Gold and Silver price today on 28 April: Gold rate remained volatile in the domestic futures market this morning as elevated crude oil prices drove the US dollar higher, weighing on the yellow metal.
MCX gold June futures were 0.12% down at ₹1,51,493 per 10 grams, while MCX silver May contracts were 0.96% down at ₹2,42,200 per kg around 10:25 am.
The ongoing uncertainty over the stalled peace talks between the United States and Iran is keeping gold prices under pressure. There is also uncertainty in equity markets and commodity prices. Even after India VIX has cooled by 1.21% over the last 5 days, it currently stands at 17.92, which is still considerably above its 52-week low.
According to a Reuters report, which quoted a US official, United States President Donald Trump is not happy with Iran’s latest proposals, as they did not address Tehran’s nuclear program. Iran has also stated categorically that it won’t reopen the Strait of Hormuz unless the United States lifts its blockade and ends the war.
Fear of global inflation remains
Japan’s central bank kept its policy rate steady at 0.75% on Tuesday, while revising its inflation estimates upwards, as the nation believes the Iran war raises supply-side risks.
The decision to keep rates steady came in a split 6-3 vote and was in line with Reuters-polled analysts’ estimates. The dissenting members proposed to raise the policy rate to 1%, arguing that tensions in the Middle East had skewed price risks to the upside.
In this backdrop, Iran’s Foreign Minister Seyed Abbas Araghchi expressed satisfaction over his engagement with the Russian leadership on Monday, saying recent events have clearly evidenced the depth and strength of Iran and Russia’s strategic partnership.
Final Federal Reserve meeting for Jerome Powell
The US Federal Reserve Chair Jerome Powell is set to head with what is expected to be his final policy meeting on Tuesday. This will end his eight-year tenure as the Fed Chief, which was defined by political battles, the Covid-19 outbreak, economic shocks, especially amid constant pressure from President Trump.
Commodity prices are expected to remain volatile
Gold and Silver prices are expected to remain volatile amid ongoing geopolitical uncertainty until a resolution is reached. Further, market participants in the commodity markets must acknowledge that in the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it’s more durable.
Important consideration for retail customers
Retail customers must note that jewellers may add making charges, taxes and GST to the bill, which could hike the final price of the unit. Here’s a look at the latest gold prices across major Indian cities on 28 April 2026.
Gold Prices in Mumbai — 28 April
24 karat gold rate in Mumbai — ₹151,870/10 gm
22 karat gold rate in Mumbai — ₹139,214/10 gm
Silver 999 Fine rate in Mumbai — ₹243,000/1 kg
Gold Prices in New Delhi — 28 April
24 karat gold rate in New Delhi — ₹151,610/10 gm
22 karat gold rate in New Delhi — ₹138,976/10 gm
Silver 999 Fine rate in New Delhi — ₹242,580/1 kg
Gold Prices in Ahmedabad — 28 April
24 karat gold rate in Ahmedabad — ₹152,070/10 gm
22 karat gold rate in Ahmedabad — ₹139,398/10 gm
Silver 999 Fine rate in Ahmedabad — ₹243,320/1 kg
Gold Prices in Bengaluru — 28 April
24 karat gold rate in Bengaluru — ₹151,990/10 gm
22 karat gold rate in Bengaluru — ₹139,324/10 gm
Silver 999 Fine rate in Bengaluru — ₹243,190/1 kg
Gold Prices in Kolkata — 28 April
24 karat gold rate in Kolkata — ₹151,670/10 gm
22 karat gold rate in Kolkata — ₹139,031/10 gm
Silver 999 Fine rate in Kolkata — ₹242,680/1 kg
Gold Prices in Hyderabad — 28 April
24 karat gold rate in Hyderabad — ₹152,110/10 gm
22 karat gold rate in Hyderabad — ₹139,434/10 gm
Silver 999 Fine rate in Hyderabad — ₹243,380/1 kg
Gold Prices in Chennai — 28 April
24 karat gold rate in Chennai — ₹152,310/10 gm
22 karat gold rate in Chennai — ₹139,618/10 gm
Silver 999 Fine rate in Chennai — ₹243,710/1 kg
The US-Israel war with Iran, which began on 28 February, has been ongoing for two months today. A ceasefire between the two countries and the recently concluded failed talks have left doubts about a resolution to the war between them.
In this evolving geopolitical environment, the US stock futures ticked up on Monday night after the S&P 500 and Nasdaq Composite closed the regular session with new records.
S&P 500 futures and Nasdaq Composite futures each added about 0.2%. Futures tied to the Dow Jones Industrial Average gained 66 points, or 0.1%. Until the war ends and tensions ease, both global equity markets and commodity prices are expected to remain volatile.
