Gold Price Today, gold price in India on March 15, 2022: The gold price fell by one percent in India on Tuesday, due to weak global signals.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell 1% in India on Tuesday on weak global signals. On the Multi Commodity Exchange, April futures for gold were Rs 51,715 per 10 grams, down from Rs 523 or 1 percent. Silver April futures also traded 1% or Rs 698 lower against Rs 68,290 per kg. Globally, gold prices fell to its lowest point in more than a week on Tuesday, as US Treasury yields rose ahead of an expected Federal Reserve rate hike, and hopes for progress in Russia-Ukraine talks diminish the metal’s appeal. as a safe haven further muted. , according to Reuters.
Navneet Damani, Senior Vice President – Commodities and Currency Research, Motilal Oswal Financial Services
Gold continued to witness a decline as positive statements between Ukraine and Russia and a rise in bond yields ahead of a key Federal Reserve meeting where policymakers will raise interest rates weighed on the safe haven. After better-than-expected US inflation data last week, market expectations for an aggressive rate hike this year have risen, pushing the US 10Y yield to 2.1 levels. With interest rate hikes, comments from Governor Powell about the outlook for the economy and the further course of rate hikes will also be important to keep an eye on. There is a lot of noise about the ongoing geopolitical tensions, as on the one hand the US, the EU and others try to suppress Russia by imposing sanctions, while on the other, both countries at war take steps towards peace talks, causing the call to precious metal. Market participants will be watching the US PPI and ECB President Lagarde’s speech today. A broader trend on COMEX could be in the range of $1900-1960 and on domestic fronts, prices could hover in the range of Rs 51,570-52275.
Tapan Patel, Senior Commodities Analyst, HDFC Securities
Gold traded lower with the spot price for gold on COMEX trading 0.45% lower near $1942 an ounce in morning trading. MCX Gold April futures opened lower near Rs. 51931 per 10 grams in line with weak global cues. Gold prices witnessed sell-offs with a surge in US bond yields ahead of the US FOMC meeting. The 10-year US Treasury yield rose to 2.15%, its highest point since July 2019. Easing tensions over the conflict between Russia and Ukraine have also put pressure on gold prices due to declining demand for safe havens. We expect gold price to move sideways for the day with support from COMEX Spot Gold at $1920 and resistance at $1970 an ounce. MCX Gold April support is at Rs. 51700 and resistance at Rs. 52300 per 10 grams.
Pritam Patnaik Head – Commodities HNI and NRI Acquisitions, Axis Securities
Gold Bulls remains cautious ahead of the Federal Reserve’s main meeting, where policymakers will raise interest rates. Markets expect about seven quarter point rate hikes by the Fed in 2022. The market will pay close attention to the FED’s commentary, if the same is not too aggressive we could see the bulls in action again. That said, any significant change in the geopolitical situation in Russia and Ukraine could easily overshadow the FED event. Technically, if there is an ongoing USD 1950 crossing, we could retest gold or even break the USD 1915 levels. Those levels could be good levels to enter gold for the long term.
Ravi Singh, Vice President & Head of Research, Share India Securities
The war between Russia and Ukraine has consequences for raw material prices worldwide. Sanctions against Russia have fueled concerns and depressed gold prices. Fears of stagflation also began to creep in, as high commodity prices impacted inflation and slow growth.
Buy Zone Near – 52700 for 53000 . target
Sales Zone Below – 52500 for the purpose of 52300
(The views expressed in this story have been expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
This post Gold Price Today, Gold Price On Mar 15, 2022: Gold Gets Cheaper, Prices Drop Above Rs 500; check support, resistance levels – Gold Price Forecast, Gold Price Outlook was original published at “https://www.financialexpress.com/market/commodities/gold-price-today-15-march-2022-gold-gets-cheaper-prices-fall-over-rs-500-check-support-resistance-levels/2461313/”