Gold Price Today: Gold, Silver Rates Fall Ahead Of Fed Policy Outcome
Gold Price In India: Gold and silver futures dropped on Wednesday, March 16, ahead of the U.S. Federal Reserve policy decision. Investors are expecting the U.S. central bank to raise interest rates for the first time in three years by at least 25 basis points (bps). On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.35 per cent down at Rs 51,383, compared to the previous close of Rs 51,564. Silver futures, due for a May 5 delivery, were last seen 0.61 per cent lower at Rs 67,910 against the previous close of Rs 68,325.
Domestic spot gold with a purity of 24 carats opened at Rs 51,315 per 10 grams on Wednesday, and silver at Rs 67,288 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Opening #Rates for 16/03/2022#IBJA pic.twitter.com/LliS5beAkb
March 16, 2022Foreign Exchange Rates:
Globally, the spot gold price fell 0.61 per cent to $1,916.80 per ounce.
Analyst View:
Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices are in the profit-booking zone as U.S. Treasury yield eases ahead of what is expected to be the Federal Reserve's first rate hike in three years to try to tame soaring inflation that shows no signs of slowing. The hopes for further Russia-Ukraine talks has also dampened the safe-haven appeal."
He suggested, "Buy Zone above - Rs 51,700 for the target of Rs 52,200. Sell Zone below - Rs 51,500 for the target of Rs 51,000."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Market are very volatile nowadays due to Russia-Ukraine crisis. As per the technical chart, gold and silver are showing some profit-booking, trading at the overbought zone and making a top. Profit-booking may continue in bullions at the higher side. Momentum indicator RSI also cited the same in hourly as well as daily charts. So risky traders are advised to create fresh short positions near given resistance levels. They should focus important technical levels given for the day: April Gold closing price Rs 51,564, Support 1 - Rs 51,000, Support 2 - Rs 50,500, Â Resistance 1 - Rs 51,800, Resistance 2 - Rs 52,200. May Silver closing price Rs 68,325, Support 1 - Rs 67,700, Support 2 - Rs 67,000, Resistance 1 - Rs 68,600, Resistance 2 - Rs 69,300."
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