Gold and Silver Prices Surge on March 13, 2024: The domestic yellow metal market traded in the green on Wednesday, while the white metal market traded flat with a positive bias after a hotter-than-expected inflation print from the US dented investor hopes that the Federal Reserve would pivot to monetary easing soon.
MCX Gold futures (April 5) increased 0.16 percent or Rs 104 to Rs 65,585 per ten grams at the last count, after trading between Rs 65,520 and Rs 65,592. MCX Silver futures (May 5) were flat with a positive bias at Rs 73,862.
Anand Rathi Commodities & Currencies’ Senior Technical and Derivative Research Analyst Neha Qureshi recommends selling gold April futures at 65,600 on the rise with a stop loss of Rs 66,000 and a target price of Rs 65,000. In the silver May futures market, she recommends selling on rise at Rs 73,900, with a stop loss of Rs 74,900 and a target price of Rs 71,900.
According to Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking, bullions are trading at overbought levels.
According to Khare, gold April futures will find support around 65400/65200 and resistance around 65600/65800. Silver May futures will find support around 73500/73000 and resistance around 74300/75000.
At $2165.7, COMEX gold in the international market was flat with a negative bias.
“After hot CPI numbers released yesterday, the probability of a rate cut in May still remains above 50 %, while corrective moves seen yesterday indicate traders may remain cautious and wait for more cues on Inflation including PPI numbers & Retails Sales data along with Federal Open Market Committee’s quarterly forecasts for rates due next week. Overall the impact of the latest inflation figures has room for more corrective movements to follow in day trade today,” said Qureshi.
City-wise gold rate (24k) in India (March 13, 2024)
| Cities | Gold prices for 24k (10 grams) |
| Mumbai | Rs 67,440 |
| Delhi | Rs 67,605 |
| Chennai | Rs 67,810 |
| Kolkata | Rs 67,615 |
| Bengaluru | Rs 67,855 |
| Hyderabad | Rs 67,770 |
| Ahmedabad | Rs 67,800 |
| Bhopal | Rs 67,920 |
| Visakhapatnam | Rs 67,870 |
| Jaipur | Rs 67,760 |
| Lucknow | Rs 67,905 |
| Coimbatore | Rs 67,690 |
| Madurai | Rs 67,520 |
