Gold Silver Prices Today: The shine of gold and silver increased in the global market, eyes fixed on America’s decision

Business Desk – Gold Silver Prices Today: A slight rise is being seen in the commodity market before the US Federal Reserve Bank meeting. On Tuesday, April 28, gold prices on COMEX closed at $4,703.70 an ounce, while silver prices reached $75.405 an ounce. At present, the market’s focus is on the review of a proposal presented by US President Donald Trump on behalf of Iran.

Will the tension end?

Iran has sent a ceasefire proposal to America. If America accepts this, it will be a sign of immediate end to the current tension. The Strait of Hormuz and other waterways, which are currently under blockade by US forces, will be reopened.

Moreover, the global supply of crude oil, natural gas and other commodities will return to normal. If this happens, the market can heave a sigh of relief after the huge fall in crude oil prices. However, the situation is not so easy, because a special condition placed by Iran can prevent the US from taking a decision to end the tension. US President Donald Trump has been continuously saying for a long time that he will not allow Iran to make nuclear weapons.

In contrast, Iran’s proposal stipulates that hostilities should end first. Main waterways should be reopened. The blockade by US forces should be removed. If the US agrees to these conditions, only then nuclear talks will be held in the next round of talks. Nevertheless, due to signs of easing tensions, crude oil prices appear to be rising again today.

Will MCX rise?

On Monday, the first trading day of the week, gold prices on MCX closed at Rs 151,747 per 10 grams, while silver prices closed at Rs 242,200 per kg. If tension in the Middle East does not increase, an upward trend can also be seen in the prices of gold and silver on MCX.

Even amidst this uncertain environment, the main reason for the current pressure on the commodity market is macroeconomic factors. Although there is a slight recovery in gold and silver today, there has been a lot of pressure on their prices for a long time.

When is the Federal Reserve Bank meeting?

The US central bank, the Federal Reserve, will hold its meeting on April 28-29, which starts from today. In view of the ongoing tensions in the Middle East, it is being speculated that interest rates may once again be kept unchanged. Market conditions may change after the results of the meeting are revealed.