Gold Prices Today: Precious metal may remain volatile ahead of Fed meet outcome

Gold charges edged down in worldwide markets on March 21 in advance of the Federal Reserve coverage assembly final results on March 22. Investors count on americaA imperative financial institution to pause elevating hobby fees given the latest upheaval withinside the US banking system.

Spot gold became down 0.1 percentage at $1,977.sixty nine in line with ounce, as of 0044 GMT. US gold futures additionally fell 0.1 percentage to $1,981.30.

At 9:fifty two am, gold became up 0.23 percentage at the Multi Commodity Exchange (MCX) at Rs 59,641 for 10 grams, whilst silver introduced 0.14 percentage to Rs 68,935 a kilogram.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd

Bullion charges have been enormously risky on Monday, with gold hitting a 12-month excessive and silver a six-week excessive in worldwide markets. Gold fee on MCX crossed the Rs 60000 mark for the primary time ever. However, each gold and silver witnessed income taking in advance of the Fed assembly effects and chart consolidation have been visible at the fee pullbacks from the day`s excessive. Still, safe-haven call for for the metals is clear in a shaky fashionable market amid americaA and European banking crisis.

The technical charts also are bullish for gold and silver, which keeps to ask chart-primarily based totally speculators to the lengthy sides.

We count on gold and silver charges to stay enormously risky in today`s session. Gold has aid at $1965-1954 whilst resistance is at $1994-2010. Silver has aid at $22.36-22.22, whilst resistance is at $22.70-22.86. In rupee terms, gold has aid at Rs 59,110-58,850, whilst resistance is at Rs59,880, 60,150. Silver has aid at Rs 68,020-67,510, whilst resistance is at Rs sixty nine,290–sixty nine,880.

Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities

Gold charges traded flat to fine on March 21, with spot gold charges at Comex buying and selling barely up with the aid of using 0.15% at $1983 in line with ounce withinside the morning trade. Gold charges retreated on Monday after fee hit sparkling fifty two week excessive of $2010 in line with ounce on returned of short-time period investors took income and fears of a full-blown banking meltdown eased. Now investors` awareness grew to become to a Federal Reserve coverage selection on March 22 that can offer similarly course for yellow metals. Market envisioned a more or less 70% threat of a 25-foundation factor increase.

We count on gold charges to consolidate in top variety with fine bias earlier than the Fed coverage final results. Comex spot gold has helps at $1959-1940 in line with ounce and resistance at $2010-$2023 in line with ounce for the day. MCX Gold April destiny has aid at Rs 58900 in line with 10 gram and resistance at Rs 60400 in line with 10 grams.

Manoj Kumar Jain, Prithvi Finmart Commodity Research

Gold and silver charges on March 20 settled on a combined notice withinside the worldwide markets. Gold April futures agreement settled at $1,980.70 in line with troy ounce, down with the aid of using 0.01% and silver May futures agreement settled at $22.sixty three in line with troy ounce, up with the aid of using 0.35%. Due to weak spot withinside the rupee, home markets settled on a fine notice.

Gold and silver confirmed income taking from their highs in advance of the Fed assembly final results however usual lengthy-time period fashion is bullish for valuable metals. If Fed holds hobby fees it can similarly aid bullion charges withinside the worldwide markets.

We count on gold and silver charges to stay risky this week. Gold ought to hold $1922 and silver ought to hold $21.50 in line with troy ounce levels. Gold has aid at $1966-1950, whilst resistance is at $2000-2015 in line with troy ounce. Silver has aid at $22.30-21.88, whilst resistance is at $22.90-23.34 in line with troy ounce.

At MCX, gold has aid at Rs 59220-58950 and resistance at Rs 59800-60000 whilst silver has aid at Rs 68200-67750 and resistance at Rs 69350-69800. We endorse shopping for silver on dips round Rs 68400 with a forestall lack of Rs 67750 for goal of Rs sixty nine,500 and anticipate a few corrective dips in gold for starting up sparkling positions.