Silver rate today: Silver prices in India remained largely steady in volatile trade on Wednesday, 29 April, as investors stayed cautious ahead of U.S. Federal Reserve Chair Jerome Powell’s remarks, which are expected to offer clues on how policymakers are assessing the economic fallout from the ongoing Iran conflict.
Uncertainty around stalled peace talks and elevated geopolitical risks has kept markets on edge, with investors refraining from taking aggressive positions.
On MCX, silver added 0.5% to ₹2,38,603 per kg, while gold was flat after rising 1% to ₹1,51,527 per 10 grams.
Spot silver rose 0.8% to $73.64 per ounce, holding firm despite broader market volatility. In comparison, gold remained largely in the background, edging up just 0.1% to $4,597.07 per ounce after hitting its lowest level since April 2 in the previous session, while U.S. gold futures were steady at $4,610.20. Among other metals, platinum declined 0.4% to $1,930 and palladium slipped 0.4% to $1,453.91.
Fed outlook, crude surge and geopolitics drive sentiment
Market participants are widely expecting the Federal Reserve to keep interest rates unchanged at the end of its ongoing two-day meeting, with Powell’s commentary likely to shape near-term direction for precious metals.
Geopolitical developments continue to play a key role. Efforts to resolve the Iran conflict remain stalled, with U.S. President Donald Trump rejecting recent proposals from Tehran and indicating uncertainty around Iran’s leadership situation. This has kept risk sentiment fragile across global markets.
Meanwhile, Brent crude oil prices have stayed elevated above $110 per barrel amid reports that the U.S. may extend its blockade of Iranian ports. Rising oil prices are adding to inflationary pressures globally, complicating the outlook for central banks.
Higher inflation typically supports precious metals, but the prospect of elevated interest rates reduces the appeal of non-yielding assets like silver and gold. This tug-of-war between inflation support and rate pressure is keeping silver range-bound in the near term.
Investors are also closely tracking policy decisions from other major central banks this week, including the European Central Bank, the Bank of England, and the Bank of Canada, which could further influence global liquidity and commodity price trends.
Technical Outlook
Renisha Chainani, Head – Research at Augmont, noted that markets are also focused on upcoming monetary policy decisions by the Fed, ECB, and BOJ this week. 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 metal prices, she added.
Technically, Chainani noted that Gold has broken important support of $4650 ( ₹151,000), the next target is $4550 ( ₹147,500).
For the white metal, she said, “Silver is on the verge of breaking $73 ( ₹235,000). If prices sustain below this level, the next target is $70 ( ₹225,000).
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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