Gold Rate Today, April 30: Gold prices were trading slightly higher on Thursday (April 30), supported by weakness in the US dollar, after slipping to a one-month low in the previous session.

However, bullion prices remained on track for a monthly gain.

As of 5:10 am, spot gold was up 0.2 per cent, or USD 11, at USD 4,554.89. Prices have risen 1.4 per cent so far this month. Meanwhile, gold futures on the Multi Commodity Exchange (MCX) were not trading at the time of writing, but had settled 0.1 per cent higher at Rs 1,49,144 in the previous session.

Weaker dollar supports bullion

The US dollar, measured against a basket of six major currencies, was down 0.1 per cent at 98.87. A weaker dollar typically supports higher precious metal prices, as metals priced in dollars become cheaper for foreign buyers, boosting demand.

On a monthly basis, the dollar has slipped 1.3 per cent, further supporting bullion prices.

Fed decision and rate outlook in focus

The Federal Open Market Committee (FOMC), led by Fed Chair Jerome Powell, kept interest rates unchanged at the end of its two-day meeting.

However, the decision saw four dissents, the first such instance since September 1992. One policymaker preferred a 25 basis point rate cut, while three others opposed including an easing bias in the central bank's statement at this time.

Gold prices generally rise when interest rates fall, as lower rates reduce the opportunity cost of holding non-yielding assets like gold.

Geopolitical tensions keep markets on edge

Investors are closely monitoring developments in the Middle East for further cues on gold's direction. On the geopolitical front, US President Donald Trump, in a recent social media post, warned Iran to "better get smart soon," as efforts by Washington and Tehran to ease tensions appeared to have stalled.

Oil surge caps gold's upside

Crude oil prices surged amid uncertainty in the Middle East and the UAE's exit from OPEC. Prices climbed above USD 110, with WTI futures rising over 1 per cent to trade near that level, while Brent crude also remained above USD 110.

Rising oil prices are weighing on gold's appeal, as they contribute to inflation and reduce the likelihood of interest rate cuts, factors that are typically not supportive of gold.

City-wise 24K, 22K and 18K Gold rate (Per 10 Grams)