Gold Rate Today, Gold Price in India on 15 March 2022: Gold prices fell one per cent in India on Tuesday, on the back of weak global cues.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell one per cent in India on Tuesday, on the back of weak global cues. On Multi Commodity Exchange, gold April futures were ruling at Rs 51,715 per 10 gram, down Rs 523 or 1 per cent. Silver April futures were also trading one per cent or Rs 698 down at Rs 68,290 per kg. Globally,gold prices fell on Tuesday to their lowest in more than a week, as U.S. Treasury yields surged ahead of an expected rate hike from the Federal Reserve, and as hopes for progress in Russia-Ukraine talks further dampened the metal’s safe-haven appeal, according to Reuters.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold continued to witness a fall as positive statements between Ukraine and Russia and surge in bond yields ahead of a key Federal Reserve meeting where policy makers are set to raise interest rates, weighed on the safe haven asset. After better than expected U.S. Inflation numbers last week, market expectations for an aggressive rate hike this year has increased, hence the U.S. 10Y yield saw a surge towards 2.1 levels. With rate hikes, comments from Governor Powell regarding the outlook of the economy and further rate hike trajectory will also be important to keep an eye on. There is a lot of noise regarding the ongoing geopolitical tensions, as on one side U.S., EU and others are trying to supress Russia by levying sanctions, while on other hand, both countries at war are taking steps towards peace talks hence reducing the appeal for bullions. Market participants today will keep an eye on U.S. PPI and speech from ECB President Lagarde. Broader trend on COMEX could be in the range of $1900- 1960 and on domestic front prices could hover in the range of Rs 51,570- 52275.
Tapan Patel, Senior Analyst–Commodities, HDFC Securities
Gold prices traded lower with spot gold prices at COMEX were trading 0.45,% down near $1942 per ounce in the morning trade. MCX Gold April futures opened lower near Rs. 51931 per 10 gram in line with weak global cues. Gold prices witnessed selling with a surge in US bond yields ahead of the US FOMC meet. The 10 year US Treasury yields rose to 2.15%, highest since July 2019. The eased tensions over Russia-Ukraine conflict has also pressured gold prices on fading safe haven demand. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1920 and resistance at $1970 per ounce. MCX Gold April support lies at Rs. 51700 and resistance at Rs. 52300 per 10 gram.
Pritam Patnaik Head – Commodities HNI and NRI Acquisitions, Axis Securities
Gold Bulls continue to remain cautious ahead of the key Federal Reserve meeting where policy makers are set to raise interest rates. Markets expect about seven quarter-point Fed rate hikes in 2022. The market will closely watch for the FED commentary , if the same is not too hawkish, we could see the bulls back in action. That said , any significant change in the geopolitical situation in Russia and Ukraine can easily overshadow the FED event. Technically, if there is a sustained breach of $ 1950, we could see gold retest or even breach the $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 is impacting commodities prices worldwide. The sanctions against Russia have added fuel to the concerns and hit the gold prices. Fears of stagflation also started to creep in, due to high commodity prices impacting inflation and slowing growth.
Buy Zone Near – 52700 for the target of 53000
Sell Zone Below – 52500 for the target of 52300
(The views in this story are 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.)
