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Gold and Silver Prices Fall Today
There is good news for people planning to buy jewellery.
Gold and silver prices have dropped today, making them slightly cheaper in the market.
At around 9:05 am, gold prices on MCX fell by Rs 266 and were trading at Rs 1,55,719 per 10 grams.
Silver also saw a big drop of Rs 1,812 and was trading at Rs 2,51,301 per kilogram.
In the international market too, both metals are showing weakness.
Gold is trading at $4,994 per ounce, down by 0.26%, while silver has fallen by 1.33% to $78.855 per ounce.
Notably, silver has gone below $80 for the first time in a month.
Why Are Prices Falling?
Experts say that gold prices are not moving much because of uncertainty around the US Federal Reserve’s interest rate decision.
According to Jatin Trivedi of LKP Securities, gold is currently trading near $5,000 per ounce, but investors are being cautious before the Fed announces its policy.
Because of this, prices are moving within a limited range instead of rising or falling sharply.
Gold Rates in Major Cities
Gold prices are almost similar across many big cities in India.
In Delhi, Jaipur, Lucknow, and Chandigarh, 22-carat gold is priced at ₹1,45,060 per 10 grams.
In cities like Mumbai, Chennai, Kolkata, and Hyderabad, the price is slightly lower at ₹1,44,910.
For 24-carat gold, the rate is around ₹1,58,090 per 10 grams in these cities.
Silver Price Update
Silver prices have seen mixed movement recently.
On March 18, silver touched ₹2,75,100 per kg in the morning trade.
Earlier, silver had jumped by ₹6,000 to reach ₹2,62,500 per kg in the Delhi bullion market.
However, today it is down by more than 1% in the international market, showing some weakness.
What Should Investors Do?
Market experts advise investors to stay cautious for now.
According to analysts, rising crude oil prices could increase inflation, which is affecting gold prices.
At the same time, the US Federal Reserve is expected to keep interest rates unchanged, but investors are closely watching its future stance.
Experts believe gold prices may remain slightly weak today, and MCX Gold April futures could go close to ₹1,55,000 per 10 grams.
For traders, gold has support levels at ₹1,54,800 and ₹1,53,500, while resistance is seen at ₹1,57,200 and ₹1,58,600.
In silver, support is at ₹2,50,000 and ₹2,46,600, and resistance is between ₹2,57,700 and ₹2,61,600.
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