Gold Rate today | What is Silver price | Comex Gold | Silver |Gold | MCX Gold price | Comex Group: Gold Price, Silver price update for 3 May, 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 Fin 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 Group and MCX.
Manoj Jain, Director in Prithvi Finmart and Research Head of Commodity and Currency says ”gold and silver extended its gain after the U.S. Fed increased interest rates by 25 basis points to 5.25% as per market expectations. The U.S. Fed increased interest rates tenth time in its monetary tightening cycle and it’s at their highest levels since 2001.”
The U.S. Fed said further tightening will depend on the economic data and inflation rates. As per market expectations the U.S. Fed could pause in its monetary tightening cycle by mid of this year. The dollar index plunged and slipped below 101 marks after FOMC outcomes and the U.S. 10-year bond yields also slipped below 3.50% marks.
According to Jain ”gold and silver could show further strength in the upcoming sessions and gold is expected to test $2085 per troy ounce and silver could also test $26.60 per troy ounce levels. Gold and silver prices to remain positive in today’s session and any dips in prices would be a good opportunity for buying gold and silver.”
Manoj Jain said ”gold has support at $2022-2010, while resistance at $2058-2085 per troy ounce. Silver has support at $25.35-25.10, while resistance is at $26.00-26.60 per troy ounce. At MCX, gold is having support at 60720-60440 and resistance at 61300-61650 while silver is having support at 75800-75220 and resistance at 77200-78000. Buy MCX gold above 61000 with a stop loss of 60720 for the target of 61650 and also suggest buying silver above 76800 with a stop loss of 76100 for the target of 78000.”
Ajay Kedia, Director in Kedia Commodity says ”there is a possibility of selling pressure being detected in the gold price range of $2,079.75, where profit-booking may occur. The precious metal has surpassed its previous resistance level, which was set at $2,075.22 on August 7, 2020. An intermediate level of support can be found at the low point of April 21, which is at $1,969.29.”
According to Nirmal Bang Securites report ”Gold prices climbed for a second day after Federal Reserve Chair Jerome Powell signaled that policy makers could consider a pause in the most aggressive tightening campaign since the 1980s. In its policy statement, the Fed omitted a line used in the previous statement in March that said the Federal Open Market Committee “anticipates that some additional policy firming may be appropriate.” Speaking in a press conference, Powell said that rate decisions will be “driven by incoming data.” Still, he also dashed market hopes on interest-rate cuts for now.”
Report stated ”gold prices spiked after a fed hike taking gold above $ 2030 level; buy on dips around $ 2020-2015 for the target of $ 2050-60. Silver looks positive for the day and likely to give extra boost to white metals and see sharp rise till $ 25.70-26. Try to buy on dips around 25.30-25.40 for the target of 26-26.20.”
Kedia says ”Gold is heading for new high in Comex as environment is perfectly favoring this rally dollar and bond yields are under pressure and now with less hawkish move by FED will drag gold towards 2115$ zone while on domestic side we can see prices are moving towards 62500 levels in next 2months period.”
Commodity Market expert Sugandha Sachdeva told Gold Price Today ”gold looks to continue on the upwards terrain as the Fed hiked rates on expected lines by 25bps and also softened its tone for further rate hikes. This has suppressed the dollar index and is favoring the outlook for gold. On MCX the precious metal looks headed towards Rs.61700 per 10gm mark in the near term, once it breaches the previous high of Rs. 61371 per 10gm, while support is seen at Rs.60500 per 10gm.”
Data to Watch Today 4 May (India Time)
04th May 05:45 PM Europe Main Refinancing Rate
04th May 05:45 PM Europe Monetary Policy Statement
04th May 06:00 PM United States Unemployment Claims
04th May 06:00 PM United States Trade Balance
04th May 06:15 PM Europe ECB Press Conference
Gold Ratio
Gold Silver Ratio 79.32
Gold Crude Ratio 29.69
Weekly CFTC Positions
Gold($/oz) -159461 (Long), 26287(Short), 133174 (Net)
Silver – 54333 (Long), 29166, (Short), 25167 (Net)
ETF Holdings as on Previous Close
SPDR Gold 928.30 (Long), 3.47 (Short)
iShares Silver 14,527.51 (Long), -37.14 (Short)
COMEX Futures Watch
Gold($/oz) JUN 23 -2037.00 Dollar (Close) -13.70 Dollar(Change)
Silver($/oz) JUL 23 – 25.68 Dollar (Close), 0.06 Dollar(Change)
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 4 May 2023
BUY MCX GOLD JUNE AT 60700, SL 60350, TARGET 61500
BUY MCX Silver July 77300, SL 76750, TARGET 79000
BUY MCX COPPER May AT 730, SL 724, TARGET 745
Sell MCX CRUDEOIL May AT 5750, SL 5920, TARGET 5500
Daily Commodity Calls Nirmal Bang Securities
BUY SILVER JULY (MCX) AT 77000, SL 76500, TARGET 77850/78500
BUY GOLD JUNE (MCX) AT 61200, SL 60900, TARGET 61500/61700
KEDIA ADVISORY Daily morning calls as on Tuesday, May 4, 2023
BUY GOLD JUN 2023 at 60800, SL 60600, TGT 61200-61400.MCX
BUY SILVER JUL 2023 at 76000, SL 75400, TGT 76800-77500.MCX
BUY CRUDEOIL MAY 2023 at 5580, SL 5500, TGT 5680-5780.MCX
BUY NAT GAS MAY 2023 at 175.00, SL 170.00, TGT 182.00-186.00.MCX
BUY COPPER MAY 2023 at 732.00, SL 728.00, TGT 737.00-742.00.MCX
BUY ZINC MAY 2023 at 232.00, SL 227.00, TGT 236.00-239.00.MCX
BUY ALUMINIUM MAY 2023 at 206.00, SL 204.00, TGT 208.00-210.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 4 May 2023 (Gold Price Today)
24 carat gold price – Rs 63300/10 gm
23 carat gold price – Rs 61000/10 gm
22 carat gold price – Rs 58500
20 carat gold price – Rs 53100
18 carat gold price – Rs 48100
14 carat gold price – Rs 37800
Sone ki Ginni ka Bhav – Rs 48300/ per 8 grams
Silver Price – Rs 79000 Per KG
Gold Rate Today in Dehradun (4 May 2023) (Sarafa Mandal Dehradun)
24 carat gold price (24 carat gold price) – Rs 63300 per 10 grams
23 carat gold price (958 Hallmark gold price) – 60640
22 carat gold price (916 Hallmark gold price) – 57880
20 carat gold price (833 Hallmark gold price) – 52730
18 carat gold price (750 Hallmark gold price) – 48110
14 carat gold price (583 Hallmark gold price) – 37980
Price of gold gin (Sone ki Ginni ka Bhav 8 gram 916 Hallmark) – 48900
Silver Price – Rs 79000 per kg
Silver Coin Hallmarked – Rs 910 per piece
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.
