Gold futures prices in the domestic market gained in the morning trade for on Thursday, April 29, 2021, following the trend in the international market, as hopes of a massive stimulus bolstered the prospects for precious metals.

US Federal Reserve had an improved economic view of the country and also underscored that inflation shall be transitory. Further, the price increase would not present the continual problem that would force the RBI to begin increasing interest rates sooner than expected.

Gold prices in today’s trade gained in line with international markets after the US Federal Reserve hold on to interest rates near zero. On the MCX, gold future prices for June delivery gained Rs. 270 to Rs. 47270 per 10gm.

Spot gold gained as much as 2 percent to USD 1784.94 per ounce. Also, gold futures surged 0.6 percent to USD 1784.5 per ounce. Gold in the situation of massive global stimulus by global central banks gains as gold serves as an inflationary hedge.

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