Gold Rates Today Fall, A Day After Akshaya Tritiya. Check Latest Rates Here

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.