Gold Rate today | Silver price | Gold | Silver | MCX Gold price | Comex Gold : Gold Price, Silver price update for 8 April Saturday. 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 and MCX.
According to Commodity Market expert Sugandha Sachdeva ‘gold prices zoomed to another record high of Rs.61180 per 10gm at the domestic markets, and in the international markets too, prices extended their rally to breach the key resistance of the $2000 per ounce mark, gaining around 2 percent for the week.’
Sachdeva said ‘It has primarily been the weakness in the dollar index towards a two-month low and hopes that the US central bank is nearing the peak of its tightening cycle, which is buoying prices. The yellow metal is in a persistent uptrend, and even as some retracement was witnessed in prices after the sharp run-up, closing above $2000 per ounce is indicating that prices are gearing up for another leg of an up move.’
Anuj Gupta, VP in IIFL Fin Sec says ‘next week target for Comex gold is $2040 and than $2050. He said target for silver is $26 and then $27’
Sachdeva said ‘On the other hand, the sharp spurt in crude oil prices for the week as OPEC+ producers shocked the markets by announcing fresh production cuts of 1.16mbpd has again sparked worries about sticky inflation globally which is somewhat a negative trigger for prices. It suggests that interest rates will remain high for a prolonged period to tame high and ingrained price pressures.
As for the key data of the week, the US non-farm payrolls for March came in at 236,000 against a consensus of 326,000 job additions. However, the unemployment rate nudged lower to 3.5% as compared to 3.6% last month.
She said ‘besides, wage inflation measured by the average hourly earnings softened on a yearly basis to 4.2% as compared to estimates for a 4.3% rise. Considering it was a holiday truncated week, how gold prices react in a delayed manner to the mixed jobs data from the US remains to be seen even as they are expected to remain subdued at the opening of the next week with major global markets being closed due to the Easter holiday. Besides, markets would look forward to the US CPI, Minutes of the last Fed meeting as well as Retail Sales data from the US that shall have a bearing on the precious metal prices.’
Sugandha says ‘decoding the price set up, the level of $1980 and then $1945 per ounce align as a key support area, while at the domestic markets, Rs.59700 per 10gm and Rs.58500 per 10gm are the cushion levels. On the higher side, prices are likely to navigate towards $2050 per ounce initially and a move towards its all-time high of $2075 per ounce mark looks also likely on the cards in the near term, which correspond to levels of around Rs.61700 per 10gm and then Rs.62500per 10gm at the domestic markets.’
Anuj Gupta, VP IIFL Fin Sec Target for Gold and Silver Price (According to Charts)
Comex Gold Support $2000- $1970
Comex Gold Resistance $2050- $2075
MCX Gold Support – Rs 60000-59500
MCX Gold Resistance Rs 61000-61500
Comex Silver Support- $23-$22
Comex Silver Resistance- $26-$27
MCX Silver support Rs 73000-71000
MCX Silver Resistance Rs 75500-77000
Reasons Behind Gold Silver Price Movements
-Weakness in dollar
-Dovish stance by fed bank
-Poor data from us economy
-Central bank buy
-Demand on akshya tritya in india.
-Jewellery demand on Ramzan and eid.
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 8 April 2023 (Gold Price Today)
23 carat gold price – Rs 59200
22 carat gold price – Rs 56800
20 carat gold price – Rs 51500
18 carat gold price – Rs 46600
14 carat gold price – Rs 36500
Sone ki Ginni ka Bhav – Rs 46900/ per 8 grams
Silver Price – 76100
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.
