Gold price today: Gold rates were little changed in the morning trade session in the domestic futures market on Wednesday, March 20, ahead of the US Fed policy outcome followed by Fed Chair Jerome Powell’s press conference which could throw some light on the prospects of interest rate cuts this year.
The US central bank is expected to keep rates unchanged today as inflation remains sticky. However, traders are waiting for the Fed’s predictions on the economy and interest rates for the rest of the year.
Weak global cues and the dollar’s rise also weighed on gold prices. The US dollar maintained its stability following a recent surge to a level not seen in over two weeks. The Japanese yen’s weakness after the BOJ hiked interest rates boosted the dollar index.
A stronger dollar is negative for gold prices as it makes gold costly for holders of other currencies.
MCX Gold for April 5 delivery traded 0.04 per cent up at ₹65,606 per 10 grams around 10:45 am.
Also Read: Why stock market, gold price, Bitcoin price moving in one direction — explained
What should be your strategy for gold today?
Gold prices may remain volatile for the session ahead of the US Fed policy outcome.
Rahul Kalantri, VP of commodities at Mehta Equities expects gold and silver to remain volatile in today’s session ahead of the FOMC meeting.
“Gold finds support at $2,144-2,131 and resistance at $2,172-2,185, while silver’s support lies at $24.78-24.60 with resistance at $25.11-25.28. In terms of Indian rupee, gold is supported at ₹65,380-65,140, with resistance at ₹65,780-65,920, while silver finds support at ₹74,640-74,080 and resistance at ₹75,740-76,180,” said Kalantri.
Also Read: ‘Gold price may touch $2300 level by end of September 2024’
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index and Fed meeting outcomes.
However, Jain believes they could hold their key support levels of $2,100 and $24.20 per troy ounce respectively on a weekly closing basis.
“Gold has support at $2,148-2,134, while resistance at $2,172-2,184 per troy ounce and silver has support at $24.94-24.70, while resistance is at $25.40-25.66 per troy ounce in today’s session,” said Jain.
“On the MCX, gold has support at ₹65,400-65,220 and resistance at ₹65,740-65,950 while silver has support at ₹74,850-74,400 and resistance at ₹75,650-76,100,” Jain said.
He suggests staying away from taking any positions in the markets in today’s session ahead of the Fed monetary policy outcomes.
Read all market-related news here
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
