Gold price today, gold price in India on March 16, 2022: gold price traded in negative territory on Wednesday, due to weak global trends

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold price traded in negative territory on Wednesday, reflecting weak global trends. On the Multi Commodity Exchange, April futures for gold traded Rs 183 or 0.35 percent lower at Rs 51,381 per 10 grams, against the latest close of Rs 51,564. Silver May futures stood at Rs 67,936 per kg, down from Rs 389 or 0.6 percent. Around the world, gold extended its decline in the previous session as ceasefire talks between Russia and Ukraine slashed demand for safe-haven assets, while bets the US Federal Reserve could cut interest rates for the first time in three years. increasing pressure on gold, according to Reuters. Spot gold fell 1.8% to $1,916.01 an ounce. US gold futures fell 2.2% to $1,917.7.

Pritam Patnaik, Head – Commodities, HNI and NRI Acquisitions, Axis Securities

The gold price appears to be part of the broader corrective phase seen across all major commodities. A return of risk to sentiment, which propelled US equity markets, has had a significant impact on safe-haven assets such as gold. This sentiment has been fueled by global efforts to find a diplomatic solution to the Russia-Ukraine issue, where political, economic and military pressure tactics are being applied to Russia. In addition, the Fed rate decision scheduled for today has properly accounted for the rate hike in the base 25 rate, but it is the testimony of FED Chairman Jerome Powell that will be closely watched. An aggressive tone could lead to a further correction in gold, but an accommodative stance could support prices. That said, gold prices are temporarily under pressure as more permanent problems such as a high inflation trend and a possible onset of stagflation persist and the geopolitical situation will survive. So buying on dips, for a target of $2000 in the medium to long term, is still lurking.

Anuj Gupta, Vice President, IIFL Securities

Expectations of a rate hike by the FED in the upcoming meeting put pressure on the precious metal. Positive talks between the war nations can also curb demand for yellow metal. For today, we expect negative trading to develop. Traders can go for selling in gold around 52000 to 52100 levels with a stop loss of 52400 before targeting 51200 levels. They can also sell silver at 69000 to 69200 levels with the stop loss of 69700 ahead of the target of 67500 levels.

Tapan Patel, Senior Analyst – Commodities, HDFC Securities

Gold traded weakly on Wednesday, with the spot price for gold on COMEX trading near $118 an ounce in morning trading. Gold Prices at MCX for April Futures Open Near Rs. 51380 per 10 grams. Gold prices continued to fall on US Fed speculation about a rate hike, with inflation at its 40-year high. Market players will focus on further guidance from the FED for the year and the course of rate hikes. The market expects at least seven rate hikes this year. We expect gold price to move sideways for the day with support from COMEX Spot Gold at $1900 and resistance at $1940 an ounce. MCX Gold April support is at Rs. 50900 and resistance at Rs. 52000 per 10 grams.

Bhavik Patel, Commodity & Currency Analyst, Tradebulls Securities

Gold prices have followed a downward spiral after the price of crude oil. A massive drop in the price of crude oil will ease inflationary pressures, which are negative for gold. US Treasury yields have also risen to a two-and-a-half-year high as the US Fed is poised to raise its interest rate today. The gold price tries to find a bottom and will eventually stabilize, even if the oil price continues to fall. We think gold will stabilize between $1900-$1870. We expect prices to remain volatile at the FOMC meeting today and following a rate hike, gold is expected to trade lower initially and then bounce back. 50800 is immediate support for intraday while the resistance is 51900.

(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 March 16, 2022: Gold gets cheaper in ceasefire negotiations between Russia and Ukraine; Support seen at Rs 50800 – Gold Price Forecast, Gold Price Outlook was original published at “https://www.financialexpress.com/market/commodities/gold-price-today-16-mar-2022-gold-gets-cheaper-on-russia-ukraine-ceasefire-talks-support-seen-at-rs-50800/2462510/”

LEAVE A REPLY

Please enter your comment!
Please enter your name here