Gold, Silver Rates Fall Ahead Of Fed Policy Outcome

Gold Price In India: Gold and silver futures dropped on Wednesday, March 16, forward of the U.S. Federal Reserve coverage determination. Investors expect the U.S. central financial institution to boost rates of interest for the primary time in three years by a minimum of 25 foundation factors (bps). On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 supply, had been final seen 0.35 per cent down at Rs 51,383, in comparison with the earlier shut of Rs 51,564. Silver futures, due for a May 5 supply, had been final seen 0.61 per cent decrease at Rs 67,910 in opposition to the earlier shut 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 - each charges excluding GST (items and companies tax), in response to Mumbai-based business physique India Bullion and Jewellers Association (IBJA).

#Gold and #Silver Opening #Rates for 16/03/2023#IBJApic.twitter.com/LliS5beAkb

— IBJA (@IBJA1919) March 16, 2023

Foreign Exchange Rates:Globally, the spot gold worth 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 prompt, "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,  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."