Gold, Silver Rate Today Highlights: Gold, silver prices hold steady amid US-Iran impasse, US Federal Reserve meet this week

Silver recorded a steep fall. Its price declined by Rs 6,500, or nearly 3 per cent, to Rs 2,44,000 per kilogram, inclusive of taxes. On Monday, the metal had settled at Rs 2,50,500 per kilogram.

Gold prices witnessed a sharp decline in the national capital on Tuesday, falling by Rs 1,800 to Rs 1.54 lakh per 10 grams. Silver also came under heavy selling pressure, dropping Rs 6,500 to Rs 2.44 lakh per kilogram, as a fresh spike in crude oil prices and continued strength in the US dollar unsettled bullion markets worldwide.

Data from the All India Sarafa Association showed that gold of 99.9 per cent purity slipped Rs 1,800, or 1.15 per cent, to Rs 1,54,300 per 10 grams, inclusive of taxes. In the previous session, it had ended at Rs 1,56,100 per 10 grams.

Closing rates silver spot (in Rs per kilo): 2,36,541.00

Standard gold (99.5): 1,48,186.00

Pure gold (99.9): 1,48,782.00

Gold prices edged marginally higher in Asian trade but, remained largely range bound as markets continued to assess mixed signals surrounding the US-Iran conflict, while caution ahead of key central bank meetings kept traders on the sidelines. Persistent uncertainty over the war and its implications for global inflation and interest rates has limited directional momentum in bullion.

Iran was seen proposing a potential reopening of the Strait of Hormuz, although skepticism from US and stalled weekend talks in Pakistan kept the outlook for negotiations unclear. Meanwhile, oil prices continued to push higher, sustaining concerns over an energy-driven inflation shock that could delay interest rate cuts. Focus this week remains on policy decisions from the Fed, BOJ, BOE and ECB. BOJ policy meeting was scheduled today in the early morning session, where they kept rates unchanged at 0.75% but, three members voted for a hike.

Inflation forecast was revised up and GDP was revised down and also a proposal was being considered about lifting short term policy rates. Fed meeting is also expected to be the last under Jerome Powell, with Kevin Warsh set to take over, adding another layer of policy uncertainty. Key macro data this week includes US GDP, inflation, consumer confidence, and durable goods orders, says Manav Modi Commodities Analyst, Motilal Oswal Financial Services Ltd.

Crude oil prices are extending gains as the US President Trump is reportedly not happy with the latest Iran’s proposal that includes postponing nuclear talks. As a result, inflation worries and fading Fed rate cut chances are supporting US Dollar and weighing on the metal. Consequently, the spot gold has broken the key support at $4667 and is currently trading 1.1% down at $4626.

Today’s major US data include ADP weekly employment change and Conference Board consumer confidence.

India’s gold imports in March fell more than 50% y-o-y, which is somewhat bearish for the shiny metal.

The metal has a strong support at $4600, a breach of which could open way to test the next major level at $4500/$4447. Resistance is at $4668/$4746, says Praveen Singh, Research analyst at Mirae Asset ShareKhan.

Independent analyst Ross Norman told Reuters that central banks now have even greater incentive to increase their gold holdings. In his view, recent developments in the Middle East have heightened concerns about overexposure to dollar-denominated assets. While he remains constructive on gold, he expects gains to be more measured going forward.

Meanwhile, analysts have slightly lowered their outlook for silver. The metal is now expected to average $78 per ounce in 2026, compared with the previous forecast of $79.50 made three months ago.

Silver’s rally has come to a sudden stop. After ranking among the best-performing assets of 2025 with gains of up to 170%, and then climbing another 74% in January 2026, the metal prices have dropped.

According to an ET report, silver has now slipped below the level at which silver ended 2025. Trading at around Rs 2.38 lakh per kilogram, compared with its 2025 closing price of Rs 2.41 lakh, the metal has erased all of this year’s gains. The abrupt decline has taken both long-term investors and short-term traders by surprise, prompting many to reduce exposure and shift toward safer assets.

Manoj Kumar Jain of Prithvi Finmart told ET that gold and silver are currently experiencing significant price swings. Despite the volatility, he believes silver is likely to maintain its crucial support level at $64 per troy ounce, while gold is expected to remain above $4,470 per troy ounce this week.

