Gold and Silver rate today (April 29, 2024): Yellow metal trades under pressure below Rs 71,400; white metal flat at Rs 80,700

Gold and Silver rate today (April 29, 2024): Domestic yellow metal futures on Monday traded under pressure whereas the white metal futures traded flat with a positive bias ahead of a Federal Reserve meeting midweek where policymakers are expected to reaffirm their stance for higher-for-longer interest rates.

Last seen, MCX gold futures (Jun 5) slipped 0.2 per cent or Rs 144 at Rs 71,356 per 10 grams at the last count. Meanwhile, MCX Silver futures (May 3) were flat at Rs 80,700 per kg. 

Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold June futures on the rise at 71,500, keeping the stop loss at Rs 72,000 and a target price of Rs 70,700. For silver May futures, she recommended selling on the rise at Rs 82,500, with a stop loss of Rs 83,500 and a target of Rs 80,500.

Meanwhile, COMEX gold in the international market was down 0.17 per cent at $2,343.6.

"Gold is expected to fall further as the US Federal Reserve is likely to deliver a hawkish pause in its FOMC meeting on May 1. Support is seen at 2290/$2265/$2250, whereas resistance is at $2350/$2365/$2400," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities.

City-wise gold rate (24k) in India (April 29, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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