Gold and silver prices declined on April 28, 2026, as stalled US-Iran peace negotiations and elevated Treasury yields weighed on safe-haven demand, while crude oil extended its rally on persistent supply disruptions through the Strait of Hormuz.

MCX Gold fell 0.64 per cent to ₹1,51,721 per 10 grams, while spot gold on COMEX dropped 1 per cent to $4,693.7 per troy ounce. MCX Silver shed 1.15 per cent to ₹2,41,824 per kg, with COMEX silver down 1.78 per cent to $75.57 per ounce. Axis Direct pegged today’s implied trading range for MCX Gold at $4,649–$4,717 and for MCX Silver at $73.59–$77.11.

“...stalled peace talks between Iran and USA...” remained the primary driver for gold’s price action, according to Axis Direct’s metrics. The US 10-year Treasury yield held at 4.342 per cent, adding further pressure on non-yielding assets. Kotak Neo noted that the OTM options skew on COMEX showed call options increasing more than puts for gold, suggesting the short-term price regime remains “...bullish...” despite the session’s weakness.

Kotak Neo analysts flagged that gold’s near-term bias is sideways, with MCX support at ₹1,51,130 and resistance at ₹1,52,050. Axis Direct placed critical levels for pattern continuation at ₹1,54,000 on the upside and ₹1,50,000 on the downside, with daily momentum stochastics turning bearish on both MCX and COMEX.

Crude oil bucked the trend sharply. MCX Crude Oil surged 3.28 per cent to ₹9,106 per barrel, with Brent climbing 2.75 per cent to $108.2 and WTI advancing 2.09 per cent to $96.4. Axis Direct described the key driver as “...supply tightness as Strait of Hormuz remains almost shut...” with the conflict now entering its ninth week. Motilal Oswal analyst Manav Modi noted that “...oil prices continued to push higher, sustaining concerns over an energy-driven inflation shock that could delay interest rate cuts...”

Iran was reported to have proposed a phased reopening of the Strait and a ceasefire extension ahead of nuclear talks via Pakistani mediators, but US skepticism kept the outcome unclear. Kotak Neo noted the market’s “...acute sensitivity to diplomatic signals...” as the brief dip on Iran’s proposal was quickly reversed. A decisive break above ₹9,275 on MCX could push crude toward ₹9,350–₹9,470, while support holds near ₹8,950.

Among base metals, LME copper slipped 0.73 per cent to $13,213 per tonne, and zinc underperformed with a 2.15 per cent decline to $3,398. MCX Copper traded nearly flat at ₹1,279.1 per kg, up just 0.19 per cent. Axis Direct rated copper’s trend score as neutral, with profit-booking ahead of China’s upcoming labour holiday cited as a key drag. Nickel remained volatile, touching its highest level since June 2024 before settling, supported by Indonesia’s 2026 ore production quota falling significantly below projected smelter demand.

Natural gas on NYMEX rose 1.07 per cent to $2.55 per MMBtu, with MCX Natural Gas up 2.39 per cent to ₹261.5. Kotak Neo noted gains were capped by “...cooler early-May weather forecasts...” despite solid LNG demand.

Markets this week are focused on the US Federal Reserve policy decision, which is also expected to be Jerome Powell’s last meeting before Kevin Warsh takes over. The BOJ kept rates unchanged at 0.75 per cent on Monday, though three members voted for a hike and the bank revised inflation forecasts upward while cutting GDP projections. Key US data including GDP, consumer confidence, ADP employment and durable goods orders are also due.

Published on April 28, 2026