On March 21, gold prices began trading higher at ₹66,100 per 10 grammes on the Multi Commodity Exchange (MCX) for the April 2024 expiry.
Gold prices on March 21: The price of gold continued to rise after the US Federal Reserve decided to maintain interest rates at a 23-year high for a fifth straight meeting and indicated that it still intends to make three cuts this year. At ₹66,100 per 10 gm, the Multi Commodity Exchange (MCX) gold futures contract for the April 2024 expiry opened higher. Shortly after the commodities market opened, it reached an intraday high of ₹66,778 per 10 gm.
Although authorities would want to see more proof that prices are declining, US Fed Chair Jerome Powell noted that “most people’s view that we will achieve that confidence and there will be rate cuts” is still plausible.
What experts stated about the spike in gold prices?
According to Bloomberg, Chris Weston, head of research at Pepperstone Group Ltd., stated: “What we saw last night was really the green light for gold traders to come back in.” The Federal Reserve has stated that, as of right now, it is tolerant of the inflation that has been observed and that the strength of the job market will not be a barrier.
What are the gold spot prices for March 21st?
In Singapore, spot gold increased 0.7% to $2,201.94 per ounce at 9:40 a.m. While palladium, platinum, and silver all saw increases, the Bloomberg Dollar Spot Index saw a 0.2% fall.
Why has the price of gold been rising?
Since the middle of February, the price of gold has increased due to several factors, such as increased geopolitical threats and buying by central banks, primarily China. Experts believe that expectations for looser monetary policy in the US have contributed to the rally.
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