Gold Prices Take Modest Hit Today (March 9), Check 22K & 24K Rates Per Gram In Cities

24K & 22K Gold Price Today: Gold and silver prices edged lower on Monday as a stronger US dollar and rising inflation expectations dampened hopes of near-term interest rate cuts by the US Federal Reserve.

The US dollar strengthened to a three-month high of 99.34, gaining 0.36 per cent during the session. A stronger greenback typically weighs on precious metals by making dollar-denominated bullion more expensive for buyers using other currencies.

Analysts noted that rising US Treasury yields also pressured bullion prices. The yield on the benchmark 10-year note climbed to a one-month high, increasing the opportunity cost of holding non-yielding assets such as gold.

Meanwhile, crude oil prices surged around 27 per cent to $116 per barrel, marking the first time since 2022 that both major benchmarks crossed the $100 level. The spike followed escalating tensions in the Middle East and supply disruptions around the Strait of Hormuz.

The jump in oil prices has fuelled inflation concerns, leading traders to expect that the US Federal Reserve may keep interest rates unchanged when its two-day policy meeting concludes on March 18. Market expectations of rates remaining steady in June have risen to over 51 per cent, up from below 43 per cent last week.

Analysts said gold has support around Rs 1,48,000 and resistance near Rs 1,53,000. In global markets, strong buying interest is seen around the $5,000 support level for COMEX gold, while a sustained move above the $5,400-$5,600 range could pave the way for fresh record highs.

Despite current volatility, the medium- to long-term outlook for silver remains positive, supported by geopolitical developments and favourable global cues, market participants said.

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

Gold Rates Across Major Cities In India On March 9