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GOLD NEAR FOUR-WEEK LOW AHEAD OF FED MEETING

Published on Apr 29, 2026 14:27

COMEX Gold futures fell today as investors awaited the Federal Reserve�s monetary policy meeting outcome later on tonight. The metal lost more than 2% on Tuesday, hurt by persistent inflation concerns after President Trump appeared dissatisfied with Iran�s latest proposal to end the war and as investors awaited the Federal Reserve�s monetary policy meeting this week. The yellow metal currently trades at $4570 per ounce, down 0.70% on the day and lingering around one-month low. There are some worries over Gold demand trends as well. World Gold Council or WGC has stated that total Q1 2026 global gold demand, including OTC, was 2% higher y/y at 1,231 tonnes (t). This modest growth in volumes combined with gold�s exceptional price rise, generated a 74% jump in the value of quarterly demand to a record US$193bn. WGC further noted that the global supply of gold increased in Q1 by 2% y/y to 1,231t. Modest growth in mine production together with a 5% uptick in recycling generated the increase. MCX Gold futures are trading at Rs 149283 per 10 grams, down 0.50% on the day. The selling spree accelerated after the counter broke under Rs 150K.