Gold Prices Target For March 17-21: Weekly Outlook On 24K, 22K, 18K Prices, What Will Impact Haven Assets?

Gold prices in India witnessed a sharp jump last week, hitting new record highs. MCX gold crossed the Rs 88,000 mark, while COMEX gold touched $3,000 for the first time. 24K gold price is nearing to Rs 90,000 level. Silver prices in India also showed strength. In the trading week from March 17 to 21st, gold prices are expected to range between Rs 83,000 to Rs 88,000 on MCX, while silver could flirt between Rs 95,000 to Rs 1,05,000. From the latest estimates, there is a possibility of profit booking in gold, while silver has the potential to extend its record-high performance. The biggest focus this week will be the FOMC and Bank of England rates decision.

Gold Prices In India:

On March 14, gold prices of 24K and 22K touched a new record high of Rs 89,660 per 10 grams and Rs 82,300 per 10 grams respectively. This safe haven asset has climbed by more than 3.5% in March 2025 so far. The price of 1 gram of gold in India is Rs 8,966 per gram for 24-karat gold, Rs 8,219 per gram for 22-karat gold and Rs 6,725 per gram for 18-karat gold (also called 999 gold).

Silver Prices In India:

Following the bullish trend, silver prices in India also touched new all-time high of Rs 1,03,000 on March 14, recovering the early monthly loss. Silver has now gained by 6% in March. In cities like Chennai, Kerala, and Hyderabad, gold prices are even higher at Rs 1,11,900 per 1kg.

MCX Gold, Silver Price:

In the early hours of Monday's trading session, MCX gold futures, with April 2025 expiry, stood at Rs 87,800 per 10 grams, down by Rs 124. While MCX silver futures with May 2025 expiry, traded at Rs 1,00,517 per 1kg, down by Rs 221.

Spot Gold Price:

As per Trading Economics, Gold rose above $2,980 per ounce on Monday, hovering near record levels, amid strong safe-haven demand. Fresh geopolitical risks bolstered bullion prices after the U.S. stated it would continue strikes against Yemen's Houthis until they stop attacks on shipping in the Red Sea. Additionally, concerns over an escalating trade war, fueled by exchanges of tariffs between the U.S. and its major trading partners, further strengthened gold's safe-haven appeal. Robust demand from ETFs and sustained central bank purchases also supported prices, with China extending its gold acquisitions for a fourth consecutive month.

Meanwhile, investors look forward to a series of central bank policy meetings later this week, including the U.S. Federal Reserve's decision. The Fed is widely expected to keep rates on hold amid uncertainty over President Donald Trump's economic policies, the Trading Economics data added.

Spot Gold hit its all-time high of $3004.81 on March 14 as well.

Gold Prices Weekly Outlook:

In its WISE Money weekly outlook report, SMC Global Securities said, gold prices rose as ongoing trade tariff uncertainties boosted safe-haven demand, while cooler-than-expected U.S. inflation data strengthened. Expectations of rate cuts, further support bullion. The U.S. Consumer Price Index (CPI) rose less than anticipated last month, but this relief may be temporary, as aggressive tariffs on imports are expected to push up costs in the coming months.

SMC's note said, lower inflation increases the likelihood of the U.S. Federal Reserve cutting interest rates, which benefits non-yielding gold. Earlier this month, President Trump escalated trade tensions by raising tariffs on Chinese goods to 20% and imposing a 25% duty on Canadian and Mexican imports. However, he later provided a one-month exemption for goods meeting the U.S.- Mexico-Canada Agreement rules. Trump also reversed a decision to double steel and aluminium tariffs on Canada to 50%, adding to market uncertainty. These tariffs are expected to fuel inflation and economic instability, driving gold to a record high of $2,956.15 on February 24. Last year, the Federal Reserve cut interest rates by 100 basis points, and markets anticipate further cuts in June due to a worsening economic outlook.

Also, SMC's note said, that Trump's recent tariffs on steel and aluminium imports have drawn swift retaliation from Europe, further complicating global trade dynamics.

Looking ahead, SMC's note said, On Comex, gold faces resistance near 2,950-2,950 and support at 2,890, with a break on either side likely to dictate the next trend. Silver is expected to outperform gold if manufacturing activity recovers, though a sharper U.S. economic slowdown remains a risk. Silver may trade between 31.50-31.50-34.50. On MCX, gold is likely to trade in the range of 83,000-88,000, while silver may fluctuate between 95,000-105,000.