Gold, Silver Prices on April 28: Retail Rates in Delhi, Mumbai, Pune and Other Cities

Gold and Silver Prices Remain Volatile Amid Geopolitical Uncertainty

In the domestic futures market, gold prices remained volatile on April 28, driven by elevated crude oil prices and a stronger US dollar. The ongoing uncertainty over stalled peace talks between the United States and Iran is keeping gold prices under pressure. At 10:25 am, MCX gold June futures were down 0.12% at ₹1,51,493 per 10 grams, while MCX silver May contracts were down 0.96% at ₹2,42,200 per kg.

The uncertainty in equity markets and commodity prices is also contributing to the volatility in gold prices. Despite a decline in India VIX over the last 5 days, it currently stands at 17.92, which is still above its 52-week low. The fear of global inflation remains a concern, particularly in light of Japan's central bank revising its inflation estimates upwards on Tuesday.

Central Bank Decisions

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Japan's central bank kept its policy rate steady at 0.75% on Tuesday, in a split 6-3 vote. The decision was in line with analysts' estimates, but the dissenting members proposed to raise the policy rate to 1%, citing concerns over price risks due to tensions in the Middle East.

US Federal Reserve Meeting

The US Federal Reserve Chair Jerome Powell is set to head into his final policy meeting on Tuesday, marking the end of his eight-year tenure as the Fed Chief. The meeting comes amidst ongoing geopolitical uncertainty, and commodity prices are expected to remain volatile until a resolution is reached.

Retail Customers Must Note

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Retail customers must be aware that jewellers may add making charges, taxes, and GST to the bill, which could hike the final price of the unit. Here's a look at the latest gold prices across major Indian cities on April 28:

The US-Israel war with Iran, which began on February 28, has been ongoing for two months. A ceasefire between the two countries and the recently concluded failed talks have left doubts about a resolution to the war. Until the war ends and tensions ease, both global equity markets and commodity prices are expected to remain volatile.