Gold Price Today: Gold Edges Lower; Silver Trades Below Rs 67,550

Gold Price In India: Gold and silver futures traded lower on Wednesday, March 23, amid a volatile session. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen marginally 0.04 per cent down at Rs 51,359, compared to the previous close of Rs 51,379. Silver futures, due for a May 5 delivery, were last seen 0.23 per cent lower at Rs 67,535 against the previous close of Rs 67,692.

Foreign Exchange Rates:

Globally, gold prices held steady as worries over the Ukraine crisis supported demand for the safe-haven metal, although calls from U.S. Federal Reserve officials for sharper interest rate hikes to combat inflation weighed on market sentiment. Spot gold was little changed at $1,920.84 per ounce. U.S. gold futures were flat at $1,921.30.

Analyst View:

Ravindra Rao, CMT, EPAT, VP - Head Commodity Research at Kotak Securities: "Gold is range-bound as pressure from higher bond yields and Fed's hawkish monetary policy stance is countered by Russia-Ukraine tensions, inflation concerns and renewed virus concerns. ETF (exchange-traded fund) investors have also moved to the sidelines. Gold may remain range-bound amid mixed factors, however, geopolitical risks may keep prices supported."

Rahul Kalantri, VP Commodities, Mehta Equities Ltd: "Sharply rising U.S. Treasury yields are putting pressure on the precious metals markets, as well as the recent rally in the U.S. stock indexes. The benchmark 10-year bond yields in the United States crossed the 2.40 per cent mark for the first time since May 2019. Selling was seen and the U.S. equity markets unexpectedly gained putting bullion under pressure. The Russia-Ukraine war situation has not changed much recently, so risk aversion in the marketplace remains somewhat elevated."

Mr Kalantri further suggested, "We expect both precious metals (gold and silver) to remain volatile in today's session. Gold has support at $1,905-1,894, while resistance at $1,940-1,950 per troy ounce. Silver has support at $24.55-24.32, while resistance is at $25.35-25.55. In dollar-rupee terms, gold has support at Rs 50,950–50,740, while resistance is at Rs 51,580–51,820. Silver has support at Rs 67,020- 66,550 while resistance is at Rs 68,450–68,930."