Gold Futures Market Update — 2026-04-29

Gold Price Status and Key Figures

According to TradingEconomics data, as of April 29, 2026, the spot price of gold is 4,605.04 USD/t.oz, marking a rise of +$8.93 (+0.19%) from the previous day. On a weekly basis, it is down -2.85%, while it shows a strong uptrend of +1.98% monthly, +6.60% year-to-date (YTD), and +40.70% year-over-year (YoY).

LiteFinance’s analysis from April 28, 2026, states that the spot price hit $4,577.56, with a retracement currently underway toward the technical support zone A of $4,607–$4,579.

Market Influencing Factors and News Analysis

1. Protracted Iran War and Surging Oil Prices → Heightened Inflation Concerns

Reuters reported on April 28, 2026, that gold prices neared a four-week low. U.S. President Trump’s dissatisfaction with Iran's latest ceasefire proposal has sparked ongoing inflation fears, leading investors to move into risk-off mode while keeping a close eye on the Federal Reserve (Fed) policy meeting.

According to analysis by the Times of India, the rise in crude oil prices is limiting further upside for gold. Praveen Singh, head of currency and commodities, noted that "the upside for gold is capped due to rising oil prices."

2. Federal Reserve (Fed) Policy Meeting — Key Event This Week

CNBC reported on April 27, 2026, that gold dipped slightly due to a "wait-and-see" sentiment regarding the central bank meeting scheduled for this week. Investors are maintaining a cautious stance on concerns that continued rising oil prices could lead the Fed to adopt a more hawkish stance.

EnergyNews reported that as of 1100 GMT on April 27, 2026, spot gold prices remained flat at $4,707.16, while U.S. gold futures for June delivery declined.

3. Central Bank Buying Demand — Gold Price Support Factor

According to a Reuters report on April 27, analysts have raised their annual price forecasts for gold. A Reuters survey indicated that strong central bank demand and economic uncertainty are expected to offset inflation risks stemming from Middle East conflicts and bets on hawkish policies.

Cryptonews reported on April 27 that analysts have released new price outlooks, stating that "gold will be supported by persistent central bank demand and ongoing global economic uncertainty."

Technical Chart Analysis and Trading Scenarios

Key Support Levels

• $4,645–$4,670: According to ITB Broker analysis, this range is the core short-term support zone, marked as a blue zone on the chart. They stated, "If this zone is decisively broken, the current balance could shift toward selling pressure."

• $4,700: Analysis by economies.com shows that gold recently dropped during intraday trading and breached the $4,700 core support level, with trading confirmed below the EMA50 and negative signals appearing on the Relative Strength Index (RSI).

• $4,607–$4,579: LiteFinance analysis noted that gold is currently retracing toward this support zone A, with technical analysis suggesting continued downward pressure.

Key Resistance Levels and Targets

• $4,970: According to RoboForex’s April 27 analysis, as long as XAUUSD prices remain within the ascending channel, the $4,970 resistance level could act as an upper target. Conversely, they also suggested the possibility of a retracement to the $4,640 level.

• Risk Scenario: FinanceMagnates analyzed that gold is testing the bottom of a consolidation range at $4,620, and technical analysis shows a 26% downside risk to the $3,400 level if support breaks. Meanwhile, JPMorgan has set a target of $6,300.

Macro Context

1. Fed (FOMC) Meeting — Biggest Variable This Week

According to FX Leaders' analysis on April 28, 2026, gold has been trading within a narrow range near $4,708 since the morning session on April 28. Three factors—central bank buying, the FOMC meeting, and oil price risks—were cited as key variables determining the direction of gold prices, with analysts suggesting a potential $4,580 test.

2. World Bank Gold and Silver Price Ceiling Outlook

According to a Kitco News report on April 28, 2026, the World Bank projected that there will be a "ceiling" on gold and silver prices throughout 2026 amid market volatility.

3. Year-End Gold Price Outlook — Analyst Downward Adjustments

According to an Investing.com report on April 27, 2026, analysts expect gold prices to finish below $4,500 by the end of 2026. With the S&P and Nasdaq rising slightly to hit all-time highs, market attention remains focused on Fed decisions and earnings reports.