Jain said both precious metals are likely to stay volatile, influenced by movements in the U.S. dollar index and crude oil prices. Market sentiment is also expected to be shaped by the upcoming U.S. Federal Reserve policy decision and any fresh developments in peace negotiations between the United States and Iran.

For the international market, he identified gold support in the range of $4,681 to $4,640 per troy ounce, with resistance seen between $4,724 and $4,770. For silver, support is placed at $74.40 to $72.00, while resistance is expected in the $76.20 to $78.00 range for the current session.

On the Multi Commodity Exchange (MCX), gold is likely to find support between Rs 1,50,800 and Rs 1,50,000 per 10 grams. Resistance is seen in the Rs 1,53,500 to Rs 1,54,200 range. For silver, support is estimated between Rs 2,38,800 and Rs 2,35,000 per kilogram, while resistance is placed at Rs 2,44,400 to Rs 2,47,700.

Jain recommends accumulating gold on price declines, provided it remains above Rs 1,48,800 on a closing basis. In that scenario, he sees potential upside toward Rs 1,53,800 to Rs 1,55,000. Similarly, he advises buying silver on dips as long as it holds above Rs 2,35,000 at closing, with an upside target of Rs 2,48,000 to Rs 2,51,000.

Gold and silver prices opened on a weaker note on the Multi Commodity Exchange (MCX) on Tuesday, as investors awaited clearer signals on the stalled diplomatic negotiations between the United States and Iran. Market participants were also closely monitoring major central bank meetings this week for any indication of whether the Middle East conflict could alter the global interest rate outlook.

Hopes of renewed diplomatic engagement faded over the weekend after U.S. President Donald Trump called off a planned visit to Islamabad by his envoys, Steve Witkoff and Jared Kushner. The cancellation came even as Iranian Foreign Minister Abbas Araqchi arrived in Pakistan.

In domestic trading, MCX silver futures for May 2026 delivery declined by Rs 1,334, or 0.5 per cent, to Rs 2,40,490 per kilogram. Gold futures for June 2026 delivery were largely unchanged, trading at Rs 1,51,555 per 10 grams.

In the previous trading session, silver had fallen by Rs 2,450, while gold had dropped by nearly Rs 1,000.

Carsten Menke, an analyst at Julius Baer told Reuters that he does not expect the current situation to have a lasting impact, as the war is unlikely to significantly or durably affect global economic growth. He added that investment demand for gold should strengthen again once expectations of further monetary easing by the US Federal Reserve return.

Analysts broadly believe that the key drivers behind gold’s rally will remain in place through 2026. These include sustained central bank buying, concerns over the independence of the Federal Reserve, mounting US debt, and worries about currency debasement—all of which continue to reinforce gold’s safe-haven appeal.

Spot silver rose 0.5 per cent to $75.91 per ounce. Platinum gained 0.7 per cent to $1,997.22, while palladium was largely unchanged at $1,476.47 per ounce.

The US Federal Reserve is widely expected to leave interest rates unchanged when it announces its policy decision on Wednesday.

Investors will also be tracking monetary policy announcements from other major central banks this week, including the Bank of Japan, the European Central Bank, and the Bank of England.

In addition, the US Senate Banking Committee is scheduled on Wednesday to move forward with Kevin Warsh’s nomination for Federal Reserve Chair, with a vote expected at 10 a.m. EDT (1400 GMT).

Gold prices were little changed on Tuesday as investors awaited greater clarity on stalled diplomatic efforts between the United States and Iran. Market participants are also closely watching a series of major central bank decisions this week to assess whether the conflict in the Middle East could influence the outlook for global interest rates.

As of 0053 GMT, spot gold was trading 0.2 per cent higher at $4,693.04 per ounce. U.S. gold futures for June delivery also edged up, gaining 0.3 per cent to $4,707.80 per ounce.

On Monday, US President Donald Trump reviewed a fresh proposal from Iran aimed at resolving the ongoing conflict. He discussed the offer with his senior national security advisers as the standoff continues, with disruptions to regional energy supplies adding to market concerns.

However, a US official said Trump was dissatisfied with the proposal because it failed to address Iran’s nuclear programme.

In the retail jewellery segment, major listed players are likely to record revenue growth of about 35 per cent year-on-year in FY26. This expansion is expected to be driven by continued store rollouts and increasing market share as the industry becomes more organised. Growth is projected to ease to around 20–25 per cent in FY27.

