Silver Price Trades Near ₹2.5 Lakh per Kilogram Amid Crude Oil Rally, Ahead of US Federal Reserve Decision on Interest Rates

Market Update: Precious Metals Remain Subdued Ahead of US Federal Reserve Rate Decision

Key Figures:

• ₹2,50,919: Silver price per kg on MCX
• ₹1,55,607: Gold price per 10 gram on MCX
• $79: Spot silver price per ounce
• $5,000.77: Spot gold price per ounce
• $2,118.70: Spot platinum price
• $1,601.63: Palladium price

Market Analysis:

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

On March 18, precious metal prices remained subdued as investors adopted a cautious stance ahead of the US Federal Reserve's rate decision. The US Federal Reserve is expected to maintain interest rates unchanged, with markets focusing on the central bank's outlook on energy-driven inflation.

Market Performance:

• MCX Silver: Down 0.9% to ₹2,50,919 per kg
• MCX Gold: Down 0.2% to ₹1,55,607 per 10 gram
• Spot Silver: Down 0.4% to $79 per ounce
• Spot Gold: Down 0.1% to $5,000.77 per ounce
• US Gold Futures (April delivery): Down 0.1% to $5,004.60 per ounce
• Spot Platinum: Down 0.3% to $2,118.70
• Palladium: Steady at $1,601.63

Market Outlook:

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

The direction of precious metals is expected to be influenced by the Federal Reserve's forward guidance. The ongoing energy supply crunch and persistently high crude prices have further dampened expectations of near-term rate cuts by the Federal Reserve and other major central banks, weighing on sentiment in precious metals.