Gold Price Today 17 June 2021: RATES SLIP! US Fed interest rate hike indication jolts bullion; Gold futures fall by over Rs 800; silver by Rs 1300

Outlook for gold and silver appears weak in the near term and prices may slip further down Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities opines. The yellow metal fell over 1 per cent on Wednesday after US Federal Reserve indicated of twin interest rate hikes by 2023. This news did not go down well with the bullion market as prices fell steeply

MCX August Gold Futures were trading at Rs 47,670 per 10 gm on Thursday at 11:40 am, getting cheaper by Rs 836 or almost 1.72 per cent from the last closing price on Wednesday. Source: Reuters

Outlook for gold and silver appears weak in the near term and prices may slip further down Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities opines. The yellow metal fell over 1 per cent on Wednesday after US Federal Reserve indicated of twin interest rate hikes by 2023. This news did not go down well with the bullion market as prices fell steeply.

While spot gold fell over 1 per cent to USD 1839.06 per ounce around 1842 GMT (00:12 am IST) US gold futures settled up 0.3 per cent at USD 1,861.40, a Reuters report said. Gupta said that he expects the spot price of Gold to fall to levels around USD 1800 over the next five days.

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Meanwhile, Silver rose 0.3 per cent on Wednesday to USD 27.71 per ounce. Gupta expects silver to test levels around USD 26 during this period.

The VP advised against taking any fresh positions in Gold and Silver futures with respect to trading. For investors, any correction will be a buying opportunity.

In its new projections, 11 out of 18 Fed officials projected at least two quarter-point interest rate increases for 2023, even as officials in their statement pledged to keep policy supportive for now to encourage an ongoing jobs recovery, the Reuters report said.

MCX Gold Outlook

MCX August Gold Futures were trading at Rs 47,670 per 10 gm on Thursday at 11:40 am, getting cheaper by Rs 836 or almost 1.72 per cent from the last closing price on Wednesday. Gupta said that Gold futures could see levels around Rs 47,200 over the next five trading sessions.

MCX Silver Outlook

Meanwhile, MCX July Silver Futures were trading at Rs 70,110 per kg around this time on Thursday, down by Rs 1358 or 1.9 per cent from the last closing price on Wednesday. He expects Gold futures to test levels around Rs 69,000.

In the physical markets in Delhi, gold was available around Rs 50,000 per 10 gm while that of silver was Rs 73,500 per kg. He expects correction in the prices of physical gold and silver to show by evening today. Over the next 4-5 days, Gold could become cheaper by Rs 1000 per 10 gm while silver prices could fall by Rs 2000, he further said.

The prices are more-or-less identical in Noida, he added.

Gold, Silver Price in Dubai

As for prices in Dubai, 24k Gold was trading at AED 220.50 (4,428.15 Indian Rupee) per gram while 22k was trading at AED 207.25 (4,160.43 Indian Rupee). This information has been sourced from Dubai Gold & Jewellery Group (DGJG) website. The website claims DGJG to be the largest trade body for Dubai’s jewellery industry (DGJG).

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