According to Raunak Modi, Assistant Director at CareEdge Ratings, organised jewellery retailers in India are set to deliver revenue growth exceeding 35 per cent in FY26. He attributed this to resilient consumer demand for jewellery despite elevated gold prices, stronger market share gains resulting from the rapid formalisation of the sector, and ongoing network expansion through new store openings.

Gross margins are forecast to improve by 170 to 200 basis points in FY26, largely supported by inventory gains from unhedged gold holdings. However, they are expected to settle back to a range of 14 to 14.5 per cent in FY27. EBITDA margins are likely to stand at 6.5 to 7 per cent in FY27, with profitability facing some pressure from the upfront expenses associated with opening new stores.

CareEdge’s analysis of six leading listed jewellers indicates that they collectively added around 310 outlets in FY26. This marks the second consecutive year in which store additions exceeded 300. Even so, the pace of expansion relative to the existing network slowed to 11 per cent, roughly half the earlier rate, suggesting a more measured approach to growth.

Franchise-operated outlets are expected to make up 62 per cent of the total retail network in FY26, up from less than 60 per cent in FY23.

Gold’s traditional appeal as a hedge against inflation is currently being tested by expectations that central banks may adopt a more hawkish stance in response to elevated energy prices. Higher interest rates typically reduce the attractiveness of non-yielding assets such as gold.

After a powerful rally that pushed gold to a record high of about $5,595 per ounce by the end of January, the metal has since retreated roughly 11 per cent. The decline followed US and Israeli strikes on Iran in late February, as investors moved to raise cash and shore up liquidity.

Rhona O’Connell, an analyst at StoneX, told Reuters that if the conflict ends peacefully, gold could see a relief rally. She added that the broader fundamentals remain supportive, although the earlier peak near $5,500 appeared excessively high and may prove difficult to sustain again.

Analysts have revised their gold price projections higher for the coming year, according to a Reuters survey released on Monday. Strong purchases by central banks and persistent economic uncertainty are expected to continue supporting bullion, even as rising inflation and expectations of tighter monetary policy—driven in part by the conflict in the Middle East—create headwinds.

The poll also indicated that gold’s broader upward trend is likely to regain momentum once geopolitical tensions begin to ease.

Conducted over the past three weeks, the survey covered 31 analysts and traders. It produced a median forecast of $4,916 per troy ounce for gold in 2026, marking the highest annual estimate recorded in Reuters polls since the series began in 2012. This is notably above the $4,746.50 forecast made three months earlier.

For perspective, the same survey a year ago had projected an average gold price of only $3,000 per ounce for 2026.

Silver, which is influenced by both investment demand and industrial consumption, delivered an extraordinary gain of 147 per cent in 2025. It extended that rally to a record high of $121.64 per ounce on January 29 before retreating sharply to around $75.

Rhona O’Connell, an analyst at StoneX, told Reuters that silver could make another attempt at the $100 level if the conflict comes to an end, though any such move is likely to be short-lived. She added that despite a slowdown in solar-related demand in 2026, the market remains structurally undersupplied, making $80 a more realistic and sustainable upper range.

Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said gold traded in a relatively stable range on Monday, largely holding within the previous session’s levels as investors assessed mixed signals from global markets.

He noted that market sentiment remained guarded due to ongoing uncertainty surrounding relations between the United States and Iran. With diplomatic efforts showing limited progress and no definite timeline for fresh talks, geopolitical concerns continued to lend support to commodity prices and broader financial markets.

In overseas markets, spot gold and spot silver were both trading slightly lower at $4,704 per ounce and $75.60 per ounce, respectively.

Silver prices staged a sharp recovery in the national capital on Monday, climbing by Rs 3,500 to reach Rs 2.50 lakh per kilogram. Gold also moved higher, rising to Rs 1.56 lakh per 10 grams, supported by renewed purchases from jewellers and retail buyers.

In the previous trading session, silver had settled at Rs 2,47,000 per kilogram.

Data from the All India Sarafa Association showed that gold of 99.9 per cent purity advanced by Rs 200 to Rs 1,56,100 per 10 grams, inclusive of all applicable taxes.

Investment demand for gold in India climbed sharply in calendar year 2025, accounting for nearly 40 per cent of total gold consumption—the highest share seen in many years. A major contributor to this surge was strong inflows into gold exchange-traded funds, which added 37.5 tonnes during the year. This alone exceeded the combined ETF investment recorded over the previous decade. According to CareEdge Ratings, heightened geopolitical tensions and record-high prices have prompted a clear shift in consumer preference away from jewellery and toward investment-oriented gold purchases.

