₹3,040, breaking below the ₹1.50 lakh mark for the first time since 7 April and dropping to ₹1,48,681 per 10 grams." width="600" height="338" fetchpriority="high" loading="eager"/>Tracking weakness in the international market, the near-month gold futures contract on MCX fell ₹3,040, breaking below the ₹1.50 lakh mark for the first time since 7 April and dropping to ₹1,48,681 per 10 grams.AI Quick ReadGold and silver erased their recent gains, plunging sharply on Tuesday, 28 April, as a continued rise in crude oil prices and stalled US-Iran negotiations intensified inflation concerns. Traders also remained cautious ahead of the US Federal Reserve meeting.
COMEX gold futures dropped $125 per troy ounce to an intraday low of $4,681, marking the lowest level in a month. The decline has also turned the yellow metal’s month-to-date returns negative by 1.92%, and from the monthly high of $4,917, it has corrected 6.8%.
Silver futures fell $3.1 to $71.92, the lowest level since 7 April. Over the last seven trading sessions, the white metal has declined 14% from its high of $83.24.
Hopes for a second round of peace talks between the US and Iran, which could potentially end the two-month-long conflict in the Middle East, are fading as both nations have failed to agree on terms, reviving fears that tensions could escalate again in the region.
The US is reportedly reviewing Tehran's latest proposal to resolve the conflict, but a US official said President Donald Trump was dissatisfied with the plan as it did not address Iran's nuclear programme.
This has dimmed hopes for a swift resolution to energy supply disruptions, which have been fuelling inflationary pressures and, in turn, raising the likelihood of higher interest rates. Bullion is traditionally viewed as an inflation hedge; however, higher interest rates reduce its appeal as a non-yielding asset.
The US Federal Reserve is expected to keep interest rates unchanged at what could be Jerome Powell’s final meeting as chair, with investors closely watching for clues on future policy direction.
The Bank of Japan kept its short-term policy rate steady at 0.75% on Tuesday. The Federal Reserve is also likely to hold rates, while the European Central Bank and the Bank of England are expected to maintain the status quo.
However, their tone and outlook could challenge market expectations of two 25-basis-point rate hikes later in the year.
Earlier this month, precious metals attracted buyers after President Donald Trump announced a ceasefire, which was later extended, raising hopes that the ongoing conflict could move toward resolution.
Tracking weakness in the international market, the near-month gold futures contract on MCX fell ₹3,040, breaking below the ₹1.50 lakh mark for the first time since 7 April and dropping to ₹1,48,681 per 10 grams. Today’s decline also marks the biggest intraday fall since early April.
The silver futures contract on MCX, too, crashed ₹9,619 per kilogram to the day’s low of ₹2,32,205. The fall has dragged the metal down by ₹26,193 from its monthly high of ₹2,61,750.
(With inputs from Reuters)
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Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments.
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