Gold and silver prices remained firm on April 29, 2026, as investors closely tracked the upcoming US Federal Reserve policy decision for signals on interest rates and inflation.
In the domestic market, gold traded near the ₹1 lakh per 10 grams level, while silver held above ₹1.13 lakh per kg. Precious metals stayed supported by global uncertainty, safe-haven demand and expectations that the US central bank may maintain current rates.
International markets moved cautiously as traders awaited comments from the Federal Reserve on future monetary policy. Gold typically benefits when interest rates remain low or when rate cuts are expected, as it does not generate fixed returns.
Meanwhile, India’s gold market witnessed a major shift in consumer behaviour during the January-March quarter. For the first time, investment demand for gold exceeded jewellery demand, showing that more Indians are now buying gold as a wealth-protection asset rather than only for ornaments.
According to industry estimates, India’s gold investment demand rose 52% year-on-year to 82 tonnes in the March quarter. Jewellery demand, however, fell nearly 20% to 66 tonnes as high prices reduced regular household purchases.
The rise in investment demand was driven by strong buying of gold bars, coins and exchange-traded funds (ETFs). Many retail and institutional investors turned to gold amid stock market volatility, inflation concerns and geopolitical tensions.
Despite the fall in jewellery purchases, India’s total gold consumption still increased by more than 10% during the quarter, reflecting continued interest in the precious metal.
Silver prices also remained steady, supported by industrial demand and global market caution. Analysts said silver may continue to track both precious metal sentiment and industrial growth expectations in coming months.