Gold Price Today, 17 March- Gold rises as dollar softens on global banking crisis; traders eye US Fed rate hike

Gold Price Today, 17 March: Gold rises as dollar softens on global banking crisis; traders eye US Fed rate hike

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Friday amid positive global cues for the metal, while the silver rate is up 1.24%. On Multi Commodity Exchange, gold April futures were trading at Rs 58,239 per 10 grams, up Rs 233 or 0.40%. Silver May futures were trading higher by Rs 823 at Rs 67,356 per kg on MCX. 

Globally, the yellow metal prices rose on Friday, buoyed by a weaker dollar, and were poised for their biggest weekly gain since mid-November as the global banking crisis sent investors flocking to the safe-haven metal, according to Reuters. Spot gold was up 0.5% at $1,928.08 per ounce. U.S. gold futures rose 0.5% to $1,932.10. Bullion prices have risen about 3.2% so far in the week, heading for a third consecutive weekly gain, lifted by safe-haven demand.

We expect gold and silver to remain highly volatile in today’s session. Gold has support at $1910-1898 while resistance is at $1938-1950. Silver has support at $21.65-21.48, while resistance is at $22.05-22.20. In INR terms gold has support at Rs 57,810-57,650, while resistance is at Rs58,380, 58,550. Silver has support at Rs 66,020-65,510, while resistance is at Rs 67,090–67,580,” said Rahul Kalantri, VP Commodities, Mehta Equities. 

Gold prices gain a little on Thursday

“Gold prices gained little on Thursday, as prices managed to hold onto the marginal gains. The bullion was still above the $1900-mark and looks like it will settle the week above the same. With investors rushing to gold as a safe haven due to the global banking crisis, it was anticipated that it would rise for a third week in a row.

First Republic Bank received a deposit injection of $30 billion from large US banks on Thursday, stepping in to save the lender that had become embroiled in a growing crisis brought on by the failure of two other mid-sized US lenders in the previous week. On Thursday, the European Central Bank maintained its commitment to fighting inflation by raising interest rates by 50 basis points as planned. We expect gold to trade lower towards 57,330 levels, a break of which could prompt the price to move lower to 56,840 levels,” said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One.