Gold prices opened on the Multi Commodity Exchange (MCX) on Friday at Rs 66,057 per 10 grams and hit an intraday low of Rs 66,004. In the international market, prices hovered around $2,174.08 per ounce.

Meanwhile, silver opened at Rs 74,775 per kg and hit an intraday low of Rs 74,508 on the MCX. In the international market, the price hovered around $24.57 per ounce.

Gold and silver prices surged significantly. Gold touched an all-time high of Rs 66,940, surging by around 1200 hours from Rs 65,750, and silver touched Rs 78,000 in morning trade. However, average trading was seen at Rs 76,400, up by more than 1300 hours in response to the US Federal Reserve’s decision to keep interest rates unchanged.

Jateen Trivedi, VP Research Analyst, LKP Securities, “Following Fed rate announcement, prices rallied from $2,157 to $2,210, marking a notable $53 increase. This bullish momentum was driven by dovish commentary from Fed Chair Jerome Powell, who hinted at the possibility of three rate cuts.”

“Powell hinted that the Fed will soon be seeking to dial down the rate of QT, though he did not say when. Based on the CME Fed watch tool, traders were pricing in a 73.4% possibility that the Fed will cut rates for the first time as early as June. Speculative buying and short squeeze led the gold prices to cross previous highs of $2200 and this rally is expected to continue to $2,350 in the short term,” said Sachin Kothari, Director at Augmont.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold eased slightly, hitting pause after a blistering rally amidst Federal Reserve Chair Jerome Powell hinted that the central bank was on course for three interest rate cuts in 2024.”

Despite recent high inflation readings, Governor Powell said the central bank is still likely to reduce interest rates by three-quarters of a percentage point by end-2024.

The US Central Bank raised the inflation and growth forecast, mentioning that inflation is still sticky and the Fed will continue to be data-dependent.

Modi said, “Traders are now pricing in a 72% chance that the Fed will begin cutting rates in June, up from 55% before the rate decision. The sentiment of at least a 75bps rate cut this year gave a boost to safe-haven assets, and with that, the Fed also hinted at slowing the balance sheet runoff soon.”

After a good run-up, both Gold and Silver witnessed some profit booking. The Dollar Index also inched higher from the recent low of ~102.90.

On the data front, preliminary Manufacturing and Services PMI was reported better than expected. It will now be important to see how the Fed officials prepare the market.

Amit Khare, Associate Vice President at GCL Broking, said, “April Gold closed positive at Rs 66,189(0.66%), and May Silver closed negative at Rs 75,081 (-0.35%). Yesterday Gold made life time high of Rs 66,943; as per the daily chart, Bullions are trading in the mix zone, and Gold is looking strong while Silver is looking weak; the Momentum Indicator RSI also indicates the same; below are the important levels for the day: Gold April Support Rs 65,900/65,700 and Resistance Rs 66,200/66,400. Silver May Support Rs 74,400/74,000 and Resistance Rs 75,500/76,000.”

CHENNAI: In Chennai, the price of 22-carat gold decreased by Rs 280 per sovereign and is sold at Rs 49,600 on Monday.

Gold price in Tamil Nadu has been fluctuating for the past few days. Following this, the price has reduced today.

Accordingly, the fall in price per gram of gold is Rs 35, taking 1 gram of gold to be sold at Rs 6,200.

Silver price has reduced by Rs. 2 and being sold at Rs 79.50 per gram and one kg silver is at Rs 79,500.

The price of 24-carat gold climbed Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 67,430, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 78,600.

The price of 22-carat gold also rose Rs 10 with the yellow metal selling at Rs 61,810.

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The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 67,430.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 67,580, Rs 67,430, and Rs 68,030, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 61,810.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 61,960, Rs 61,810, and Rs 62,360, respectively.

The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 78,600.

The price of one kilogram of silver in Chennai stood at Rs 81,600.

Gold prices edged higher on Friday and were set for a fourth weekly rise in five after the Federal Reserve maintained its interest rate cut projections for the year, boosting investor sentiment.

Spot gold was up 0.1 per cent at $2,183.93 per ounce, as of 0117 GMT, after hitting an all-time high on Thursday. Bullion has risen 1.3 per cent so far this week.

US gold futures were also up 0.1 per cent at $2,186 per ounce.

Spot silver was flat at $24.77 per ounce, platinum slipped 0.3 per cent to $904.95 and palladium eased 0.1 per cent to $1,009.21.

(With inputs from Reuters)

The gold price today in Delhi is 6196 per gram for 22 karat gold and 6758 per gram for 24 karat gold.

