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 18 May 2023, Thursday. 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.
According to Nirmal Bang Securities Report on Gold and Silver 18 May 2023, Comex gold held near a two-week low as traders tracked talks to resolve the US debt-ceiling impasse and dissected comments from a slew of Federal Reserve officials on the outlook for interest rates. Bullion steadied near $1,990 an ounce after falling 1.4% on Tuesday to the lowest close since May 1, following robust US retail sales figures and speculation the debt fight may be resolved.
Today, it is important to monitor the release of the United States Unemployment Claims data, scheduled for 6PM, India Time. This data has a significant impact on the prices of Comex gold and silver.
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President Joe Biden and congressional leaders said they were optimistic a deal was possible, even as House Speaker Kevin McCarthy warned that the two sides
remained far apart. With many investors betting the Fed will hold fire at its June 13-14 meeting, four policy makers on Tuesday stressed the need to watch for the impact of tightening so far, signaling a potential pause. Still, a fifth, Cleveland Fed President Loretta Mester, suggested further hikes may still be in order.
Gold has rallied about 9% this year, making it the best-performing major commodity, with prices surging to within $15 of their all-time high earlier in May. The gain has been underpinned by speculation that the Fed’s tightening campaign is now done, paving the way for a weaker dollar and lower Treasury yields, which aid bullion. In addition, the debt-ceiling fight has fanned haven demand.
Nirmal Bang Securities Report on Gold and Silver 18 May 2023
‘Gold prices are trading negative for the last two days and seem the trend is likely to halt around $ 1980 for the day and seem the yellow metals can rebound from
$1980-1975 for the day; buy on dips recommended for the target of $2000 in a day Silver looks supportive for the day and likely to give extra boost to white metal and see sharp rise till $ 24.70-25. Try buying on dips around $23.70-23.80 for the target of $24.80-25.’
Gold LBMA Spot Geojit Daily Report 18 May 2023
Gold LBMA Spot: As long as the support of $1970 remains hold downside, expect recovery upticks. Else, it may continue corrective selling pressure
Silver LBMA Spot: Choppy trading expected initially. However, a direct break of $23.50 would extend weakness.
Ajay Kedia, Director Kedia Commodity Views 18 May 2023 3
Comex gold expected trading range for the day is $1968 to $2004.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
”Comments from officials also supported the greenback, after European Central Bank Vice President Luis de Guindos said the ECB has completed most of its tightening but there is still “a way to go.” A batch of Fed official’s speeches and US weekly jobless claims data will be in focus for the day. Amid improved risk sentiments in the market coupled with positive developments on the debt ceiling front, we might see some pressure on gold prices.”
Data to Watch Today 18 May 2023 (India Time)
18th May 06:00 PM United States Unemployment Claims (Impact on Gold Silver Prices- HIGH)
18th May 06:00 PM United States Philly Fed Manufacturing (Impact on Gold Silver Prices- MEDIUM)
18th May 06:35 PM United States FOMC Member Jefferson Speaks (Impact on Gold Silver Prices- LOW)
18th May 07:00 PM United States FOMC Member Barr Speaks (Impact on Gold Silver Prices- LOW)
18th May 07:30 PM United States Existing Home Sales(Impact on Gold Silver Prices- MEDIUM)
18th May 07:30 PM United States CB Leading Index m/m (Impact on Gold Silver Prices- LOW)
18th May 07:30 PM United States FOMC Member Logan Speaks (Impact on Gold Silver Prices- LOW)
Gold Ratio
Gold Silver Ratio: 83.85
Gold Crude Ratio: 27.51
Gold and Silver Fix
Gold London AM Fix($/oz): 1985.75
Gold London PM Fix($/oz): 1974.40
Silver London Fix($/oz): 23.69
ETF Holdings as on Previous Close
SPDR Gold: 934.93 (Long), 0.86 (Short)
iShares Silver: 14,601.48 (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: 2003.70 Dollar (Close), -8.50 Dollar (Change)
Silver($/oz) JUL 23: 23.90 Dollar (Close), -0.40 Dollar (Change)
Nirmal Bang Securites Outlook For 18 May 2023
‘Gold and silver prices are trading slightly lower today on international bourses. We expect precious metals prices on Indian bourses to trade range bound to slightly lower for the day. We recommend sell on rise in gold and silver in intra-day trading sessions, as gold prices held steady near the lowest level in almost three weeks as optimism the US would be able to resolve its debt-ceiling standoff encouraged risk-taking and reduced its haven appeal.’
Daily Commodity Calls Nirmal Bang Securities 18 May 2023
SELL GOLD JUNE (MCX) AT 60400 SL 60650 TARGET 60100/59800
BUY SILVER JULY (MCX) AT 72300 SL 71700 TARGET 73000/73500
Ajay Kedia, Director Kedia Commodity Views 18 May 2023
‘In order to maintain the bearish trend scenario, gold prices are currently showing new negative trades that are pushing the price closer to the 60000 level. We remind you that if this level is broken, the price will go to 59400 as the next correcting objective. As a result, we will keep recommending a bearish trend for the foreseeable future, which will be supported by the EMA50’s negative pressure. However, we should note that the bearish wave’s persistence depends on price stability below 60600. MCX Gold expected trading range for the day is 59700 to 60400’
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 18 May 2023
BUY MCX GOLD JUNE AT 59900, SL 59600, TARGET 60400
BUY MCX Silver July 72000, SL 71500, TARGET 73100
BUY MCX COPPER May AT 717, SL 712, TARGET 730
BUY MCX CRUDEOIL May AT 5950, SL 5800, TARGET 6200
KEDIA ADVISORY Daily morning calls as on Tuesday, May 18, 2023
SELL GOLD JUN 2023 at 60400, SL 60600, TGT 60100-59900.MCX
SELL SILVER JUL 2023 at 73000, SL 73800, TGT 72200-71500.MCX
BUY CRUDEOIL MAY 2023 at 5940, SL 5840, TGT 6060-6140.MCX
BUY NAT GAS MAY 2023 at 192.00, SL 186.00, TGT 198.00-202.00.MCX
BUY COPPER MAY 2023 at 720.00, SL 715.00, TGT 725.00-730.00.MCX
BUY ZINC MAY 2023 at 225.00, SL 222.00, TGT 228.00-230.00.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
Geojit Intraday Technical Outlook Gold and Silver
MCX Gold: Mild negative bias expected initially, but there is a stiff support is placed at Rs 60000. Major resistance is seen at Rs 61500.
MCX Silver: Stiff support is at Rs 72000 which needs to be cleared for extending the bearish moves. Else, intraday recovery upticks expected.
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 62200/10 Gram
23 carat gold price today (Purity 995)- Rs 60000/10 Gram
22 carat gold price today (Purity 916) – Rs 57500/10 Gram
18 carat gold price today (Purity 750) – Rs 47200/10 Gram
14 carat gold price today (Purity 585) – Rs 37100/10 Gram
Silver Price Today (Purity 999) – Rs 74400 per kg
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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.
