MULTI COMMODITY EXCHANGE - MCX-GOLD: Today's gold rate - Gold and silver prices today rose in early morning trades as a result of the bank crisis easing and the European Central Bank (ECB) hiking interest rates for the sixth consecutive meeting. On the Multi Commodities Exchange (MCX), the price of gold increased its proximity to its record high of Rs. 58,847 per 10 gm and reached an intraday high of Rs. 58,277 levels, just 600 rupees away.

The price of the 10-gram gold futures contract for the month of April 2023 on the MCX today opened higher at Rs. 58,269 before reaching an intraday high of Rs. 58,277. However, profit-booking quickly began, and today's intraday low for gold was Rs. 58,174 per 10 gm.

Within a short period of time after the market began, the price of the silver futures contract for May 2023 on the MCX rose to an intraday high of Rs. 67,417 per kg.

Marc Despallieres, Chief Strategy and Trading Officer at Vantage, emphasised the ease in bank crises after hearing about the collapse of Credit Suisse Bank, saying, "Markets started the day in a better mood, as governments and central banks are taking steps to ensure banks' credibility and prevent a steeper crisis. Relief followed the announcement late on Wednesday that Credit Suisse had complied with the capital requirements placed on banks and that the Swiss National Bank and Swiss Financial Market Supervisory Authority would supply liquidity if required. The highly anticipated monetary policy decision by the ECB to raise rates by 50 basis points was announced."

Gold Outlook: Anuj Gupta of IIFL Securities stated that much will rely on the FOMC meeting of the US Federal Reserve when asked if gold prices would reach a new high. The US dollar would face greater pressure in the event that US Fed policymakers decided to postpone raising interest rates, which would cause a strong uptick in the price of gold and other precious metals as well as equity markets. In the event that US Fed interest rates are not increased, gold prices may surpass their current resistance around USD 1,950 per ounce and continue to climb to their next barrier at USD 2,000 levels (Rs. 60,000 on MCX)."

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