The price of gold in India today is 6,181 per gram for 22 karat gold and 6,743 per gram for 24 karat gold

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Check Gold Price In Your City Today On 22nd March 2024

Gold Price Today In Mumbai

The price of gold in Mumbai is 6181 per gram for 22 karat gold and 6743 per gram for 24 karat gold.

Gold Price Today In Kolkata

The gold price today in Kolkata is 6181 per gram for 22 karat gold and 6743 per gram for 24 karat gold.

Gold Price Today In Chennai

The Gold price today in Chennai is 6236 per gram for 22 karat gold and 6803 per gram for 24 karat gold.

Gold Price Today In Delhi

The gold price today in Delhi is 6196 per gram for 22 karat gold and 6758 per gram for 24 karat gold.

Gold Price Today In Thane

The gold price today in Thane is 6181 per gram for 22 karat gold and 6743 per gram for 24 karat gold.

Gold Price Today In Surat

The gold price today in Surat is 6186 per gram for 22 karat gold and 6748 per gram for 24 karat gold.

Gold Price Today In Pune

The gold price today in Pune is 6181 per gram for 22 karat gold and 6743 per gram for 24 karat gold.

Gold Price Today In Nagpur

The gold price today in Nagpur is 6181 per gram for 22 karat gold and 6743 per gram for 24 karat gold.

With the so-called “Ghost Army,” its World War II mission of fooling the enemy was so secret because most of the people who knew about it took it to the grave.

A secret no more and nearly 80 years after the end of the war, the Ghost Army on Thursday was recognized with the Congressional Gold Medal and credited with helping American troops achieve key victories in Germany and Italy during the conflict.

The Ghost Army — comprised of 1,300 U.S. soldiers — helped trick the Third Reich with deceptive battlefield shenanigans that protected their fellow Americans and helped defeat Nazi Germany. Some of those tactics included using inflatable tanks, camouflage and innovative acoustic sound effects to misdirect German forces, according to details of their actions that were finally declassified in 1996, more than 50 years after they happened.

“The soldiers included technicians and artists from around the country and they used their talents to deceive and divert the Nazis,” Speaker Mike Johnson said during the event Thursday. “Some of them paid the ultimate price, but because of the courageous work of this group, it is estimated that 15,000 to 30,000 lives were saved.”

Three surviving veterans from the “Ghost Army” were in attendance at the Capitol to participate in the ceremony: John Christman, Seymour Nussenbaum and Bernie Bluestein.

Author Rick Beyer, who has dedicated a career to telling the Ghost Army’s story and advocating for its members to receive the Congressional Gold Medal, said that many of the veterans who have passed away since he began researching the unit would be surprised to learn of the recognition bestowed upon its members Thursday. Four soldiers from the operation were killed in action.

“No soldier who served in this unit considers himself a hero. I have talked to many veterans of the Ghost Army and each told me that the real heroes were the infantrymen and the tankers who bore the brunt of the frightening,” Beyer said. “But it has always struck me that the Ghost Army’s deception mission demanded a special kind of courage: to protect strength when you have none, [and] to purposely draw any fire to keep it from falling on others. A dangerous business, not for the faint of heart.”

Senate Minority Leader Mitch McConnell credited the unit’s efforts for having a lasting impact on post-war counterintelligence operations.

“They weren’t just helping win a World War,” McConnell said. “Whether they knew it or not, they were developing top secret ways to help preserve a hard-won peace through the Cold War.”

That sentiment was echoed by Secretary of the Army Christine Wormuth, who said current Army planners are taught that the basis of military deception is storytelling — and the Ghost Army was made up of master storytellers, whose techniques can still be found on the battlefield.

“Even though technology has changed quite a bit since 1944, our modern techniques build on a lot of what the Ghost Army did and we are still learning from your legacy,” she said. “Our experience observing the war in Ukraine has shown us that even with an increasingly transparent battlefield, military deception can still have a significant impact on military operations.”

Johnson read from a now-declassified report, which summed up the contributions of the unit, quipping “This would be recommended reading if you can get your hands on it.”

“Rarely, if ever, has there existed a group of such few men, which had so great an influence on the outcome of a major military campaign,” Johnson said, quoting the report. “That’s really something.”

The Congressional Gold Medal is the highest honor that Congress can bestow on any group or individual. The Ghost Army soldiers are the 185th entity to receive the award. George Washington was the first recipient in 1776.

Right after this month’s FOMC meeting concluded and Chairman Powell held his regular press conference, gold began to move into uncharted territory. As of 5:40 PM EDT, gold futures basis most active April contract is currently fixed at $2183.80,which is a net loss of $6.30, or 0.29% today. However, the history that was made today was not in gold’s closing price but rather its intraday high. Gold traded to an intraday high over $20 above the former record high of $2203 when traders pushed gold to $2225.30 in today’s trading.

