Gold Silver Rates Worst Week: MCX Gold Price Fell 0.23%, Silver Price Crashed Rs 9,132; April 27-May 1 Outlook

Gold rates and silver rates in India witnessed one of the worst weeks of April 2026, with MCX gold price falling by nearly Rs 400 and the MCX silver price crashing by nearly 4% from April 20th to April 24th. During this week, both gold and silver witnessed pullback due to global trends and hostile situations in Middle East following four weeks of sharp appreciation. In the coming week, MCX gold is expected to range from Rs 143,000-158,000 and MCX silver is likely to trade between Rs 230,000-265,000 if conditions favoured.

MCX Gold Price:

At MCX, gold price ended at Rs 1,52,799 per 10 grams, up by Rs 1,038 or 0.7% on April 24th. However, the latest uptrend could not pull gold from recording a weekly decline. The bullion's weekly performance is lower by Rs 359 or 0.23% at MCX.

MCX Silver Price:

Similarly, MCX silver price witnessed a buying trend on April 24, rising by Rs 2,808 or 1.16% to end at Rs 2,44,321 per 1Kg on Friday. Despite this, MCX silver crashed by Rs 9,132 or 3.60% in its weekly performance.

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, precious metals price action is being driven largely by West Asia developments, particularly tensions involving Iran, Israel, and US presence in the Strait of Hormuz, which keep uncertainty elevated. With conflicting signals and no clear resolution, gold is expected to stay news-driven and volatile.

Gold Rates & Silver Rates Weekly Outlook For April 27 To May 1:

Analysts at SMC Global Securities highlighted that gold and silver markets remain under pressure as geopolitical tensions between the US and Iran continue to dominate global sentiment. The ongoing standoff over the Strait of Hormuz has played a critical role in shaping market direction, with both sides maintaining blockades and peace negotiations showing limited progress.

Adding to the woes, US President Donald Trump has mentioned that the US Navy had been ordered to take strict action against vessels laying mines in the strait, while US forces also intercepted a super tanker carrying Iranian oil in the Indian Ocean.

Though it needs to be noted that the US-Iran ceasefire has been extended indefinitely, markets remain cautious as Washington awaits a formal response from Tehran. At the same time, the truce between Israel and Lebanon has been prolonged, offering only partial relief to broader geopolitical risks.

According to SMC analysts, a key factor influencing bullion has been the sharp rise in crude oil prices due to supply disruptions linked to the Strait of Hormuz. Elevated energy prices are strengthening inflation concerns globally, which in turn is increasing expectations that central banks may maintain a tighter monetary stance. Higher interest rate expectations typically reduce the attractiveness of non-yielding assets such as gold and silver.

Despite the recent correction, underlying demand for safe-haven assets has not completely faded.

Looking forward, these analysts said, "On COMEX, gold is encountering resistance near $4,890 while finding support around $4,600. A decisive breakout on
either side is likely to determine the next directional move. Silver is expected to remain range-bound between $67 and $83. In the domestic market, MCX gold is projected to trade within the Rs 1,44,000- Rs 1,56,000 range, while MCX silver may fluctuate between Rs 2,25,000 and Rs 2,60,000 in the sessions ahead."

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