Gold Rate Today, Gold Price in India on 16 Mar 2022: Gold prices were trading in negative territory on Wednesday, on the back of weak global trends
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading in negative territory on Wednesday, on the back of weak global trends. On Multi Commodity Exchange, gold April futures were trading Rs 183 or 0.35 per cent down at Rs 51,381 per 10 gram, against the last close of Rs 51,564. Silver May futures were ruling at Rs 67,936 per kg, down Rs 389 or 0.6 per cent. Globally, gold extended its slide in the previous session as ceasefire talks between Russia and Ukraine reduced demand for safe-haven assets, while bets that the US Federal Reserve may raise interest rates for the first time in three years added to pressure on gold, according to Reuters. Spot gold dipped 1.8% at $1,916.01 per ounce. U.S. gold futures fell 2.2% to $1,917.7.
Pritam Patnaik, Head – Commodities, HNI, and NRI Acquisitions, Axis Securities
Gold prices seem to be a part of the broader- corrective phase witnessed across all major commodities. A return of the risk on sentiment, which propelled the US equity markets, has significantly impacted safe haven assets like gold. This sentiment was set in due to the global efforts to get a diplomatic solution to the Russia-Ukraine issue, where political, economical and military pressure tactics are being exerted on Russia. Additionally, with the FED rate decision slated today, the 25 basis rate hike is well factored in, but it’s the FED chair Jerome Powell’s testimony that will be keenly watched. A hawkish tone could lead to further correction in gold, but an accommodative stance could provide support to the prices. That said, gold prices are under pressure temporarily, as more permanent issues like high inflationary trend and potential onset of stagflation continue to persist and will outlive the Geopolitical situation. So buying on dips, for a $2000 target in the medium to long term is still on the cards.
Anuj Gupta, Vice President, IIFL Securities
Expectation of increase in the interest rate by FED in upcoming meeting put pressure on the bullions. Positive talk between the war nations may also curb the yellow metal demand. For today, we are expecting a negative trade may emerge. Traders can go for sell in gold around 52000 to 52100 levels with a stop loss of 52400 for the target of 51200 levels. They can also go for sell in silver at 69000 to 69200 levels with the stop loss of 69700 for the target of 67500 levels.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded weak on Wednesday with spot gold prices at COMEX were trading near $1918 per ounce in the morning trade. Gold prices at MCX for April futures opened near Rs. 51380 per 10 gram. Gold prices continued to tumble on US FED speculation over rate hike with inflation at 40 year highs. The market players will focus on further guidance from FED for the year and the course of rate hikes. The market is expecting at least seven rate hikes this year. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1900 and resistance at $1940 per ounce. MCX Gold April support lies at Rs. 50900 and resistance at Rs. 52000 per 10 gram.
Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities
Gold prices have followed a downward spiral after crude oil prices. Huge drop in crude oil prices will ease inflationary pressure which is negative for gold. US Treasury yields have also jumped to 2 and half year high as the US Fed is about to raise its interest rate today. Gold prices are trying to find a floor and eventually will stabilize even if oil prices continue to slide. We believe gold will stabilize between $1900-$1870. We expect prices to remain volatile today amid FOMC meet and after rate hike, initially gold is expected to trade lower and then bounce back. 50800 is immediate support for intraday while resistance is at 51900.
(The views in this story are expressed by the respective experts of the research and brokerage firm. TheSpuzz Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)