On Tuesday, we identified a Western technical chart pattern called a bullish flag formation. This pattern occurs after a strong uptrend. Gold price began a strong advance on February 29 when gold futures were trading at $2053.10. What followed was six consecutive days in which gold traded to a higher high, a higher low, and a higher close than the previous day. 

On March 11, gold traded to a higher close, gaining $2.80 and closing at $2189. The strong price advance over the seven days created the “pole” of the bullish flag formation. For the next six days, from March 12 through March 19, the flag was created as gold consolidated with a downside bias.

The chart above is a four-hour Japanese candlestick chart of gold futures. The pole is colored green, and the flag is colored red. Yesterday, following the conclusion of the FOMC meeting, the release of the SEP, and the press conference, gold prices spiked to their highest level in history.

Although gold has retraced from those highs at the time of writing, the pattern identified (Bull Flag) can be used to project where the current rally in gold could conclude. The projection (black dashed line) is based upon measuring the price move from the beginning to the end of the “pole”, and then projecting that same distance from the bottom of the flag.

This particular bull flag pattern suggests that gold could trade above $2300 by the completion of this pattern.

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Washington — Members of the Ghost Army, a top-secret military unit credited with saving thousands of Americans during World War II using distraction techniques, received Congressional Gold Medals on Thursday. 

The unit was tasked with deceiving the Germans. Using inflatable tanks and artillery, along with sonic deception like soundtracks, they tricked adversaries into thinking that Allied forces were in one location, while they advanced elsewhere. The effort, made up of a group of artists, designers, audio technicians and others, resulted in an estimated 30,000 American lives saved, and remained classified for decades after the war ended. 

President Biden signed legislation honoring the service members into law in 2022, noting in a statement “their unique and highly distinguished service in conducting deception operations in Europe during World War II.” 

House Speaker Mike Johnson, Senate Minority Leader Mitch McConnell, House Minority Leader Hakeem Jeffries and other lawmakers delivered remarks honoring the service members on Thursday, before bestowing Congress’ highest honor. 

“This Congressional Gold Medal reaffirms our commitment to remembrance and reverence as we honor all of these patriots,” Jeffries said. “We thank and honor the members of the Ghost Army for their unique service to our nation.”

McConnell called the Ghost Army’s legacy a “story of commitment and resolve, bravery and devotion — and remarkable talent and ingenuity.”

“A grateful nation knows how you answered the call in its time of need,” McConnell said. 

Three of seven surviving members of the Ghost Army — Bernard Bluestein, John Christman and Seymour Nussenbaum — attended the event on Thursday. Family members of the late members were also in attendance. 

“I’m very proud and happy to be here to receive this honor,” Bluestein said. 

Because of the classified nature of the unit, the service members went unrecognized for nearly half a century. On Thursday, the  speakers celebrated the legacy of the long-unsung Ghost Army.

“The Ghost Army’s tactics were meant to be invisible,” Sen. Ed Markey, a Massachusetts Democrat, said Thursday. “But today their contributions will no longer remain unseen in the shadows.”

After its invasion of Ukraine, Russia has joined the rank of one of the most sanctioned nations. Yet, despite the imposition of over 16,000 sanctions by the global community, Russia’s economy and military spending continue to rise, with a reported growth of 3.6% in 2023 and an anticipated increase of 2.6% in 2024. As Ukrainian President Volodymyr Zelenskyy seeks additional support, Russian President Vladimir Putin remains seemingly unphased, prompting questions about the effectiveness of the sanctions.

India, China and other nations have helped Putin offset a part of western sanctions by their continued purchases of cheap Russian energy resources. India and Russia have emerged two top buying nations of Russian oil since the beginning of the Ukraine war. Both India and China have purchased Russian oil well within the limits set by the western block.

However, apart from continued export of oil and gas, another crucial element in Russia’s resilience appears to be its strategic focus on gold, a report in the Conversation said. Economic sanctions have primarily targeted Russia’s shipping and trade sectors, yet the significant gold market remains relatively unscathed. Following Russia’s invasion of Ukraine, the United Kingdom ceased all Russian gold imports, yet Russia has maintained its position as the second-largest gold producer worldwide.

Russia has been fortifying its economy against Western sanctions since 2013, culminating in the pegging of the ruble to gold in early 2022. This move, intended to dissociate the Russian economy from the US dollar, establishes the ruble as a viable alternative to gold at a fixed rate. Countries like Venezuela, despite facing heavy sanctions, have leveraged their gold reserves for international trade and assistance, exemplifying gold’s role in circumventing economic restrictions.

