Gold prices continued their downward trend on the Multi Commodity Exchange (MCX) on April 28, 2026, as crude oil prices gained strength. Silver also witnessed a decline. Investors and consumers are closely monitoring the fluctuations in precious metal prices.
Gold Prices on MCX
On MCX, gold futures for June 2026 delivery were trading lower at Rs 71,250 per 10 grams, down by Rs 320 from the previous close. The decline was attributed to a stronger dollar and rising bond yields, which made gold less attractive as an investment.
Silver Prices Also Fall
Silver futures for May 2026 delivery on MCX were down by Rs 450, trading at Rs 82,100 per kilogram. The white metal followed gold's trajectory amid weak global cues.
Crude Oil Gains
Crude oil prices rose on April 28, with Brent crude futures trading above $85 per barrel. The increase in oil prices was driven by supply concerns and robust demand outlook, which put pressure on gold as an inflation hedge.
City-Wise Gold Rates
Here are the gold rates in major Indian cities on April 28, 2026 (per 10 grams of 24-carat gold):
- Delhi: Rs 71,500
- Mumbai: Rs 71,350
- Chennai: Rs 71,600
- Kolkata: Rs 71,400
- Bengaluru: Rs 71,300
- Hyderabad: Rs 71,450
- Ahmedabad: Rs 71,250
- Pune: Rs 71,380
Silver rates also varied across cities, with Delhi quoting Rs 82,500 per kilogram and Mumbai at Rs 82,200 per kilogram.
Outlook
Analysts expect gold prices to remain volatile in the near term, influenced by global economic data, central bank policies, and geopolitical developments. Investors are advised to stay cautious and diversify their portfolios.
The drop in gold prices comes as a relief for jewelry buyers, but investors holding gold may see reduced returns. The trend will depend on how the dollar and bond yields move in the coming days.
