Gold and silver prices experienced a significant decline on Thursday following the US Federal Reserve’s recent policy announcement. Gold futures on the Multi Commodity Exchange (MCX) were down by about 1%, trading at Rs 1,51,712, while silver futures also dropped by 2% to Rs 2,43,083.
The US Federal Reserve, as anticipated, maintained its key interest rates unchanged during its March 18 meeting. This decision came after the Fed had previously implemented three consecutive rate cuts of 25 basis points each towards the end of 2025.
Despite the stable interest rates, global bullion prices faced downward pressure. Gold was trading around 0.92% lower at $4,850 per ounce, and silver saw a decline of 2.42% to $75.73 per ounce by mid-morning.
According to Ponmudi R, CEO of Enrich Money, the COMEX gold market is holding above crucial short-term support levels, with a positive overall trend amidst geopolitical uncertainties. He highlighted specific resistance and support levels for both gold and silver in the international and domestic markets.
Oil prices, on the other hand, surged significantly, with Brent crude futures spiking nearly 5% to $112.83 per barrel, nearing their historical peak, while WTI crude futures were trading at $100.02 per barrel.
