Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price | London Spot: Gold Price, Silver price update for 156 May 2023, Tuesday. 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, Nirmal Bang Securites, Kotak Securities, and Geojit on Comex 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.
On Monday, Comex gold and silver were settled on a positive note in the international markets. Gold June futures contract were settled at $2,022.70 per troy ounce up by 0.34% and silver July futures contract were settled at $24.29 per troy ounce, up by 0.67%.Gold and silver recovered from previous week’s low on Monday after negotiations started on U.S. debt ceiling and profit taking in the dollar index. Reports said congressional leaders and President Biden will likely meet Today. The U.S. government could run out of money as soon as June 1, 2023.
The U.S. Treasury Secretary Yellen said over the weekend that progress is being made between Democrats and Republicans, in order to avoid a financially catastrophic U.S. government default on its debt obligations. After this report gold and silver prices recovered from their lows but hawkish comments from the U.S. Fed officials for raising interest rates to control inflation could limit gains.
Manoj Jain, Director, Prithvi Finmart on Comex Gold, Silver Prices 16 May 2023
The U.S. retail sales and industrial productions data could give more clarity on the Fed’s stance on further interest rate hikes. We expect gold and silver prices to remain volatile this week and continue to face resistance at higher levels. Gold has support at $2004-1984, while resistance at $2034-2055 per troy ounce. Silver has support at $24.00-23.80, while resistance is at $24.50-24.84 per troy ounce.’
Nirmal Bang Securities Report on Comex Gold and Silver 16 May 2023
Gold prices are taking strong resistance around $ 2030-40 levels and it seems that the prices are likely to trade negative for the day. So we expect the yellow metal to sell on rise for the day and the gold is likely to test $ 2000-1980 per ounce. Silver resist around $ 24.50-24.60 . We recommend seeing some short covering till $ 24.50-
24.70; but silver is likely to trade negative for the day and we may see some pullback in the prices till $ 24.60-24.70, where we can initiate sell positions for the target of $ 23.50-23.10.
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Geojit Weekly London Spot Gold, Silver Outlook Report
London Spot: Prices expected to trade firmer as long as trades sustain above USD 2000 region in the near term. Weakness is expected if prices slip below the support of USD 1970.
MCX: Extended gains above Rs.61500 region would strengthen the pricesfurther. Weakness may be seen below 59600 region. Additionally, from a currency perspective, if the Indian rupee INR continues to weaken, it will contribute to an increase in the domestic price of gold
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
According to a recent Bloomberg survey, more than half of the finance professionals said gold is what they would buy if the US defaults on its debt. However, if debt ceiling is raised, this might prompt hawkish comments from Fed officials and Fed chair Jerome Powell during comments this week, further aiding the greenback and yields. US Retail sales data will also be in focus for the day.
Asia Gold according to Ajay Kedia, Kedia Commodity Report 16 May 2023
Physical gold demand in India saw a modest uptick as prices eased from recent record highs, while demand remained sluggish in other Asian markets. In an effort to attract buyers, some dealers in China were offering discounts on gold, with prices ranging from a $2 discount to a $2 premium compared to global prices. Meanwhile, Indian dealers were offering discounts of up to $11 an ounce, down from last week’s discount of $23, prompting some interest from buyers. However, jewellers in India remained on the sidelines, anticipating further price corrections.
Rahul Kalantri, VP Commodities, Mehta Equities Ltd
Gold and silver to remain highly volatile in today’s session. Comex gold has support at $2004-1992 while resistance is at $2028-2040. Silver has support at $23.78-23.55, while resistance is at $24.32-24.50.
