Gold, Silver Rates Fall Before Fed Policy Outcome

Household gold with a purity of 24 carats opened at Rs 51,315 per 10 grams.

Gold price in India: Gold and silver futures fell on Wednesday, March 16, ahead of a U.S. Federal Reserve policy decision. Investors expect the US central bank to raise interest rates for at least 25 basis points (bps) for the first time in three years. On the Multi Commodity Exchange (MCX), gold futures, for the April 5 delivery, fell 0.35 per cent for the last time at Rs 51,383 compared to the previous Rs 51,564. Silver futures, due to be delivered on May 5, were last seen 0.61 per cent lower at Rs 67,910 compared to the previous Rs 68,325 close.

Household gold with 24 carat purity opened at Rs 51,315 per 10 grams on Wednesday, and Rs 67,288 per kilogram – two rates excluding GST (goods and services tax), according to the Bullion and Jewelers Association of India. (IBJA).

External rate:

Globally, the price of one-point gold fell 0.61 percent to $ 1,916.80 per ounce.

Analyst’s view:

Ravi Singh, Vice President of India and Head of Research: “Gold prices are in the profit reserve area as US Treasury yields eased before the Federal Reserve raises its first rate hike in three years to try to ease inflation with no signs of slowing. Hopes for more Russia … Ukrainian talks have also lowered the safe haven appeal.”

He suggested: “Buy the upper zone – Rs 51,700 for the target of Rs 52,200. Sell the Zone below – Rs 51,500 for the target of Rs 51,000.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “The market is very volatile today because of the Russia-Ukraine crisis. Therefore, dangerous traders are advised to create fresh short positions close to the resistance level, which should focus on the important technical levels provided for that day: April Gold Closing Price Rs 51,564, Support 1 – Rs 51,000, Support 2 – Rs 50,500, 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 60, 60, 600, Resistance Rs – 69,300 Ruby.

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