The ratings agency expects this trend to persist, projecting that investment demand will make up between 35 and 40 per cent of India’s overall gold consumption in FY27. The outlook is underpinned by ongoing efforts at portfolio diversification, continued central bank purchases, and lingering macroeconomic uncertainty.

CareEdge also expects gold prices to remain elevated through 2026, although periodic bouts of volatility are likely.
Akhil Goyal, Director at CareEdge Ratings, said that geopolitical risks, sustained price momentum, and investors’ increasing preference for diversification are likely to keep investment demand for gold strong.

1 Gm Gold 22 Kt - Rs 14,580

1 Gm Gold 24 Kt - Rs 15,900

Silver Per Kg: Rs 2,60,500

“Gold traded slightly weak near ₹152150, down around ₹500 (-0.35%), as markets turned cautious ahead of the US Fed policy decision this week. While no rate change is expected, the Fed’s commentary will be crucial in shaping interest rate expectations, which remains a key driver for gold. At the same time, the dollar index holding steady near 98 is limiting upside, while ongoing uncertainty around the US–Iran conflict is keeping volatility elevated. Overall, gold is likely to remain range-bound with a volatile bias in the ₹150000–₹155000 zone in the short term,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Today, spot gold slumped in the Asian session as US-Iran talks stalled, which pushed up oil prices stoking inflation concerns. However, the metal has recovered and is currently trading steady at $4710 as reportedly Iran has given the ‌US a new proposal on reopening the Strait of Hormuz and the ending of the war. The proposal also includes postponement of nuclear negotiation.

The US Dollar Index is slightly weaker on peace talk optimism as risk appetite is healthy.

Apart from US-Iran talks, the Fed's monetary policy decision due on April 29 is the most crucial event that will impact financial markets as investors fret over jump in oil prices affecting rate cut chances.

Gold is expected to range trade with a slight bearish tilt unless more clarity emerges on the Iran front.

Support is at $4668/$4600. Resistance is at $4740/$4770, says Praveen Singh, Head of Commodities at Mirae Asset ShareKhan.

Silver prices moved lower on Monday, declining by Rs 817 to Rs 2,43,819 per kilogram as traders trimmed their positions

On the Multi Commodity Exchange, silver contracts for May delivery fell by Rs 817, or 0.33 per cent, to Rs 2,43,819 per kg. Trading activity remained active, with a turnover of 1,098 lots.

Market analysts attributed the decline largely to profit-booking and reduced participation by traders, which put pressure on prices.

In the international market, however, silver was trading 0.29 per cent higher at $75.94 per ounce in New York.

Gold prices declined in futures trading on Monday, falling by Rs 349 to Rs 1,52,350 per 10 grams, largely due to weaker demand in the physical market.
On the Multi Commodity Exchange, gold contracts for June delivery slipped by Rs 349, or 0.23 per cent, to trade at Rs 1,52,350 per 10 grams. The contract recorded a business turnover of 1,119 lots

Market analysts said the decline was primarily driven by subdued global sentiment, which weighed on domestic prices.

In international markets, gold futures in New York edged down 0.05 per cent to $4,711.98 per ounce.

Commodity-based exchange-traded funds focused on gold and silver posted strong gains of up to 3 per cent on Monday, even though bullion prices opened lower on the Multi Commodity Exchange of India. The rally came as rising crude oil prices heightened inflation concerns and strengthened expectations that interest rates could remain elevated for an extended period, particularly amid stalled peace negotiations between the United States and Iran.

Among the 18 silver ETFs, Nippon India Silver ETF, Tata Silver ETF, ICICI Prudential Silver ETF, and 360 One Silver ETF each advanced as much as 3 per cent at their intraday highs. The remaining funds in the silver ETF category registered gains of around 2 per cent.

Gold ETFs also traded firmly higher. Out of 28 such funds, 25 recorded gains ranging from 1 per cent to 2 per cent during Monday’s session, while the remaining three were largely unchanged.

Gold and silver began the week on a weaker note on the Multi Commodity Exchange of India on Monday. The decline came as rising crude oil prices intensified inflation concerns and strengthened expectations that interest rates could remain elevated for an extended period, particularly with US-Iran negotiations still at an impasse.

