Gold and Silver April 29: Gold rates slip while silver stays steady amid global market volatility
New Delhi: Gold prices in India registered a decline during the morning session on Wednesday, April 29, 2026, as rates for 18-karat through 24-karat categories trended lower. The domestic retreat follows a period of heightened volatility in global bullion markets, fueled by fluctuating crude oil prices, a shifting U.S. dollar, and broader macroeconomic uncertainty.
While a marginally softer U.S. dollar typically provides a tailwind for gold by reducing costs for international purchasers, the metal remained under pressure on Wednesday. The dollar has appreciated approximately 0.2% since the beginning of the week, maintaining a level of market instability.
Economic Triggers
Market analysts attribute the downward pressure on bullion to rising crude oil prices, which have intensified global inflation concerns. Persistent inflation often necessitates that central banks maintain elevated interest rates. Such an environment increases the attractiveness of interest-bearing assets, like government bonds, over non-yielding commodities such as gold and silver. High bond yields continue to erode the desirability of precious metals despite their traditional role as a safe haven for investors seeking refuge from economic turbulence.
Domestic Gold Rates
Local prices reflected these international cues alongside domestic demand. As of Wednesday, the following rates were recorded:
- 24K Gold (999 purity): ₹15,370 per gram.
- 22K Gold (jewellery grade): ₹14,089 per gram.
City-wise Gold Rates (Per Gram – 22K & 24K)
| City | 24K Gold Rate (₹/gram) | 22K Gold Rate (₹/gram) |
|---|---|---|
| Delhi | 15,107 | 13,849 |
| Mumbai | 15,092 | 13,834 |
| Kolkata | 15,092 | 13,834 |
| Chennai | 15,381 | 14,099 |
| Ahmedabad | 15,097 | 13,839 |
| Hyderabad | 15,092 | 13,834 |
| Jaipur | 15,107 | 13,849 |
| Bhopal | 15,097 | 13,839 |
| Lucknow | 15,107 | 13,849 |
| Chandigarh | 15,107 | 13,849 |
Geographically, Chennai maintains its position as the most expensive metropolitan market for gold, whereas Mumbai and Kolkata remain more competitively priced.
Stability in Silver
In contrast to the decline in gold, silver prices remained largely unchanged on Wednesday. The metal’s valuation continues to be influenced by a combination of investment interest and industrial demand, which often leads to distinct price fluctuations.
As of April 29, 2026, silver trading benchmarks are as follows:
- Standard Silver: ₹2,59,900 per kilogram.
- Silver 925: ₹2,59,000 per kilogram.
Across major cities, 999 purity silver is priced at ₹2,599 per 10 grams in Delhi, Mumbai, and Kolkata. Chennai, however, trades at a premium of ₹2,699 per 10 grams, reflecting specific local supply and demand factors.
Market Outlook
The precious metals sector remains confined to a narrow trading range as investors weigh several critical factors. Global markets are currently monitoring the trajectory of the U.S. dollar, the implications of rising energy costs on inflation, and the probability of sustained high interest rates through the medium and long term.