According to MCX data, domestic spot gold prices have declined by more than 5% since the US-Iran war began on 28 February. The prices have since remained volatile. (AFP)
(AFP)AI Quick ReadGold and Silver prices today on 29 April: Gold traded flat on the MCX this morning, ahead of the US Federal Reserve's monetary policy decision and Fed chair Jerome Powell's comments on the impact of a US-Iran war on economic growth and inflation. This is expected to be his final meeting as the Fed chair.
MCX gold June futures was 0.07% up at ₹1,50,277 per 10 grams around 9:27 am. MCX silver July futures was 0.37% up at ₹2,43,786 per kg at that time.
The US Fed is expected to keep interest rates unchanged on 29 April, as 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 United Arab Emirates (UAE) said it will exit OPEC on 1 May, ending nearly six decades of membership. As the cartel's third-largest producer, behind Saudi Arabia and Iraq, the UAE's departure delivers a major blow to the group. The announcement follows weeks of missile and drone attacks from Iran, a fellow OPEC member, and escalating threats to shipping in the Strait of Hormuz. These attacks have severely constrained the UAE’s oil exports, threatening the foundation of its economy.
Energy Minister Suhail Al Mazrouei told CNBC in an interview on Tuesday that the UAE timed its exit to minimise disruption for other producers. He stressed that the decision reflects a strategic review of production policy and capacity, not a direct response to the war.
The UAE concluded that exiting the group was in its national interest following a comprehensive review of its production policy and capacity, the Energy Ministry said in a written statement.
Let us look at gold and silver prices across 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. Here's a look at the latest gold prices across major Indian cities on 29 April 2026.
24 karat gold rate in Mumbai — ₹150,930/10 gm
22 karat gold rate in Mumbai — ₹138,500/10 gm
Silver 999 Fine rate in Mumbai — ₹259,900/1 kg
24 karat gold rate in New Delhi — ₹151,080/10 gm
22 karat gold rate in New Delhi — ₹138,500/10 gm
Silver 999 Fine rate in New Delhi — ₹259,980/1 kg
24 karat gold rate in Ahmedabad — ₹150,980/10 gm
22 karat gold rate in Ahmedabad — ₹138,400/10 gm
Silver 999 Fine rate in Ahmedabad — ₹243,320/1 kg
24 karat gold rate in Bengaluru — ₹150,930/10 gm
22 karat gold rate in Bengaluru — ₹138,350/10 gm
Silver 999 Fine rate in Bengaluru — ₹259,900/1 kg
24 karat gold rate in Kolkata — ₹148,840/10 gm
22 karat gold rate in Kolkata — ₹141,750/10 gm
Silver 999 Fine rate in Kolkata — ₹259,899/1 kg
24 karat gold rate in Hyderabad — ₹151,370/10 gm
22 karat gold rate in Hyderabad — ₹138,750/10 gm
Silver 999 Fine rate in Hyderabad — ₹265,000/1 kg
24 karat gold rate in Chennai — ₹152,219/10 gm
22 karat gold rate in Chennai — ₹139,500/10 gm
Silver 999 Fine rate in Chennai — ₹265,010/1 kg
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.
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%.