29 April,2026 12:42 PM IST | Mumbai | mid-day online correspondent
Gold pares early gains, silver holds firm on global cues. Representational Image
Gold and silver prices showed a firm yet cautious trend on Wednesday as investors awaited the US Federal Reserve's interest rate decision. Both precious metals moved within a narrow range, reflecting uncertainty in global markets and a lack of strong triggers, reported by IANS.
Gold futures on the Multi Commodity Exchange (MCX) started the session on a positive note but failed to hold gains. The June 5 contract opened at Rs 1,50,720 per 10 grams, up Rs 693 or 0.46 per cent from the previous close of Rs 1,50,027. As the day progressed, the yellow metal edged lower and was trading at Rs 1,49,971 around 11:30 am, down Rs 56 or 0.04 per cent.
During the session, gold moved within a defined range, touching a high of Rs 1,51,527, which marked a 1 per cent rise of Rs 1,500, and a low of Rs 1,49,720, down Rs 307 or 0.20 per cent. The price action indicated hesitation among traders despite the initial upward move, as per the news agency.
In the physical market in Mumbai, prices remained relatively steady. Silver was quoted at Rs 2,38,911 per kg. Standard gold (99.5 purity) was priced at Rs 1,48,225 per 10 grams, while pure gold (99.9 purity) stood at Rs 1,48,821 per 10 grams, as per PTI reports.
Silver futures mirrored gold's cautious trend but showed slightly stronger gains. The July 3 contract opened at Rs 2,43,589 per kg, up Rs 826 or 0.34 per cent from the previous close of Rs 2,42,763. At the time of writing, silver was trading at Rs 2,38,738, higher by Rs 1,393 or 0.6 per cent.
The metal remained volatile through the session, hitting a high of Rs 2,38,750 and a low of Rs 2,37,607. Despite fluctuations, silver managed to stay in positive territory, supported by global cues.
International markets offered limited support to domestic prices. COMEX gold was trading 0.19 per cent higher at USD 4,616 per ounce, while COMEX silver gained 0.81 per cent to USD 73.81 per ounce. The modest rise reflected cautious optimism ahead of key policy signals from the US Federal Reserve.
According to a commodity market expert, gold is facing immediate resistance in the Rs 1,50,000 to Rs 1,51,000 range, which is capping further upside. "MCX gold is facing resistance near these levels, with limited upside unless it sustains above this range," the expert said, reported IANS.
The expert added that a sustained move above Rs 1,51,000 could strengthen bullish momentum and push prices towards Rs 1,52,000 to Rs 1,53,000. On the downside, a break below Rs 1,49,000 may trigger profit booking and lead to further decline.
For silver, the expert highlighted ongoing volatility and key resistance zones. "Immediate resistance is seen in the Rs 2,44,000 to Rs 2,46,000 range," the expert noted. He added that a decisive break below Rs 2,43,000 could accelerate declines towards Rs 2,41,000, while a move above resistance levels may support a recovery in prices.
(With IANS Inputs)
