Gold Prices Take A Hit Today (March 16), Check 22K & 24K Rates Per Gram In Cities

24K & 22K Gold Price Today: Gold prices slipped on Monday, beginning the week on a weak note as a stronger US dollar and negative global cues weighed on sentiment in the bullion market.

On the Multi Commodity Exchange (MCX), gold futures for April delivery dropped Rs 2,225, or 1.4 per cent, to Rs 1,56,241 per 10 grams, with a business turnover of 7,881 lots.

Analysts attributed the decline to rising energy prices that have boosted the US dollar and increased concerns that the US Federal Reserve may delay interest rate cuts. According to Manav Modi, Analyst, Commodities at Motilal Oswal Financial Services Ltd, earlier expectations of a rate reduction at the March meeting have largely diminished, while the likelihood of cuts later this year has eased to around 80 per cent.

Market positioning has also turned cautious, with holdings in gold-backed exchange-traded funds falling by nearly 31 tonnes so far this month as investors trimmed exposure amid growing uncertainty, Modi added.

Gold hovered close to the $5,000 per ounce mark after two consecutive weeks of losses, said Jigar Trivedi, Senior Research Analyst at IndusInd Securities. He noted that oil price volatility intensified after the US targeted Iran’s key oil-export hub of Kharg Island over the weekend, raising concerns over global supply disruptions.

Meanwhile, the ongoing US-Israeli conflict with Iran has entered its third week without any clear resolution, unsettling financial markets.

Higher energy prices and rising inflationary pressures have dampened expectations of imminent rate cuts by the US Federal Reserve and other major central banks, creating headwinds for non-yielding assets such as gold, Trivedi said.

Traders noted that Gold Rates in India  fell, with Gold prices in Delhi and other key metros reflecting the latest decline.

Gold Rates Across Major Cities In India On March 16