Gold and Silver rate today (March 19, 2024): Precious metals trade in green; yellow metal above Rs 65,650; white metal above Rs 76,600

Gold and Silver rate today (March 19, 2024): Domestic precious metal futures on Monday traded in the positive territory ahead of rate decisions from countries representing almost half the global economy, including the US, the UK, and Japan.

Last seen, MCX gold futures (Apr 5) were flat with a positive bias at Rs 65,668 per 10 grams at the last count, having traded between Rs 65,609 and Rs 65,687 earlier in the day. MCX Silver futures (May 5) were up Rs 118 or 0.16 per cent at Rs 76,615 per kg.

Technically, bullions are trading at an overbought zone, any time profit booking can be seen as per Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold April futures at 65300/65000 and resistance at 65800/66050. For silver May futures he sees support at 75000/74200 and resistance at 76000/76500.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold April futures on the dips at 65,600, keeping the stop loss at Rs 65,100 and a target price of Rs 66,300. For silver May futures, she recommended buying on the dips at Rs 75,500, with a stop loss of Rs 74,500 and a target of Rs 77,500.

Meanwhile, COMEX gold in the international market was muted with a positive bias at $2164.9.

"Gold witnessed modest gains amid a quiet session as all eyes are on the US Fed meeting which ends tomorrow. Swaps markets still indicate a 52% chance of a Fed cut in June. However the probabilities could vary sharply after the Fed chair delivers its statement tomorrow, while the yellow metal is expected to turn volatile post interest rate decision," said Anand Rathi Commodities & Currencies' Qureshi.

She added Silver on the flip side remains steady despite rising yields as the white metal draws investor interest more than the yellow metal based on strong fundamentals persisting in the same.

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

City-wise gold rate (24k) in India (March 19, 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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