reserve Decision

The US Federal Reserve is set to make its monetary policy decision today, with expectations of keeping interest rates unchanged. Elevated crude oil prices and geopolitical tensions driven by the US-Iran conflict have raised the risk of further inflation, which is already above the central bank's target level.

The Indian gold and silver markets have also been affected by these developments. On the Multi Commodity Exchange (MCX), gold June futures traded flat, but were up 0.07% at ₹1,50,277 per 10 grams around 9:27 am. MCX silver July futures, on the other hand, were up 0.37% at ₹2,43,786 per kg at the same time.

US Fed to Keep Interest Rates Unchanged

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

The US Fed is expected to keep interest rates unchanged today, as the global economy continues to grapple with the impact of the US-Iran conflict. The conflict has led to elevated crude oil prices, which has raised the risk of further inflation. The Fed's decision will be closely watched by markets, as it will set the tone for future interest rate decisions.

UAE to Exit OPEC on 1 May

The United Arab Emirates (UAE) has announced that it will exit the Organization of the Petroleum Exporting Countries (OPEC) on 1 May. This decision comes after weeks of missile and drone attacks from Iran, a fellow OPEC member, and escalating threats to shipping in the Strait of Hormuz. The UAE's departure from OPEC will have significant implications for the global oil market.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Gold and Silver Prices in Major Indian Cities

The table above shows the latest gold and silver prices in major Indian cities. Retail customers must note that jewellers may add making charges, taxes, and GST to the bill, which could hike the final price of the unit.

US-Israel War with Iran Continues

The US-Israel war with Iran, which began on 28 February, has been ongoing for more than two months now. A fragile ceasefire and the recent failed talks between Washington and Tehran have cast doubt on a swift resolution. The global community awaits an amicable resolution to the dispute so that normal trade can resume and supply chains can be realigned.

Global Markets React to US Fed Decision

Against this backdrop, futures linked to the S&P 500 were flat Tuesday night as traders awaited quarterly earnings from four of the "Magnificent Seven" stocks, as well as the conclusion of what could be Jerome Powell's final policy meeting as Federal Reserve chair. S&P 500 futures added 0.1%, while Nasdaq 100 futures rose 0.2%. Futures tied to the Dow Jones Industrial Average advanced 63 points, or 0.1%.