Gold and Silver rate today (March 18, 2024): Precious metals under pressure; yellow metal below Rs 65,400; white metal below Rs 75,400

Gold and Silver rate today (March 18, 2024): Domestic precious metal futures on Monday traded under pressure after new economic data reinforced expectations that the Federal Reserve will be cautious when it comes to lowering borrowing costs. 

Last seen, MCX gold futures (Apr 5) were down 0.29 per cent or Rs 190 at Rs 65,352 per 10 grams at the last count, having traded between Rs 65,255 and Rs 65,3695 earlier in the day. MCX Silver futures (May 5) were down Rs 294 or 0.39 per cent at Rs 75,356 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended selling gold April futures on the rise at 65,300, keeping the stop loss at Rs 65,800 and a target price of Rs 64,700. For silver March futures, she recommended selling on the rise at Rs 75,200, with a stop loss of Rs 76,200 and a target of Rs 73,200.

Meanwhile, COMEX gold in the international market was down 0.52 per cent at $2150.2.

"Gold is expected to trade with a slight negative bias at the start of the week on the US inflation concerns, ahead of the Fed's monetary policy decision due Wednesday," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support for Spot gold at $2135/$2095 and resistance at $2170/$2195.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold rate (24k) in India (March 18, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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