Fed Meeting, Fed Meeting outcome, Federal Reserve Meeting result, Fed Rate hike: US Central Bank Federal Reserve hiked policy rates by 0.25 percent. Federal Reserve has raised interest rates for the first time since 2018. After this move of the Fed, there is a fall in the prices of gold, silver. Federal Reserve Chairman Jerome Powell announced a hike in interest rates after the two-day meeting ended. The rates have been increased by 0.25 percent to 0.5 percent. Read here full statement released by Federal Reserve after monetary policy meeting.
Gold and silver extended its fall on Wednesday amid talks of Russia-Ukraine for de-escalation of war and gains in riskier assets. Both precious metals were settled on a weaker note in the international markets. Gold April futures contact were settled at $1909.20 per troy ounce with a loss of 1.06% and silver May futures contract were settled at $24.71 per troy ounce with a loss of 1.79%.
Both precious metals were also settled on a weaker note in the domestic markets. Gold April futures contract were settled at 51147 per 10 gram with a loss of 0.81% and silver May futures contract were settled at 67304 per one kilogram with a loss of 1.49%. Gold and silver plunged again on Wednesday after a fresh round of talks between Russia-Ukraine for de-escalation of war. Global equity markets gained and pressure was seen in safe-haven assets.
The dollar index also plunged amid gains in the riskier currencies and riskier assets. However, disappointing U.S. retail sales and core retail sales data supported precious metals at lower levels. The U.S. Federal Reserve raises key interest rates by 25 basis points for the first time in the last three years to control inflation.
The Federal Reserve Chairman’s comment was hawkish and it will continue to raise interest rates in upcoming policy meetings and also reduce Federal Reserve balance. The Federal Reserve is expected that due to Russia-Ukraine war inflation to remain above the target rate of 2% for a longer period and also impact economic growth. After raising interest rates by the U.S. Fed, benchmark 10-year bond yields in the United States climbed to 2.21%.
Hallmarked Gold Jewellery Price per 10 gm in Chandigarh 17 March 2022
23 carat gold price – Rs 50700
22 carat gold price- Rs 49600
20 carat gold price – Rs 44800
18 carat gold price – Rs 40600
14 carat gold price – Rs 32000
Gold Ginni Price – Rs.41000 per 8 grams
Silver Price 999.9)- Rs 70400/kg
Gold Price Today in Dehradun 17 March 2022
24 carat gold price – Rs 53000 per 10 grams
23 carat gold price – 50770
22 carat gold price – 48450
20 carat gold price – 44150
18 carat gold price – 40280
14 carat gold price- 31800
Gold Ginni -40940
Silver Price – Rs70000 per kg
Silver Coin Price – Rs 820 per piece
Gold rate in Kasganj stood at Rs 53000 and Silver at Rs 68600 per kg.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect gold and silver to remain volatile and inflation concerns and lower economic growth prospects could support precious metals. He said gold is having support at $1896-1884 per troy ounce and resistance at $1922-1934 per troy ounce while silver is having support at $24.44-24.20 per troy ounce and resistance at $25.00-25.55 per troy ounce.
Jain said at MCX, gold is having support at 51000-50770 and resistance at 51440-51700 while silver is having support at 67000-66600 and resistance at 67800-68440. He suggest buying gold above 51200 with a stop loss below 51000 on a closing basis for the target of 51550 and silver above 67400 with a stop loss below 67000 on a closing basis for the target of 68200.
Ajay Kedia, Kedia Commodity, Daily Commodity Calls 17 March
BUY GOLD 51100, Stop Loss 50850, TGT 51550
BUY SILVER 67200, Stop Loss 66800, TGT 68500
Anuj Gupta, IIFL Sec, Daily Commodity Calls 17 March
Sell Gold Apr at 51500, Stop Loss 52000, TARGET 50800
Sell silver May at 68500, Stop Loss 69300, TARGET 67000
Sell MCX Copper Mar AT 805, Stop Loss 812, Target 790
Sell Crude Oil Mar at 7500, Stop Loss 7850, Target 7100
Sell USDINR Mar AT 76.50, Stop Loss 76.80, TARGET 76.00
Federal Reserve issues FOMC statement 16 March 2022
“Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain, but in the near term the invasion and related events are likely to create additional upward pressure on inflation and weigh on economic activity.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that ongoing increases in the target range will be appropriate.
In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic
outlook.
The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller. Voting against this action was James Bullard, who preferred at this meeting to raise the target range for the federal funds rate by 0.5 percentage point to 1/2 to 3/4 percent. Patrick Harker voted as an alternate member at this meeting.”
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