The Federal Reserve kept interest rates unchanged on Wednesday. However, in its most divisive decision since 1992, the central bank flagged rising inflation concerns in its policy statement, with three officials dissenting and suggesting they no longer support a bias towards lower borrowing costs.
Market expectations have changed rapidly following the decision. Traders have now ruled out any rate cut for this year and are pricing in a 30% chance of a rate hike by March 2027, up from around 5% just a day earlier.
In the domestic market, MCX silver futures for July 2026 delivery traded at Rs. 2,700 or an increase of 1% to Rs. 2,40,908 per kg. Gold futures for June 2026 delivery were little changed at Rs. 1,49,526 per 10 grams. Precious metals closed the session flat in the previous session.
Oil rose to $120, raising fears of inflation, which in turn raised the prospect of higher interest rates. Although gold has traditionally been seen as a hedge against inflation, higher interest rates have reduced its appeal by making yield-bearing assets more attractive.
Globally, spot gold was up 0.7% at $4,573.09 an ounce by 0229 GMT, having slipped to its lowest level since March 31 a day earlier. US gold futures for June delivery rose 0.5% to $4,585.10. Among other metals, silver rose 1.6% to $72.63 an ounce.
How should you trade gold?
Prithvi Finmart’s Manoj Kumar Jain said he is seeing sharp volatility in precious metal prices. He noted that silver could find support at $68 per troy ounce, while gold could maintain support at $4,470 per troy ounce on a weekly close basis.
Gold and silver are expected to remain volatile this week due to key US-Iran economic data and uncertainty over the US-Iran situation, along with volatility in the dollar index and crude oil.
According to him, gold has support in the $4,522 to $4,470 range and resistance at $4,600 to $4,640 per troy ounce. Silver has support at $70 to $68 in today’s session, while resistance is at $74.40 to $76.60 per troy ounce.
On the MCX, gold traded at Rs. 1,48,400 to Rs. 1,47,700 and Rs. 1,49,800 to Rs. Resistance is seen at 1,50,500. Silver is at Rs 2,35,500 to Rs 2,33,000 and resistance is at Rs 2,41,000 to Rs 2,44,400.
He advises investors to wait for stability in markets before taking new positions.
Gold, silver prices today, 30 April, across major cities
Gold price in Delhi today
Standard gold (22 carat) price in Delhi is Rs. 1,10,432/8 grams, while the price of pure gold (24 carat) is Rs. is 1,20,464/8 grams.
Gold price in Mumbai today
Standard gold (22 carat) price in Mumbai is Rs. 1,10,312/8 grams, while the price of pure gold (24 carat) is Rs. is 1,20,344/8 grams.
Gold price in Chennai today
Standard gold (22 carat) price in Chennai is Rs. 1,11,592/8 grams, while the price of pure gold (24 carat) is Rs. is 1,21,744/8 grams.
Gold price in Hyderabad today
Standard gold (22 carat) price in Hyderabad is Rs. 1,10,312/8 grams, while the price of pure gold (24 carat) is Rs. is 1,20,344/8 grams.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times.)
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