Fed Decision Spurs MCX Surge: Record Gains Unveiled

Mumbai, 21 Mar (Commoditiescontrol):

The MCX market witnessed a remarkable uptrend on Thursday, propelled by the Federal Reserve's decision to leave its benchmark interest rate unchanged at 5.25% to 5.50%. This decision, announced after the March policy gathering, marked the fifth consecutive meeting where borrowing costs remained steady, aligning with market expectations. The Fed's decision, coupled with affirmations regarding its ongoing quantitative tightening program, provided a boost to investor sentiment, igniting record gains across various securities.
Key Highlights:

• MCX Gold soared to all-time highs, with prices touching 66750 levels, marking a significant increase of 1.52%.
• Silver also surged, trading at 76518 levels, showcasing a notable gain of 1.60%.
• Gold Guinea emerged as the top performer, climbing to 53249 levels, representing a remarkable increase of 1.81%.
• Base metals experienced bullish momentum, with Copper, Zinc, and Aluminium registering gains of 1.00%, 0.87%, and 0.42%, respectively.
• MCX Crudeoil witnessed a surge of 0.86%, while Menthaoil recorded a modest gain of 0.48%.
• Naturalgas remained neutral, trading at 154.80 levels, showcasing a marginal increase of 0.02%.

Global Outlook:

Furthermore, US Gold surged to 2200 levels, marking an increase of 0.80% after reaching a peak of 2223. The climb in gold prices was fueled by slipping bond yields, amid recent USD weakness and falling 10-year Treasury yields. The Federal Reserve's optimistic outlook on the economy, coupled with its commitment to monitor inflationary pressures, provided a favorable backdrop for Precious Metals globally. Moreover, with attention now shifting to the Bank of England's policy decision, market participants remain vigilant for further cues influencing trading dynamics.






(By Commoditiescontrol Bureau: 09820130172)