Federal Reserve Meeting Dates, Fed meeting Outcome, Fed Rate Hike: US Central Bank Federal Reserve 2 day policy meeting started. Ahead of Fed meeting outcome know how gold and silver trade in today’s market. Know Views of India’s Big commodity experts like Manoj Jain of Prithvi Finmart, Ajay Kedia of Kedia Commodity and Anuj Gupta of IIFL Sec on gold and silver. Check 24, 22 carat gold, 18 carat gold rate, 14 carat gold price and silver price. Fed meeting outcome will released by Federal Reserve.
Gold and Silver extended its fall on Tuesday ahead of the FOMC meeting outcome. Both precious metals were settled on a weaker note in the international markets. Gold April futures contract were settled at $1929.70 per troy ounce with a loss of 1.59% and silver May futures contract were settled at $25.16 per troy ounce with a loss of 0.56%.
Both precious metals were also settled on a weaker note in the domestic markets. Gold April futures contract were settled at 51564 per 10 gram with a loss of 1.41% and silver May futures contract were settled at 68325 per one kilogram with a loss of 0.75%. Gold and silver extended its fall on Tuesday amid anticipation of interest rate hike by the U.S. Federal Reserve and heavy sell-off in crude oil.
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The U.S. Federal Reserve’s two day policy meeting started on Tuesday and its outcome will be released on Wednesday. Market is expecting 25 basis point hikes in this meeting but the Federal Reserve Chairman’s comment on the inflation and Russia-Ukraine war will be directional for the precious metals.
Precious metals also plunged amid crude oil prices slipped below $100 a barrel for the first time in one week and eased safe-haven buying of precious metals. However, disappointing U.S. empire state manufacturing data supported precious metals at lower levels. The U.S. empire state manufacturing index showed reading of -11.8 against expected reading of 6.5. Decline in manufacturing activities supported precious metals at lower levels.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect gold and silver to remain volatile in today’s session ahead of the FOMC meeting outcome.
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Manoj Jain of Prithvi Finmart said gold is expected to hold $1885 per troy ounce and silver could hold $24.84 per troy ounce levels. Gold is having support at $1912-1896 per troy ounce and resistance at $1944-1958 per troy ounce while silver is having support at $24.84-24.55 per troy ounce and resistance at $25.55-25.80 per troy ounce.
Jain Said at MCX, gold is having support at 51220-51000 and resistance at 51800-52050 while silver is having support at 67700-67220 and resistance at 68800-69100. He suggest buying silver on dips around 67800 with a stop loss of 67200 on a closing basis for the target of 69100.
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Ajay Kedia, Kedia Commodity, Daily Commodity Calls 16 March
BUY GOLD Apr 2022 at 51500 SL 51150 TGT 51850-52100. MCX
BUY SILVER May 2022 at 68250 SL 67850 TGT 68900-69500. MCX
Anuj Gupta, IIFL Sec, Daily Commodity Calls 16 March
Sell Gold Apr at 52000, Stop Loss 52400, TARGET 51200
Sell Silver May at 69000, Stop Loss 69700, TARGET 67500
Sell MCX COPPER Mar AT 795, Stop Loss 802, TARGET 780
Sell Crude oil Mar at 7550, Stop Loss 7850, TARGET 7100
Sell USDINR Mar AT 76.70, Stop Loss 77.00, TARGET 76.00
Gold Price per 10 gm in Lucknow 15 March 2022
24 carat gold price – Rs 53900
22 carat gold price- Rs 52400
18 carat gold price – Rs 44760
Silver Price – Rs 70000/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.