Gold, Silver Prices Today: Retail Rates for 24K, 22K Gold, 999 Silver on April 30 in Major Indian Cities

Market Update: Gold and Silver Prices Rise Amid US Federal Reserve Decision

The gold rate on the Multi Commodity Exchange (MCX) rose on Thursday morning, driven by value buying following the US Federal Reserve's decision to maintain policy rates. However, gains were capped as crude oil prices surged to levels last seen four years ago, raising inflation fears and diminishing the prospects of near-term interest rate cuts.

As of 9:13 am, MCX gold June futures were up 0.27% at ₹1,49,650 per 10 grams, while MCX silver July futures were up 0.73% at ₹2,39,980 per kg.

The US Federal Reserve, in its policy meeting on April 29, kept the federal funds rate steady for the third consecutive policy at 3.5%–3.75%. This decision was likely the last for Fed Chair Jerome Powell, as his term expires on May 15. The US Federal Reserve emphasized that inflation risks have increased due to higher energy prices driven by the West Asian conflict.

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

Global Market Developments

Brent crude prices have touched a wartime high, soaring past $123 a barrel as the US military reportedly prepares to brief President Donald Trump on action against Iran. June futures for the international benchmark Brent crude rose more than 4% to $123 a barrel, while US West Texas Intermediate added nearly 2% to $108.86. Brent crude has surged to its highest levels since mid-2022, according to LSEG data, as the Middle East conflict chokes supplies.

China's Economic Slowdown

China's factory activity topped analysts' expectations in April, although growth slowed from the prior month when it hit a year-high, as new orders saw a slowdown. The official manufacturing purchasing managers' index reading of 50.3 was higher than the 50.1 expected by Reuters-polling economists.

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

Gold and Silver Prices Across Major Indian Cities

Here is a comparison of gold and silver prices across major Indian cities on April 30:

S&P 500 Futures Climb After 'Mag 7' Giants Report Earnings

S&P 500 futures rose on Wednesday night in the US, following the release of quarterly reports from Big Tech bellwethers. Futures tied to the broad market index added 0.5%, while Nasdaq 100 futures gained 0.9%. Dow Jones Industrial Average futures fell 159 points, or 0.3%.