Gold and Silver rate today (March 20, 2024): Precious metals trade flat; yellow metal near Rs 65,600; white metal above Rs 75,300

Gold and Silver rate today (March 20, 2024): Domestic precious metal futures on Wednesday were muted with a positive bias as markets prepared for the Federal Reserve’s rate decision later today, with policymakers due to present forecasting that could shed light on when the US central bank will pivot to lowering borrowing costs.

Last seen, MCX gold futures (Apr 5) were flat with a positive bias at Rs 65,599 per 10 grams at the last count, having traded between Rs 65,596 and Rs 65,623 earlier in the day. MCX Silver futures (May 5) were flat at Rs 75,310 per kg.

Technically, bullions are looking positive for the day as per Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for gold April futures at 65400/65200 and resistance at 65700/66000. For silver May futures he sees support at 75000/74400 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 75,300, with a stop loss of Rs 74,300 and a target of Rs 77,300.

Meanwhile, COMEX gold in the international market was up 0.11 per cent at $2162.1.

"Gold traded in a narrow band this week as investors await the Fed’s latest quarterly projections known as the dot plot which will show how much the committee expects to ease monetary policy in 2024 and 2025. Volatility is expected to persist in late trade today while markets may also turn volatile tomorrow as Fed chair Powell delivers its statement after the interest rate decision," said Anand Rathi Commodities & Currencies' Qureshi.

She added overall a dovish tilt for further rate cuts could keep the yellow metal supportive at lower levels in medium-term perspective.

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

City-wise gold rate (24k) in India (March 20, 2024)

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

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.