The global central banks’ growing gold acquisitions, amassing about 1,073 metric tons in 2022, underscore the metal’s enduring value as a hedge against financial instability. Despite fluctuations, gold remains a foundational asset for countries aiming to stabilize their currencies and shield against global economic pressures.

While nations like the UK, US, and Canada have refrained from engaging with Russian gold, other countries have not hesitated. The United Arab Emirates and Switzerland, for example, have significantly increased their imports of Russian gold, thus bypassing the intended impact of the sanctions, the Conversation report said.

Putin’s ambition extends beyond merely bolstering Russia’s economy through gold; he envisions the precious metal replacing the US dollar as the primary medium for global trade. However, the success of this strategy depends on an increase in gold’s value, which is influenced by various factors, including consumer demand and central bank policies, the Conversation report said.

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In response, consumers and investors in North America and beyond have the potential to impact gold’s market value through their purchasing decisions. For instance, American consumers’ significant investment in gold, including through outlets like Costco, inadvertently supports Putin’s strategy, especially if the purchased gold includes Russian sources.

Counteracting Putin’s gold strategy requires a multifaceted approach, involving not only individual consumer choices but also coordinated actions by major gold-producing countries and strategic policy adjustments. The challenge lies in diminishing gold’s allure without adversely affecting the global economy, especially considering the interconnected nature of international markets and the pivotal role of gold in financial stability.

Ultimately, understanding and disrupting the gold market’s dynamics may hold the key to undermining the economic foundations supporting Russia’s current geopolitical ambitions and resilience against sanctions.

(With inputs from agencies)

(Kitco News) – Gold prices are just modestly higher in midday U.S. trading Thursday after scoring strong gains and hitting a record high of $2,225.30, basis April Comex futures. Silver prices are slightly down after hitting a 3.5-month high overnight. With prices backing well down from their intra-day highs, gold and silver bulls appear tired and in need of a brief pause. April gold was last up $12.70 at $2,173.70. May silver was last down $0.24 at $24.86.

The marketplace is still buzzing about the Federal Open Market Committee (FOMC) monetary policy meeting that ended Wednesday afternoon and saw the Federal Reserve keep its monetary policy unchanged, as expected. The FOMC and Fed Chairman Powell leaned a bit dovish. The FOMC statement said the U.S. economy is growing and inflation has eased but is still elevated. The statement said no rate cuts will occur until the Fed has more confidence inflation has been tamed. Still, the statement said the Fed sees three interest rate cuts this year, which is what the marketplace focused more on. The Fed appears willing to tolerate slightly higher inflation for longer and still cut rates.

The U.S. dollar index initially weakened on the FOMC/Powell statements and U.S. Treasury yields dipped a bit. However, today the USDX is posting solid gains and Treasury yields have up-ticked just a bit. The much stronger move in gold Wednesday afternoon is puzzling to many long-time gold watchers, given the more modest price moves in the U.S. dollar index and U.S. Treasuries. It makes one wonder if a big player, like a bank, put on a huge long-side trade in gold futures in the afternoon after-hours market, when volume may have been thinner. That same big player could have quickly taken profits on the big position, which if was the case would explain prices backing well off their daily highs.

Asian and European stock indexes were mixed overnight. U.S. stock indexes are higher and at record highs in midday U.S. trading. The stock market rally to new highs is also probably limiting fresh buying interest in the competing asset class of precious metals.

The key outside markets today see the U.S. dollar index solidly higher. The USDX has seen a solid rebound from the March low and the bulls have the slight technical advantage. Nymex crude oil prices weaker and trading around $80.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 4.25%.

Technically, April gold futures prices hit a contract and record high overnight but then backed off sharply to suggest the bulls are near-term exhausted. The bulls have the solid overall near-term technical advantage. A four-week-old uptrend is in place on the daily bar chart. Price action has seen an upside “breakout” from a bullish pennant pattern on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the contract and record high of $2,225.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,100.00. First resistance is seen at $2,203.00 and then at $2,225.30. First support is seen at this week’s low of $2,149.20 and then at $2.140.00. Wyckoff’s Market Rating: 8.5.

May silver futures prices hit a 3.5-month high early on today. The silver bulls have the firm overall near-term technical advantage but may now be near-term exhausted. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the December high of $26.575. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at last week’s high of $25.66 and then at $26.00. Next support is seen at this week’s low of $24.92 and then at $24.50. Wyckoff’s Market Rating: 7.0.

May N.Y. copper closed down 60 points at 404.55 cents today. Prices closed nearer the session low. The copper bulls have the solid overall near-term technical advantage but appear tired now. Prices are in a five-week-old uptrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at 410.00 cents and then at today’s high of 412.80 cents. First support is seen at this week’s low of 402.70 cents and then at 400.00 cents. Wyckoff’s Market Rating: 7.0.

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