Gold Prices Decline: Oil Surge & Fed Focus Weigh on 28 April 2026

Gold and silver markets in India and globally witnessed a notable downturn on April 28, 2026. After a period of relative stability, prices took a significant hit, with both international benchmarks and domestic rates registering declines, impacting both investors and jewelry shoppers across major Indian cities. The day's movements were primarily shaped by a confluence of geopolitical tensions and anticipated monetary policy decisions from the US Federal Reserve.

Internationally, Comex gold saw a substantial drop of $125 per ounce, while silver also fell by $3 per ounce. This global weakness quickly translated to the Indian market, where gold prices declined by as much as ₹710 per 10 grams. Major cities like New Delhi, Mumbai, Chennai, and Kolkata reported a fall across 18k, 22k, and 24k gold variants. Silver prices in India also mirrored the global trend, experiencing a noticeable fall today, with some reports indicating overall price declines of up to 2 percent for both precious metals. One headline noted gold hitting ₹1.53 Lakh, likely for 100 grams, indicating it was at a significant price point despite the day's decline.

The primary catalysts for today's price drop were escalating Middle East tensions and the looming US Federal Reserve (FOMC) meeting. While geopolitical instability often drives investors towards safe-haven assets like gold, this time, the tensions were specifically linked to a sharp rally in crude oil prices, pushing Brent crude above $110 per barrel. This surge in oil ignited fresh inflation fears, which, coupled with expectations of a potentially hawkish stance from the US Fed, put downward pressure on gold. Higher interest rates typically make non-yielding assets like gold less attractive. Additionally, some reports indicated an easing of demand, contributing to the domestic price fall.

For Indian investors, today's decline presents a mixed picture. While a drop of ₹710 per 10 grams might seem significant, the underlying factors like persistent inflation fears and the Fed's stance will continue to dictate short-term movements. Jewelry shoppers might find some relief in the slightly lower prices, but the market remains volatile. All eyes will now be on the US Federal Reserve's verdict later this week, which is expected to provide clearer direction for gold's trajectory. Geopolitical developments in West Asia will also remain a critical factor, influencing crude oil and, consequently, gold prices.