Gold and Silver Prices Fall After US Fed Decision While Oil Prices Surge
Bullion Prices Decline on MCX Amid Global Pressure
Mumbai, March 19: Gold and silver prices witnessed a sharp decline on Thursday following the latest policy decision by the US Federal Reserve, even as ongoing geopolitical tensions in the Middle East kept the bullion market in focus.On the Multi Commodity Exchange (MCX), gold futures for April 2 were trading करीब 1 percent lower, down by Rs 1,313 at Rs 1,51,712. The contract hit an intraday low around 10:22 am. Silver futures for May 5 also dropped significantly, falling 2 percent or Rs 5,111 to Rs 2,43,083.
US Federal Reserve Holds Interest Rates Steady
The US Federal Reserve, in line with market expectations, kept key interest rates unchanged for the second consecutive meeting this year. This follows three successive rate cuts of 25 basis points each in late 2025.During its March 18 meeting, the Federal Open Market Committee (FOMC) maintained the benchmark federal funds rate within the range of 3.5 percent to 3.75 percent. The decision comes amid rising inflation risks linked to geopolitical developments.
International Gold and Silver Prices Remain Under Pressure
Despite geopolitical uncertainties, international bullion prices continued to face pressure. Around 10:30 am, gold was trading 0.92 percent lower at $4,850 per ounce, while silver declined 2.42 percent to $75.73 per ounce.Key Levels for Gold and Silver
According to Ponmudi R, CEO of Enrich Money, COMEX gold is holding above key short-term support levels, indicating that the broader trend remains constructive amid ongoing global tensions.He highlighted that the $4,850 to $4,900 range remains a crucial resistance zone. A sustained move above $4,900 could push prices towards $4,950 to $5,000, while a drop below $4,800 may lead to further weakness.
On the domestic front, MCX gold continues to trade above the Rs 1,50,000 to Rs 1,52,000 support zone, with resistance seen in the Rs 1,55,000 to Rs 1,56,000 range. A move above Rs 1,57,000 could strengthen bullish momentum.
For silver, COMEX prices are holding above the $74 to $75 support band, with resistance placed between $78 and $80. A breakout above $80 may trigger further upside, while a fall below $75 could resume the corrective decline.
In the domestic market, MCX silver remains under pressure within the Rs 2,42,000 to Rs 2,40,000 support range. Resistance is seen between Rs 2,47,000 and Rs 2,50,000. A breakdown below Rs 2,40,000 could lead to additional downside.
Oil Prices Surge Sharply
Meanwhile, oil prices surged significantly, rising by up to 5 percent.Brent crude futures climbed nearly 5 percent to $112.83 per barrel, nearing their all-time high of $112.87. West Texas Intermediate (WTI) crude futures were trading at $100.02 per barrel.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.