Gold rate today, March 23: Yellow metal futures top Rs 59,000 as Fed rate hike sends US shares tumbling

Gold rate today: The yellow metal traded in green above Rs 59,000 on Thursday, March 23, after the US Fed hiked the interest rate to curb inflation by 25 basis points (bps) leading to weakness in the dollar index. On Multi Commodity Exchange (MCX), as of 9:20 am, Gold April futures quoted at Rs 59,225 per 10 grams, flat by Rs 469 or 0.8 per cent.

Meanwhile, Silver May futures were trading at Rs 69,791 flat by Rs 482 or 0.7 per cent.

“Fed interest rate hike announcement will give support to gold prices and if there is a fall in prices it's a buying opportunity,” said Anuj Gupta, VP, IIFL Securities.

Trade call by IIFL Securities

Gold April Contract

Buy- Rs 58,500 

Stop Loss- Rs 58,250 

Target- Rs 59,300

Silver May Contract

Buy- Rs 69,000

Stop Loss- Rs 68,450 

Target- Rs 70,000

In the international market, Gold quoted $1,975.60 per ounce, while Silver was up by 1.29 per cent at $23.078per ounce. 

Meanwhile, the rupee was trading at 82.31 against the US dollar. The international oil benchmark Brent crude futures stood at $76.02 per barrel down by 0.87 per cent.

Gold Price City-wise In India as of March 23, 2023, for 22k

(Disclaimer: These are indicative prices collected from trusted sources. Investors are recommended to check prices with their jeweller before investing/purchasing.)

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