Gold and silver prices came under pressure on Wednesday as rising crude oil prices and increased expectations of a US interest rate hike dampened sentiment across precious metals.

MCX Gold was trading at ₹1,50,027, down 1.12 per cent for the day, while MCX Silver fell 1.86 per cent to ₹2,42,763.

On the international front, COMEX Gold hovered in the $4,560–$4,626 implied range, with spot gold last seen near $4,594.

The primary driver behind gold’s retreat was a rise in rate hike probability. The FOMC rate decision is due on April 29, with markets watching both the upper and lower bound announcements scheduled for the day.

Persistent energy price inflation, stemming from Middle East supply concerns, has reinforced expectations that the Fed may hold or raise rates — a headwind for non-yielding assets like gold.

Crude oil surged 4.16 per cent to ₹9,485 on MCX, with Nymex WTI futures trading near the $99–$100 zone. The rally was driven by unresolved tensions between Iran and the US, with no breakthrough in negotiations over the Strait of Hormuz. Tehran has submitted a proposal via Pakistani intermediaries to reopen the waterway in exchange for lifting the US blockade, but Washington remains skeptical.

...”Persistent energy price inflation, driven by Middle East tensions, has strengthened expectations that central banks may maintain or further raise interest rates... This monetary tightening outlook is exerting downward pressure on gold prices,” Renisha Chainani, Head of Research at Augmont, noted.

Silver was hit harder than gold, weighed down by its industrial character. High crude prices dented broader investor sentiment, with the OTM options skew on Comex showing call options decreasing more than puts — a bearish signal. Silver’s trend score stands at -1, indicating a mild bearish bias.

...”Gold has broken important support of $4,650 (approximately ₹1,51,000), next target is $4,550 (approximately ₹1,47,500)... Silver is on the verge of breaking $73 (approximately ₹2,35,000), if prices sustain below this level, next target is $70 (approximately ₹2,25,000),” Chainani added.

For MCX Gold, the critical levels to watch are ₹1,52,000 on the upside and ₹1,48,000 on the downside. A breach below ₹1,49,000 could extend losses toward the ₹1,47,000–₹1,45,000 band. For silver, ₹2,45,000 remains near-term resistance, while a break below ₹2,43,000 risks a slide toward ₹2,38,000.

Both the Axis Direct and Kotak Neo research reports maintain a short-term bullish regime for gold despite the daily bearish momentum reading on stochastics, reflecting the tension between the longer structural trend and near-term selling pressure.

Published on April 29, 2026