Gold Prices Today: Yellow metal may see selling pressure at higher levels, support around Rs 50,920

Gold Prices Today: Yellow metal may see selling pressure at higher levels, support around Rs 50,920

Gold, Gold Prices, Yellow Metal



Gold was trading higher in the Indian market and global prices were steady on March 16 as the dollar weakened after the US Federal Reserve raised interest rates by a quarter of a percentage point in a widely expected move.

On the Multi-Commodity Exchange (MCX), gold contracts were up 0.69 percent at Rs 51,500 for 10 gram at 10.41 am and silver added 1.38 percent at Rs 68,233 a kilogram.

In the international market, spot gold was up 0.1 percent at $1,920.45 a troy ounce. Earlier in the session, bullion fell as much as 1.2 percent to $1,894.70 as US treasury yields jumped following the Fed announcement.

Gold was up on March 16 after the Fed signalled that there might be uncertainty in economic activities due to the Russia-Ukraine war. The upside left many people surprised as it came despite US central bank’s aggressive stance, said Vidit Garg, Director, MyGoldKart.

Gold took support at around $1,890 and bounced back. It was trading above its 21-period EMA and RSI also showed divergence, which indicated that as long as the metal would stay above $1,922, the bulls would control the market. On the upside, resistance is at $1,952 and $1,960, Garg added.

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