Gold price today, Silver price, Comex Gold price: Two day Fed meeting starting from today. Know 24, 22 carat gold, 18 carat gold rate, 14 carat gold price and silver price for 14 March 2022, Tuesday. Know Views of India’s Big commodity experts like Ajay Kedia of Kedia Commodity, Manoj Jain of Prithvi Finmart and Anuj Gupta of IIFL Sec on gold and silver.
Gold and silver plunged on Monday amid hope of de-escalation between Russia-Ukraine and possible rate hikes by the U.S. Federal Reserve. Both precious metals were settled on a weaker note in the international markets.
Gold April futures contract were settled at $1960.80 per troy ounce on with a loss of 1.58% and silver May futures contract were settled at $25.30 per troy ounce with a loss of 3.52%. Both precious metals were also settled on a weaker note in the domestic markets. Gold April futures contract were settled at 52304 per 10 gram with a loss of 1.09% and silver May futures contract were settled at 68844 per one kilogram with a loss of 2.17%.
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Gold and silver witnessed heavy sell-off on Monday on optimism of de-escalation of war between Russia-Ukraine. Both country officials’ discussions are going on for de-escalation of war and there is a hope they will reach some conclusion soon. Crude oil also crashed and WTI slipped below $100 a barrel marks during the session.
Other commodities also showed heavy profit taking on Monday and eased safe-haven buying of precious metals. Global equity markets gained and also pressured bullions. The U.S. Federal Reserve’s two day policy meeting is starting from today and market consensus is that the U.S. Fed could raise interest rates in this meeting and the policy tone could be hawkish this time. Fed Meeting outcome will come on 16 March 2022.
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Manoj Jain, Director of Commodity and Currency in Prithvi Finmart says an anticipation of interest rate hike and hawkish policy statements from the Federal Reserve also triggered selling in precious metals. He expect both precious metals to remain volatile in today’s session ahead of the FOMC meeting. Jain said gold is expected to test $1950 per troy ounce and silver could also test $25 per troy ounce levels.
According to Manoj Jain gold is having support at $1950-1934 per troy ounce and resistance at $1964-1988 per troy ounce while silver is having support at $25.00-24.70 per troy ounce and resistance at $25.66-26.00 per troy ounce.
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He said at MCX, gold is having support at 52100-51880 and resistance at 52550-52800 while silver is having support at 68200-67700 and resistance at 69400-70100 levels. He suggest to stay-away from precious metals in today’s session ahead of the FOMC meeting.
Ajay Kedia, Kedia Commodity, Views on Commodity Market
- Gold prices dropped on hopes for progress in peace talks between Russia and Ukraine
- Silver prices dipped as hopes for progress in Russia-Ukraine talks lifted bond yields.
- Crude oil prices dropped after IEA chief Fatih Birol urged oil-producing countries to pump more to stabilise markets affected by the war in Ukraine.
- Natural gas slid as output slowly rises and the weather turns milder than normal for this time of year
- Copper dropped dragged down by demand concerns due to a renewed surge of Covid-19 inflections in China.
- Zinc dropped as diplomatic efforts to resolve the Russia-Ukraine conflict calmed supply-disruption fears.
- Nickel recovered as the refined nickel supply was still insufficient for the demand
- Aluminium prices slipped as progress in diplomatic efforts to resolve the Russia-Ukraine conflict calmed investor nerves, easing supply worries.
Ajay Kedia, Kedia Commodity, Daily Calls 15 March 2022
BUY GOLD Apr 2022 at 52100 SL 51900 TGT 52350-52550. MCX
BUY SILVER May 2022 at 68500 SL 68000 TGT 69200-69800. MCX
Anuj Gupta, IIFL Sec, Daily Commodity Calls- 15 March 2022
Sell Gold Apr at 52700 SL 53200 TARGET 51700
Sell silver May at 69500 SL 70500 TARGET 67500
Sell MCX COPPER Mar AT 800 sl 808 target 790
Sell crude oil Mar at 8100 Sl 8350 target 7600
Sell USDINR Mar AT 76.80 SL 77.10 TARGET 76.00
Hallmarked Gold Jewellery Price per 10 gm in Chandigarh 14 March 2022
23 carat gold price – Rs 51500
22 carat gold price- Rs 50400
20 carat gold price – Rs 45500
18 carat gold price – Rs 41200
14 carat gold price – Rs 32500
Gold Ginni Price – Rs.41500 per 8 grams
Silver Price 999.9)- Rs 72000/kg
Note: The prices being given to you on Gold Price Today are taken from different jewellers and bullion associations of the country. The price of gold, silver in your city may fluctuate as the local jewelers add GST, making charges and hallmarking charges to the gold price. Many jewelers also charge a premium for their shop. Therefore, there is a difference in the price of gold and silver at the shop in bullion.
Disclaimer: This article is written for informational purposes only. This is the opinion of the expert. If you make any investment, first take the advice of your financial advisor. Individuals associated with Gold Price Today do not personally buy, sell or trade gold/silver. Gold Price Today will not be responsible for any loss caused to you.