Gold Rate today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 3 July 2022, Friday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart and Anuj Gupta of IIFL Sec on gold and silver. Check 24, 22 carat gold, 18 carat gold rate, 14 carat gold price and silver price. Check update on gold, silver price outlook for COMEX.
On Friday, gold and silver were settled on a mixed note in the international markets. Gold August futures contract were settled at $1,812.90 per troy ounce, up by 0.31% while silver September futures contract were settled at $19.82 per troy ounce, down by 2.60%.
Gold and silver showed very high volatility last week after the US, UK, and European central banks chiefs said that they are willing to do whatever it takes to combat inflation at the Annual ECB Forum on Wednesday. The dollar index also gained and pushed precious metals lower. The dollar index crossed 105 marks again during the week.
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Gold prices slipped below $1800 per troy ounce on Friday before settling up at $1812.90 per troy ounce while silver prices slipped to nearly two year lows and settled below $20 per troy ounce. Despite the U.S. 10-year bond yields slipped below 2.90% gold and silver showed weakness. In the Indian domestic markets, gold prices surged on Friday after a surprise duty hike by the government of India on gold to curb imports and support the rupee.
In India import duty on gold rose by 5% to 12.5%. The global economic data released last week was also disappointing amid global recession fears.
Manoj Kumar Jain, Director of Commodity and Currency in Prithvi Finmart expect both precious metals to remain volatile this week and some short coverings expected in the silver. Gold has support at $1800-1784, while resistance at $1822-1834 per troy ounce.
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Silver has support at $19.55-19.20, while resistance is at $20.10-20.50 per troy ounce. At mcx, gold is having support at 51550-51300 and resistance at 52280-52500 while silver is having support at 57700-57200 and resistance at 58800-59400. We suggest buying gold on dips around 51650 with a stop loss of 51330 on a daily closing basis for the target of 52280.
Last week we have also noticed weak US GDP data put pressure on commodity prices due to fear of recession and expectation of low demand. In international market Silver breached strong support of $20 and closed at $19.80 levels which is also 2 year low levels.
We have witnessed weakness in all commodities including metals, agri commodities, energy products due to the fear of recession and low demand. For next week Gold support at 51200 ($1790 Comex) & 50600 ($1775). Resistance at 52500 ($1820) & 53100 ($1835). Silver may found support at 56500 ($19.00) and resistance at $60000 ($20.80)
According to Ajay Kedia of Kedia Commodity, the minutes of the Federal Reserve will be issued next week. According to Kedia, there is a possibility of weakness in gold on Monday, Tuesday, but the direction of gold price will be decided after the minutes of the Fed meeting on Wednesday. If the minutes remain as expected, the price will get support. Kedia said that traders should trade cautiously in gold and silver.
Accroding to Weekly Blog of Augmont-Gold for All, ”the tariff increase should raise prices and decrease demand in India, potentially weighing on worldwide pricing. However, it may increase under-the-counter purchases and precious metal smuggling into the country. Following the tariff increase, dealers were providing discounts of up to $40/oz off official domestic prices.”
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It says ”those who are buying gold for investment purpose, should start choosing digital means such as Digital Gold, Gold ETF and Sovereign Gold bond. And who want to use gold should opt for jewellery. This will reduce Gold Imports and impact on Current Account Deficit going forward. And if CAD remains stable for several months, govt will reduce import duties.”
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 2 July 2022 (Gold Price Today)
23 carat gold price – Rs 51800
22 carat gold price – Rs 50800
20 carat gold price – Rs 45900
18 carat gold price – Rs 41600
14 carat gold price – Rs 33000
Sone ki Ginni ka Bhav – Rs 41800/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 60100/per kg
Note: The prices being given to you on Gold Price Today are taken from different jewellers and bullion associations of the country. The price of gold, silver in your city may fluctuate as the local jewelers add GST, making charges and hallmarking charges to the gold price. Many jewelers also charge a premium for their shop. Therefore, there is a difference in the price of gold and silver at the shop in bullion.
Disclaimer: This article is written for informational purposes only. This is the opinion of the expert. If you make any investment, first take the advice of your financial advisor. Individuals associated with Gold Price Today do not personally buy, sell or trade gold/silver.
