Gold Prices Today, March 22: Rates dip due to FOMC meeting, buyers advised to await Fed’s announcement

New Delhi: The gold prices opened low after crossing the Rs 60,000 mark on March 21 and seeing the lower prices, buyers went ahead and helped the prices to hit an intraday high of Rs 58,648 per 10 grams on Multi Commodity Exchange (MCX). Meanwhile, the precious metal was trading at Rs 59,280 per 10 grams at 1 pm.

The gold prices closed at Rs 60,150 per 10 grams yesterday and as compared to the intraday trade at 1 pm, it fell by Rs 870. The price for 22-carat gold also fell by about Rs 800 to touch Rs 54,350 per 10 grams. Gold also trading at a low in the international markets and is expected to remain so till the Federal Open Market Committee (FOMC) meeting gets over and the decision taken in the meeting is announced.

Looking at the lower prices in the morning, the buyers went on to purchase gold. Experts believe that investors should refrain from buying gold till the FOMC meeting gets over. The Fed is likely to take a policy decision after the US banks crashed and an announcement from FOMC chairperson Jerome Powell is expected today.

It is expected that the yellow metal will trade somewhere between Rs 58,000 to Rs 59,000 following the Fed’s announcement. According to Anuj Gupta, Vice President of Research at IIFL Securities, a rate hike of not more than 25 bps is expected after the FOMC meeting.

The average gold price has been rising in the last 10 days and is expected to go up if the FOMC meeting concludes in the market’s favour. It is advised to buy gold when the prices touch Rs 58,000 to Rs 58,500 for 10 grams.