Gold price today 29-4-2021: Rate surges after Federal Reserve's announcements; here is what experts have to say

Gold price today 29-4-2021: Gold futures traded higher at over Rs 47,000 mark per 10 grams on the Multi Commodity Exchange (MCX) on Thursday, April 29. The major reason behind the surge is said to be the decision made by the US Federal Reserve in its meeting.

The Federal Reserve has decided to keep the interest rates unchanged near zero and pledged to maintain an easy monetary policy to aid economic recovery.

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Commenting on the upward trend, Bhargava Vaidya, B.N. Vaidya & Associates said that growth will not be much as whenever there are chances or any news item available then buying opportunities can be seen. For today the surge will be there but after that, it will decline. He said that gold will trade around USD 1800 in the international market.

Bhargava said that the flow of constant buying will remain and gold will remain in the bullish zone.

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While in the Indian market the price of gold will not increase much as no one is ready to go to work as the main markets like Maharashtra and Karnataka are non-priority delivery. The price is expected to be above Rs 48,000.

He added that as per courier delivery also the metal is a non-priority delivery item therefore the demand will be less in the nation. However, as soon as the work restarts, prices will hit Rs 49,000 mark.

For those who are planning to trade in the yellow metal today, Kishore Narne, Motilal Oswal said that the Fed has acknowledged that the economic recovery is on track and this was expected. Therefore, markets are not very surprised by the decision. Secondly, as said there is no demand and movement of the metal in the local market, therefore, local discounts have increased.

But otherwise, the market is positive and investors can buy around Rs 47,100 and if you are planning to wait till the weekend then Rs 47,700 can also be seen as the target, he added.

Sunilkumar Katke, Axis Securities suggested the intraday traders to buy the metal and recommended a target of Rs 47,550 and a stop loss of Rs 46,950 for the day.

While for the positional traders, Manoj Kumar Jain, Prithvi Finmart said that there is an opportunity for them as the gold prices are not staying below Rs 47,000 mark. The main reason behind the weakness in the Indian market is the appreciation of the Rupee in the last 2-3 sessions but the prices are stable in the international market and will remain positive in coming days and can touch USD 1800-1850 level soon, he added.

While in the domestic market, the range of Rs 47,000 to Rs 46,800 is good for long term investors. Long term traders can keep a stop loss of Rs 46,500, he said.

MCX gold June futures were trading at Rs 129 or 0.27 percent lower at Rs 46,964 per 10 gram at 4:48 pm, as against the previous close of Rs 47,093. MCX silver June futures surged Rs 635 or 0.94 percent to Rs 68,421 per kg.