Gold and Silver can rally up to 10% on MCX, show charts

The MCX Gold futures have gained 4 per cent and Silver 6.5 per cent so far in March on hopes of interest rate cuts in the US. Chart suggests that positive bias shall prevail in the near-term.

Gold prices have scaled record high levels of $2,165 per ounce in international markets in recent days on hopes of likely interest rate cuts later this year.

The US Federal Reserve chief, Jerome Powell, in his testimony on Wednesday March 06 reiterated that it could lower rates later this year, without specifying any particular time-line. 

The US Fed Watch Tool predictor suggests over 55 per cent probability of a rate cut in June, as the US economy seems to be on a stronger ground than expected.

Back in India, the MCX Gold April futures were seen quoting atop the Rs