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Praveen Singh is associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.
Praveen Singh is associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.
On March 27, spot gold rose to a fresh record high of $3,059 on safe haven demand coming on US imposing auto tariffs. A weaker dollar also boosted the yellow metal
Spot gold was trading at $3,039, down around 0.25 per cent on the day, at the time of writing. The MCX Gold April contract at ₹88,700 was up around 0.1 per cent
The MCX May silver contract at ₹99,381 was down around 0.5 per cent. Silver reached $34.23, its cycle high on March 18, before giving back some of its gains
Gold Rate Today: FOMC rate decision, due tonight, will be crucial for commodities. The Fed is expected to keep the overnight Fed Fund rates unchanged at 4.25 per cent-4.50 per cent with a hawkish tilt
Silver Rate Today, March 19: There may be some profit booking ahead of the US FOMC policy decision as the Central Bank may opt for a hawkish pause
Gold Rate Today: Dip buying in Gold is the preferred trade as the yellow metal is expected to reach $3,000 in the coming weeks.
Silver Rate Today: Weakening of the US Dollar, economic and political concerns globally, and huge fiscal stimulus in China and Europe are positive for Silver prices
Gold rate today: Buy Gold on dips. Gold support is at $2900 (MCX April gold contract Rs 85,600)/ $2868 (Rs 84,700)
Silver price today: Dip buying around $31.50 is preferred over chasing the rally. Support is at $31.27
Weaker dollar, geopolitical concerns over Ukraine peace process, economic and political concerns due to Trump's tariff plans and softer yields are positive for the metal
Silver may decline a bit, though downside is likely to be limited
Silver is expected to push higher should gold rise to record highs. The grey metal is up around 15 per cent this year
Disappointing data out of the US viz retail sales, nonfarm payroll (considering the downward revision done by BLS) and NAHB housing Index are positive for the yellow metal
Gold is expected to trade with a positive bias as buyers have $3,000 (MCX April gold Rs 88,000) level in focus
As long as Silver continues to hold above $30 (Rs 88,000), we look for a target of $35 (Rs 103,000) in the coming months
The metal peaked at $32.25 in the Asian session and slumped to $31.25 in the US session before recovering sharply in the wake of the Fed Chair Powell's speech
The metal was trading at $2,906, down nearly 0.40 per cent on the day, whereas the MCX April gold contract was changing hands at Rs 85,540, down nearly 0.32 per cent on the day
Support for Silver is at $31.77 (Rs 94,000) /$31.11 (Rs 92,000). Resistance is $32.55 (Rs 96,300)/$33.45 (Rs 99,000)
Gold rally is being driven more by subdued yields and US Dollar Index rather than safe haven demand
Silver rate today: Given the fact that industrial commodities are struggling, and tariff threats loom large, silver may struggle to extend its rally much further on a sustained basis