Market Update: Gold and Silver Prices

On Wednesday, Multi Commodity Exchange (MCX) saw a muted trend in international bullion prices, leading to lower opening rates for gold and silver futures contracts.

Gold Prices

• MCX gold rate for April futures contracts opened 0.09% lower at ₹1,63,149 per 10 grams, down from the previous close of ₹1,63,303.
• Selling pressure intensified, causing MCX gold prices to fall 0.43% to ₹1,62,600.
• Spot gold price gained 0.4% to $5,213.99 per ounce, while US gold futures for April delivery fell 0.4% to $5,221.80.

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Silver Prices

• MCX silver price for May futures contracts opened 0.31% lower at ₹2,76,988 per kilogram, down from the previous close of ₹2,77,850.
• MCX silver rate declined by ₹2,850, or 1.02%, to ₹2,75,000.
• Spot silver price rose 0.6% to $88.89 per ounce.

Market Outlook

The US economic data, including the consumer price index for February and the Personal Consumption Expenditures (PCE) index, will be closely watched to gauge the Federal Reserve's policy outlook. Investors expect the Fed to keep rates steady in the current 3.5% to 3.75% range at the end of its two-day meeting on March 18.

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Other Commodity Prices

• Spot platinum prices gained 1% to $2,221.48.
• Palladium rose 1.5% to $1,679.73.