Gold Prices Consolidate as Oil Price Surge

Authored By HDFC SKY | Last Modified: Mar 17, 2026 04:31 PM IST

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Precious metals are currently caught in a complex macro-trap. While the escalating conflict in the Gulf region typically triggers a rush to safety, the resulting oil price surge is fuelling inflation fears that may force central banks to stay hawkish for longer.

With the U.S. Federal Reserve’s FOMC meeting set to conclude Wednesday, investors are pivoting from geopolitical headlines to interest rate projections. Domestically, a softening Rupee has helped spot gold prices decouple from global weakness, though one can expect further consolidation within a wide range until the Fed provides clear guidance.

Technically, COMEX Gold has support at $4840 and resistance at $5225 per oz. MCX Gold April future has support at Rs 154900 and resistance at Rs 157850 per 10 grams.

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