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Gold Price Today: Yellow metal trades higher post Fed meet; Silver May futures rally over 1%

We suggest buying in gold around 47000 with a stop loss of 46780 for the target of 47480 and in silver around 67500 with a stop loss of 67100 for the target of 68500, suggest experts.

April 29, 2021 / 10:08 AM IST

India Gold MCX June Futures trade higher on April 29 tracking positive trend seen in the international spot prices after the US Federal Reserve's pledge to maintain an easy monetary policy to aid economic recovery.

A weaker dollar provided further support to the precious metal. The dollar index edged 0.1% lower against its rivals, boosting gold's appeal for other currency holders, said a Reuters report.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading higher by 0.43 percent at Rs 47,294 for 10 grams at 0935 hours. May silver futures were trading 1.13 percent higher at Rs 68,550 a kilogram.

Gold and silver plunged on Wednesday ahead of the U.S. Federal Reserve meeting outcomes and both the precious metals settled on a weaker note.