Hopes of renewed diplomatic momentum faded over the weekend after US President Donald Trump cancelled a planned visit to Islamabad by his envoys, Steve Witkoff and Jared Kushner. This development came even as Iranian Foreign Minister Abbas Araghchi arrived in Pakistan.

In domestic trading, MCX silver futures for May 2026 delivery declined by Rs 21,400, or 0.5 per cent, to Rs 2,43,253 per kilogram. Gold futures for June 2026 delivery, however, remained largely unchanged at Rs 1,52,640 per 10 grams.

In the previous trading session, silver had gained roughly Rs 3,000, while gold rose by more than Rs 1,000.

Gold has maintained its strong momentum in 2026, as investors increasingly favour safety and capital protection over pursuing higher-risk returns. Ongoing global uncertainty, geopolitical tensions, and worries about economic growth have continued to enhance the appeal of the yellow metal. Silver has also performed well, ranking as the second-best asset class this year. However, the broader gap in returns between gold and silver points to weaker expectations for industrial demand amid a more cautious economic backdrop.

The fixed-income segment has presented a mixed picture. Short-duration debt instruments have delivered modest gains, supported by their relative stability and lower volatility. Meanwhile, returns from 10-year government bonds have remained slightly negative, as rising yields and uncertainty surrounding the interest-rate outlook have weighed on performance.

Equity markets, regardless of market capitalisation, have faced a difficult period. Large-cap, mid-cap, and small-cap stocks have all recorded losses so far. Among them, large-cap shares have seen the steepest decline, largely due to valuation adjustments and continued selling by foreign investors.

In India, gold premiums rose last week to their highest level in two and a half months as domestic supplies tightened. Meanwhile, buying activity in China also picked up.

Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, declined by 0.2 per cent to 966.30 metric tonnes on Thursday.

Gold prices edged lower on Monday as a firmer US dollar reduced the metal’s appeal. At the same time, rising crude oil prices intensified concerns about inflation and reinforced expectations that interest rates could remain elevated for an extended period, particularly as peace negotiations between the United States and Iran showed little progress.

Spot gold declined 0.3 per cent to $4,694.26 per ounce as of 0059 GMT. The precious metal had already fallen 2.5 per cent last week, ending a four-week run of gains.

US gold futures for June delivery dropped 0.9 per cent to $4,697.60 per ounce.

Looking ahead, analysts believe gold may find support at lower levels, though it remains susceptible to further downside if the US dollar stays strong and geopolitical tensions subside. Silver, given its dual nature as both a precious and industrial metal, is expected to remain relatively more volatile.

However, any escalation in tensions in West Asia, especially around the Strait of Hormuz, or dovish signals from major central banks, could once again spark fresh buying interest in both metals.

On the Multi Commodity Exchange of India, gold futures fell by Rs 1,910, or 1.23 per cent, ending last week at Rs 1.54 lakh per 10 grams. Silver futures recorded a steeper decline, tumbling Rs 12,506, or 4.9 per cent, to settle at Rs 2.44 lakh per kilogram.

Analysts pointed out that losses in domestic gold prices were partly cushioned by the weakening rupee, which depreciated by around 1.4 per cent over the past week.

In overseas markets, Comex gold declined by $138.7, or 2.8 per cent, to close at $4,740.9 per ounce for the week. Silver also retreated sharply, losing $5.4, or 6.6 per cent, to finish at $76.41 per ounce.

Pranav Mer, Vice President, EBG – Commodity and Currency Research at JM Financial Services, said investors will remain focused on the progress of talks between the United States and Iran, particularly for their implications on crude oil, precious metals, and the broader financial markets.

Mer said gold surrendered part of its recent gains after failing to break above the $5,000-per-ounce mark in international markets. Prices were also pressured by profit-booking following a strong rally of 10 to 12 per cent over the previous four weeks.

He added that continued strength in the US dollar and Treasury yields also weighed on precious metals. Better-than-expected US retail sales data, weekly jobless claims, and consumer sentiment figures provided further support to the greenback, limiting the appeal of gold and silver.

Mer further observed that central bank buying and selling trends across the globe remained mixed. Meanwhile, uncertainty over the future direction of interest rates—whether further hikes or eventual cuts—amid rising commodity-led inflation is likely to keep bullion markets volatile.