Gold, silver surge over 1% post US Fed rate hike
NEW DELHI: Gold and silver futures on Multi Commodity Exchange (MCX) surged over 1 per cent in morning trade on Thursday after the US Federal Reserve signalled a cautious stance on interest rate policy this year, pushing the dollar to its lowest in a month.
The yellow metals was trading 1.41 per cent up at Rs 28,380 per 10 gram around 11 am (IST), while the white metal was up 2.26 per cent at Rs 40,949 per kg around the same time.
Nirmal Bang Commodities said: “Gold prices are expected to bounce in Thursday’s trade. One can buy on dips for the upside target at Rs 28,600-800 per 10 gram. Silver prices are also expected to pullback. Traders can buy for the target at Rs 41,500 with a stop loss below Rs 40,250.”
The US Federal Reserve on Wednesday raised interest rates for the second time in three months. Chairwoman Janet Yellen said that the central bank would stick to a gradual path of interest rate hikes even if inflation runs above its 2 per cent target.
NCDEX data showed spot prices of gold Ahmedabad were at Rs 28,366 per 10 gm on Thursday against Rs 27955 per 10 gram on Wednesay, while silver Ahmedabad settled at Rs 39940 per 1 kg on March 15. The white metal was at Rs 40370 on March 14.
The yellow metals was trading 1.41 per cent up at Rs 28,380 per 10 gram around 11 am (IST), while the white metal was up 2.26 per cent at Rs 40,949 per kg around the same time.
Nirmal Bang Commodities said: “Gold prices are expected to bounce in Thursday’s trade. One can buy on dips for the upside target at Rs 28,600-800 per 10 gram. Silver prices are also expected to pullback. Traders can buy for the target at Rs 41,500 with a stop loss below Rs 40,250.”
The US Federal Reserve on Wednesday raised interest rates for the second time in three months. Chairwoman Janet Yellen said that the central bank would stick to a gradual path of interest rate hikes even if inflation runs above its 2 per cent target.
NCDEX data showed spot prices of gold Ahmedabad were at Rs 28,366 per 10 gm on Thursday against Rs 27955 per 10 gram on Wednesay, while silver Ahmedabad settled at Rs 39940 per 1 kg on March 15. The white metal was at Rs 40370 on March 14.
