Gold and Silver rate today (March 21, 2024): Precious metals rally over 1% after US Fed keeps rate unchanged

Gold and Silver rate today (March 21, 2024): Domestic precious metal futures on Thursday edged over one per cent higher after FOMC kept the interest rates unchanged.

Last seen, MCX gold futures (Apr 5) rose Rs 930 or 1.41 per cent at Rs 66,680 per 10 grams at the last count, having traded between Rs 66,100 and Rs 66,778 earlier in the day. MCX Silver futures (May 5) were up Rs 1,355 or 1.8 per cent at Rs 76,668 per kg.

Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies recommended buying gold April futures on the dips at 66,700, keeping the stop loss at Rs 66,200 and a target price of Rs 67,300. For silver May futures, she recommended buying on the dips at Rs 76,400, with a stop loss of Rs 75,400 and a target of Rs 78,400.

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

Khare sees support for gold April futures at 65500/65200 and resistance at 66000/66400. For silver May futures he sees support at 75000/74400 and resistance at 76000/77000.

Meanwhile, COMEX gold in the international market was up 2.09 per cent at $2,206.2.

"As investors expect more than four rate cuts this year, momentum buying in gold is likely to take gold further up, thus a run-up to $2250/$2300 is not ruled out in the near term. At the same time, a hawkish dot plot may lead to volatility will not be surprising," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh sees support at $2165/$2146/$2135.

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

City-wise gold rate (24k) in India (March 21, 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.