Data to Watch Today 16 May 2023 (India Time)
16th May 02:30 PM Europe Flash GDP (Impact on Gold and Silver Price- LOW)
16th May 06:00 PM United States Core Retail Sales (Impact on Gold and Silver Price- HIGH)
16th May 06:00 PM United States Retail Sales (Impact on Gold and Silver Price- HIGH)
16th May 06:45 PM United States Capacity Utilization Rate (Impact on Gold and Silver Price- LOW)
16th May 06:45 PM United States Industrial Production m/m (Impact on Gold and Silver Price-LOW)
16th May 07:30 PM United States ECB President Lagarde Speaks(Impact on Gold and Silver Price- MEDIUM)
16th May 07:30 PM United States FOMC Member Barr Speaks (Impact on Gold and Silver Price- Low)
16th May 09:45 PM United States FOMC Member Williams Speaks (Impact on Gold and Silver Price- LOW)
Gold Ratio
Gold Silver Ratio: 83.27
Gold Crude Ratio: 28.44
Gold and Silver Fix
Gold London AM Fix($/oz): 2015.30
Gold London PM Fix($/oz): 2015.30
Silver London Fix($/oz): 23.89
ETF Holdings as on Previous Close
SPDR Gold: 937.54 (Long), -0.30 (Short)
iShares Silver: 14,621.47 (Long), 00 (Short)
Weekly CFTC Positions
Gold($/oz): 172938 (Long), 26312 (Short), 146626 (Net)
Silver: 57862 (Long), 30693, (Short), 27169 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) JUN 23: 2022.70 Dollar (Close), 2.90 Dollar (Change)
Silver($/oz) JUL 23: 24.29 Dollar (Close), 0.14 Dollar (Change)
Daily Commodity Calls Nirmal Bang Securities 16 May 2023
BUY SILVER JULY (MCX) AT 73000 SL 72400 TARGET 73700/74300
Jain said at MCX, gold is having support at 60850-60600 and resistance at 61300-61550 while silver is having support at 72800-72250 and resistance at 73950-74500. Sell gold on rise around 61200 with a stop loss of 61480 for the target of 60800.”
Ajay Kedia, Director Kedia Commodity Views 16 May 2023
-Gold gains as the New York manufacturing sector reported a steep drop in May
-Gold ETF investment demand improved in April, but the market remains negative year-to-date
-Physical gold demand in India improved slightly as domestic prices eased from recent record highs
-Gold trading range for the day is 60680-61310
-Silver trading range for the day is 72524-74110
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 16 May 2023
BUY MCX GOLD JUNE AT 60800, SL 60550, TARGET 61400
BUY MCX Silver July 72500, SL 72000, TARGET 73900
BUY MCX COPPER May AT 725, SL 719, TARGET 737
BUY MCX CRUDEOIL May AT 5800, SL 5680, TARGET 6050
KEDIA ADVISORY Daily morning calls as on Tuesday, May 16, 2023
SELL GOLD JUN 2023 at 61300, SL 61600, TGT 60950-60750.MCX
SELL SILVER JUL 2023 at 73800, SL 74500, TGT 73000-72300.MCX
BUY CRUDEOIL MAY 2023 at 5800, SL 5700, TGT 5900-6000.MCX
SELL NAT GAS MAY 2023 at 197.00, SL 202.00, TGT 192.00-187.00.MCX
BUY COPPER MAY 2023 at 725.00, SL 721.00, TGT 730.00-734.00.MCX
BUY ZINC MAY 2023 at 227.00, SL 224.00, TGT 230.00-233.00.MCX
BUY ALUMINIUM MAY 2023 at 206.00, SL 203.00, TGT 209.00-211.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 63050/10 Gram
23 carat gold price today (Purity 995)- Rs 60900/10 Gram
22 carat gold price today (Purity 916) – Rs 58300/10 Gram
18 carat gold price today (Purity 750) – Rs 47900/10 Gram
14 carat gold price today (Purity 585) – Rs 37600/10 Gram
Silver Price Today (Purity 999) – Rs 75900 per kg
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 jewellers add GST, making charges and hallmarking charges to the gold price. Many jewellers 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: The information presented in this article is i intended for informational purposes only and reflects the views of the expert. Prior to making any investment decisions, it is recommended that you seek the advice of a financial advisor. The individuals affiliated with Gold Price Today do not engage in the personal buying, selling, or trading of gold/silver. We cannot be held liable for any gains or losses incurred.
