Gold Rate today | Silver price | Gold | Silver | MCX Gold price : Gold Price, Silver price update for 5 April Wednesday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Market and Commodity Expert Sugandha Sachdeva, Ajay Kedia, Kedia Commodity 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.
According to Manoj Kumar Jain Director of Commodity and Currency in Prithvi Finmart gold and silver prices hit one year highs in the international markets. The U.S. ISM manufacturing PMI data slipped to 46.3 in March and increased fear of economic slowdown and supported safe-haven buying for precious metals. The dollar index slipped to two month lows and slipped below 102 marks while the U.S. 10-year bond yields also slipped below 3.40% and also supported both precious metals.
The U.S. JOLTS job openings and factory orders data was also lower than expected and supported safe-haven demand for precious metals. New job openings in the U.S. fell to lowest levels in two years in the month of February and increased fears of economic slowdown.
Jain expect gold and silver prices to remain firm this week ahead of the U.S. non-farm employment data and gold could cross $2,050 per troy ounce and silver could hit $25.80 per troy ounce levels. Gold has support at $2024-2010, while resistance at $2050-2072 per troy ounce. Silver has support at $24.70-24.34, while resistance is at $25.45-25.80 per troy ounce.
He said at MCX, gold is having support at 60600-60330 and resistance at 61280-61550 while silver is having support at 74000-73350 and resistance at 75200-76100. He suggest buying gold on dips around 60550 with a stop loss of 60280 for the target of 61280 and also suggest for buying silver on dips around 74100 with a stop loss of 73450 for the target of 75500.
Commodity Market expert Sugandha Sachdeva said ‘gold prices climbed to new highs for the year as they moved past the resistance level of $2000 per ounce mark and Rs.60000 per 10gm to scale highs of around $2025 per ounce and Rs.61145 per 10gm mark. The US JOLTS job opening data which came in below expectations indicated a cooling off labor market in the US and factory orders also declined more than expectations raising hopes the Fed will halt its aggressive rate hike cycle very soon. Besides, the dollar index slipped toward a two-month low, further acting as a tailwind for the precious metals.’
Sachdeva said ‘as of now, buying on some declines seems prudent while keeping a close eye on the support of Rs.60200 per 10gm mark as prices look to edge higher toward $2050 per ounce or Rs.61700 per 10gm in the short term. The yellow metal even has its eyes set on the previous highs of $2075 per ounce mark tested in 2020.’
According to Sachdeva Silver too was in the limelight as it witnessed strong gains of 3.52% to soar higher close to $25 per ounce. The white metal looks geared up to advance towards Rs.76200 per kg initially and then Rs.78000 per kg mark. A breakout above the crucial level of Rs.78000 per kg is expected to lead it towards Rs.85000-88000 per kg zone in the long run. Having said that, one needs to keep a close eye on the dollar index movement as well as the Fed’s stance towards the interest rate path to gauge the direction of precious metals in an uncertain economic environment.
Anuj Gupta Gold, Silver Targets (According to Technical Charts)
Gold Price Next Target MCX- 62000-63000
Gold Price Next Target Comex- $2040-$2060
Gold Price Support MCX -59500
Gold Price Support Comex- $1970
Silver Price Next Target MCX- 77000 – 80000,
Silver Price Next Target Comex- $27-$30
Silver Support MCX- 70000
Silver Support Comex- $23
Kedia Advisory, Daily morning calls as on Wednesday, 5 April 2023
BUY GOLD JUN 2023 at 60700, SL 60500, TGT 61200-61400.MCX
BUY SILVER MAY 2023 at 74000, SL 73200, TGT 74800-75500.MCX
BUY CRUDEOIL APR 2023 at 6550, SL 6450, TGT 6650-6750.MCX
BUY NAT GAS APR 2023 at 172.00, SL 168.00, TGT 177.00-180.00.MCX
SELL COPPER APR 2023 at 770.00, SL 775.00, TGT 765.00-762.00.MCX
SELL ZINC APR 2023 at 255.00, SL 258.00, TGT 252.00-250.00.MCX
SELL ALUMINIUM APR 2023 at 210.00, SL 212.00, TGT 207.00-205.00.MCX
SELL LEAD APR 2023 at 182.00, SL 183.00, TGT 181.00-180.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 5 April 2023 (Gold Price Today)
23 carat gold price – Rs 60400/10 gm (Rs 800 Increase)
22 carat gold price – Rs 57900
20 carat gold price – Rs 52600
18 carat gold price – Rs 47500
14 carat gold price – Rs 37400
Sone ki Ginni ka Bhav – Rs 47800/ per 8 grams
Silver Price – 76600 (3100 increase)
Note: The prices being given 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 in gold/silver.
