Gold & Silver Prices Today, 29 April 2025: Gold at Rs 95,800/10g, Silver at Rs 96,387/kg

Gold & Silver Prices Today, 29 April 2025: Gold and silver prices fell on Tuesday, 29 April 2025, as easing trade tensions between the United States and its trading partners weakened demand for safe-haven assets. Investors also awaited key US economic data releases to gauge the Federal Reserve’s future policy direction.

On the domestic front, gold June futures on the Multi Commodity Exchange (MCX) declined by 0.87 per cent or Rs 838 to settle at Rs 95,800 per 10 grams. Meanwhile, May silver futures dropped 0.57 per cent or Rs 554 to close at Rs 96,387 per kilogram.

In the international market, spot gold was down 0.4 per cent at $3,329.12 per ounce as of 0211 GMT, while US gold futures slipped 0.2 per cent to $3,342.40 per ounce. Spot silver edged higher by 0.1 per cent to $33.21 per ounce. Platinum remained steady at $986.00, and palladium eased by 0.1 per cent to $948.06 per ounce.

The retreat in gold prices comes as optimism over trade negotiations lifted risk appetite. “The risk environment has clearly improved recently, with market participants buoyed by optimism that the worst of the trade tensions may be behind us,” said Yeap Jun Rong, market strategist at IG.

US Treasury Secretary Scott Bessent noted on Monday that several trading partners had made “very good” proposals to avoid tariffs, with India likely among the first to finalize a deal. Additionally, China’s exemption of certain US goods from retaliatory tariffs was seen as a step toward de-escalation.

However, underlying risks persist. A majority of economists polled by Reuters warned that the global economy could slip into recession this year, with many attributing weaker business sentiment to President Donald Trump’s tariff policies.

Bullion prices had recently soared to an all-time high of $3,500.05 per ounce amid heightened uncertainties but have since pulled back as sentiment improved. Market participants are now closely watching upcoming US economic indicators, including the job openings report, Personal Consumption Expenditures (PCE) data, and the non-farm payrolls report due later this week.

“Longer-term structural tailwinds for gold prices remain intact, supported by ongoing reserve diversification among emerging market central banks,” Rong added.

Back home, Manoj Jain, Director at India Nivesh, observed that gold and silver showed volatility throughout the session amid risk aversion and fluctuations in the dollar index. On Monday, gold and silver closed positively in both international and domestic markets. Gold June futures on MCX had settled at Rs 96,025 per 10 grams with a gain of 1.09 per cent, while silver May futures closed at Rs 96,464 per kilogram, marginally up by 0.02 per cent.

Despite a decline in gold consumption in China, escalating geopolitical tensions, particularly between India and Pakistan following a recent terror attack in Jammu & Kashmir, and reports of a deadly port attack in Iran, supported safe-haven demand for precious metals. Jain anticipates gold and silver prices to remain volatile this week, influenced by dollar index movements and key US economic data releases.

According to Jain, gold has immediate support at $3,320–3,288 per ounce and resistance at $3,370–3,400. Silver, on the other hand, has support at $32.66–32.30 and resistance at $33.30–33.70 per ounce. On MCX, gold is expected to find support at Rs 95,350–94,600 and resistance at Rs 96,650–97,280, while silver has support at Rs 95,800–95,150 and resistance at Rs 96,950–97,700.

Meanwhile, the dollar index continued to display high volatility, falling sharply amid uncertainty over US.-China trade talks and expectations of further dollar weakness. It closed at 98.69 on Monday, down 0.56 per cent. The USD-INR 28 May futures contract also weakened, closing at 85.2475, down 0.49 per cent on the National Stock Exchange (NSE).

UBS and Standard Chartered have revised their Euro targets against the US dollar upward, putting additional pressure on the greenback. Strengthening Euro and Pound Sterling values against the dollar contributed to the dollar index’s decline.

The rupee showed solid gains against the US dollar on Monday, buoyed by strength in domestic equities and foreign portfolio investor (FPI) inflows. However, analysts caution that escalating tensions between India and Pakistan could cap further gains. The rupee is expected to trade within the range of 84.7400–86.0500 against the dollar this week amid continuing global market volatility.

Retail Gold Prices Across Major Indian Cities (April 29, 2025):

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 10,136 per gram, while 22-karat gold was priced at Rs 9,291 per gram.

Gold Price in Delhi:

The national capital recorded 24K gold at Rs 10,151 per gram, with 22K gold available at Rs 9,306 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 10,136 per gram and 22K gold at Rs 9,291 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 10,136 per gram, and 22-karat gold was selling at Rs 9,291 per gram.

Bengaluru:

Bengaluru saw 24K gold trading at Rs 10,136 per gram, while 22K gold was available at Rs 9,291 per gram.