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Gold and silver prices fell today in India, a day after Akshaya Tritiya. On MCX, gold futures were down 0.33% to 50,640 per 10 gram while silver fell 0.3% to 62,854 per kg.  In global markets, gold rates today fell ahead of US Fed decision. The Federal Open Market Committee of the US central bank is set to release its policy statement at 11:30 pm. Fed Chair Jerome Powell will also address the media later. Spot gold was down 0.3% at $1,862.48 per ounce.

Though market participants expect the Fed to hike rate by 50 bps, if the statement has a still more hawkish bias, then gold is likely to come under pressure once again, say analysts. Gold is seen as an inflation hedge and a safe store of value during times of economic and political crises but higher bond yields and short-term U.S. interest rates typically tend  to increase the opportunity cost of holding non-yield bullion. The dollar index remained to multiyear peaks, making greenback-priced gold less attractive for overseas buyers.

Among other precious metals, spot silver dipped 0.1% to $22.54 per ounce, while platinum was nearly unchanged at $961.62, and palladium gained 0.2% to $2,260.28.

“Today bullion prices will remain volatile ahead of the U.S. Federal Reserve policy meetings outcome. Gold has support at $1850-1838, while resistance at $1882-1895. Silver has support at $22.10-21.80, while resistance is at $22.94-23.22. In INR terms gold has support at 50,550–50,320, while resistance is at 52,110–52,350. Silver has support at 62,650-62,215, while resistance is at 63,830–64,210," said Rahul Kalantri, VP Commodities, Mehta Equities. 

According to reports, gold sales in India rebounded on Akshaya Tritiya after remaining subdued for past two years. The industry is likely to see a 10% jump in gold sales on Akshaya Tritiya, which is considered auspicious for buying the precious metal "This Akshaya Tritiya has been very strong. We are expecting to comfortably surpass the 2019 level. This year pent up demand, a decline in gold prices and the day being a holiday has contributed to boosting the sales," Saiyam Mehra, the vice-chairman of All India Gem and Jewellery Domestic Council (GJC), told PTI.

In terms of volume, Mehra said, the industry is likely to have 10 per cent more business this Akshaya Tritiya compared to 2019.

 

 

 

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