Gold Rate jump: Gold and silver prices rose today in domestic markets after the recent losses but still remained significantly off the last week’s highs. On MCX, gold futures were up 0.8% to Rs 51,581 per 10 gram while silver rates jumped 1.7% to Rs 68,459 per kg. Last week, gold had jumped to Rs 55,600 in domestic markets.
In global markets, gold rates were flat today amid higher Treasury yields after Fed rate hike. Russia-Ukraine talks and strong equities also hurt bullion’s appeal. Spot gold held steady at $1,929.57 per ounce. Overnight, the US central bank raised interest rates for the first time since 2018 but gave an upbeat review of the world’s number-one economy.
Apart from profit-taking, gold has has corrected sharply reflecting optimism in market on Russia-Ukraine talks and aggressive rate hike plans by Fed, say analysts. Gold and silver futures dropped yesterday on Wednesday, March 16, ahead of the U.S. Federal Reserve policy decision.
Investors are expecting the U.S. central bank to raise interest rates for the first time in three years by at least 25 basis points (bps). On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.35 per cent down at Rs 51,383, compared to the previous close of Rs 51,564. Silver futures, due for a May 5 delivery, were last seen 0.61 per cent lower at Rs 67,910 against the previous close of Rs 68,325.
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Domestic spot gold with a purity of 24 carats opened at Rs 51,315 per 10 grams on Wednesday, and silver at Rs 67,288 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
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