Indian Gold Prices Fall By Rs. 300, Ahead Of US Federal Reserve Policy Meeting

Indian gold prices have fallen today, ahead of the USA Federal Reserve meeting. In the policy meeting, the central bank of the USA might try to hike the interest rate by 25 bps to control the rising inflation. With this hike, the US government bond will offer better yield and investors can shift their focus from commodities to bonds. Gold has recently fallen by 0.33% in the international markets. This trend can continue with the US Fed rate hike.

Indian gold rates prices are bearish today, on March 16. the 22 carat gold rates and 24 carat gold rates have fallen by Rs. 300 and Rs. 330/10 grams respectively. The 22 carat gold rates are quoted at Rs. 47,300/10 grams, while the 24 carat gold rates are quoted at Rs. 51,600/10 grams in India.

The Russian troops are not leaving Ukrainian grounds in the near term, Vladimir Putin's activities have proven that. Recently, Russia has seized a hospital in Mariupol and the military has taken around 500 hostages in Ukraine, according to regional leader Pavlo Kyrylenko. Hence, the gold markets remained quite volatile. The yellow metal has passed its capability to reach an all-time high range, it went around $2070/oz. However, if the war intensifies, the gold market can boom again.

The economic sanctions on Russia have been in news, and Russia has answered it with much aggression. Recently, Russia has announced economic sanctions against Americans including President Joe Biden, Hunter Biden, and former US Secretary of State Hillary Clinton. The Russia-Ukraine has led to a political and economic crisis in the global picture, where major western countries are standing against Russia. These uncertainties are helping gold rates to stay bullish internationally. However, investors will look forward to the US Fed meet.

Today, the Comex gold futures dropped by 0.33% and were quoted at $1922.10/oz, till last traded. The spot gold prices are quoted at $1918.20/oz, falling by 0.05%, till last traded. On the other hand, the US dollar index in the spot market stood at 98.91, falling by 0.01%. In India, the MCX gold in April future quoted at Rs. 51,388 grams, falling by 0.34%, till last traded.