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 5 June 2023, Monday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Sugandha Sachdeva Acme Investment Advisors, Ajay Kedia, Kedia Commodity and Anuj Gupta of IIFL Fin Sec, Nirmal Bang Securities, Kotak Securities, Motilal Oswal Financial Services 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.
Comex gold and silver were unable to hold earlier session gain and plunged again after upbeat U.S. non-farm payroll data. The U.S. non-farm employment data released on Friday and it jumped to 3,39,000 in May month against market expectations of 1,93,000. However, the unemployment rate remains higher at 3.7% against expectations of 3.5% and it is at its highest levels since December 2022. The average hourly earnings growth was also as per market expectations and supported the U.S. dollar.
The dollar index recovered from their lows and pushed gold and silver prices lower. The global equity markets also gained after U.S. data and eased safe-haven buying of precious metals. However, possibility of pause in the U.S. FED rate hikes in June policy meeting could support gold and silver prices at lower levels.
Manoj Kumar Jain, Director, Prithvi Finmart 5 June 2023 Comex Gold and Silver Update
‘Gold and silver prices to remain volatile this week ahead of the FOMC meeting and Comex gold could hold its support levels of $1935 and $22.84 per troy ounce levels respectively. Gold has support at $1954-1935, while resistance at $1984-2000 per troy ounce. Silver has support at $23.40-23.00, while resistance is at $24.00-24.35 per troy ounce.
Anuj Gupta, VP, IIFL Sec Weekly gold and silver calls
According to Gupta, the support level for gold on COMEX is between $1930-1910, while the price may reach up to $1980-2000. For silver on COMEX, the price range can go down to $23-22.30 and up to $24-24.80
Comex Gold and Silver Update by Nirmal Bang Securities 5 June 2023
‘Comex gold prices are supported at lower levels like 1950-60 and likely to bounce back to 2000 we are recommending to go long for a pullback till 2000-2010. Silver are supportive at lower levels of 23.60-50 and can bounce till 24.20-45. We are recommending to go long between 23.70-80 for the target of 24.20-30’.
Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
‘There are no major events scheduled for the coming week, other than US Services PMI. However, markets might remain volatile ahead of the US CPI data and FOMC meeting due on June 13th and 14th respectively. Expectations of an ease in US headline inflation numbers coupled with prospects of a Fed pause in June meeting might provide a floor for gold prices.’
London Gold, Gold LBMA Spot Geojit Daily Report 5 June 2023
Gold LBMA Spot: Choppy trading expected initially. However, there are chances of recovery upticks to continue while prices stay above $1920.
Silver LBMA Spot: Consistent trades above $24.20 would lift prices higher. Else, choppy with mild negative bias trading is likely for the day.
Data to Watch Today 5 June 2023 (India Time)
5th June 07:15 PM United States Final Services PMI (Impact on gold and silver prices- LOW)
5th June 07:30 PM United States ISM Services PMI (Impact on gold and silver prices- High)
5th June 07:30 PM United States Factory Orders m/m ( (Impact on gold and silver prices- High)
Gold Ratio
Gold Silver Ratio: 82.94
Gold Crude Ratio: 27.45
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1981.00
Gold London PM Fix($/oz): 1963.25
Silver London Fix($/oz): 23.89
ETF Holdings as on Previous Close
SPDR Gold: 938.11 (Long), -1.45 (Short)
iShares Silver: 14,525.79 (Long), -28.5 (Short)
Weekly CFTC Positions
Gold($/oz): 148165 (Long), 142504 (Short), 34651 (Net)
Silver: 43901 (Long), 40262 (Short), 29984 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 1969.60 Dollar (Close), 13.40 Dollar (Change)
Silver($/oz) JUL 23: 23.75 Dollar (Close), 0.40 (Change)
Nirmal Bang Securities Outlook For 5 June 2023
‘Gold and silver prices are trading lower on international bourses. Prices are likely to be under pressure as a move toward risk-on assets after the US resolved its debt-default saga has quelled appetite for the precious metal. We expect prices to trade lower for the day.’
Comex Gold and Silver: Ajay Kedia, Director Kedia Commodity Views 5 June 2023
Comex Gold Support: 1961-1959 Dollar
Comex Gold Resistance: 1964-1968 Dollar
Comex Silver Support: 23.61-23.53 Dollar
Comex Silver Resistance: 23.88-24.77 Dollar
Daily Commodity Calls Nirmal Bang Securities 5 June 2023
SELL GOLD AUG (MCX) AT 59850 SL 60100 TARGET 59400/59200
SELL SILVER JULY (MCX) AT 72300 SL 73000 TARGET 71200/70700
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 5 June 2023
BUY MCX CRUDEOIL JUNE AT 5900 SL 5750 TARGET 6100
BUY MCX GOLD AUG AT 59400 SL 59050 SL 60000
BUY MCX SILVER JULY AT 71200 SL 70500 TARGET 72500
BUY MCX COPPER JUNE AT 710 SL 704 TARGET 720
BUY NIFTY AT 18550 SL 18400 TARGET 18800
BUY BANKNIFTY AT 43500 SL SL 43200 TARGET 44200
BUY SENSEX AT 62300 SL 61900 TARGET 63000
Geojit Intraday Technical Outlook Gold and Silver 5 June 2023
MCX Gold: If the support of Rs 59000 remains hold, expect recovery rallies. Consistent trades below the same is a sign of downside reversal.
MCX Silver: Consistent trades above Rs 72000 may extend the positive momentum. If not, corrective selling pressure expected the day.
Manoj Jain, Director, Prithvi Finmart
At MCX, gold is having support at 59330-59100 and resistance at 59880-60060 while silver is having support at 71550-70800 and resistance at 72650-73300. We suggest waiting for stabilising prices of gold and silver in Monday’s session for taking fresh positions.
Kedia Commodity Daily morning calls as on Friday, June 5, 2023
BUY GOLD AUG 2023 at 59400, SL 59150, TGT 59700-60000.MCX
BUY SILVER JUL 2023 at 71500, SL 70800, TGT 72300-72800.MCX
BUY CRUDEOIL JUN 2023 at 5880, SL 5780, TGT 5980-6050.MCX
BUY NAT GAS JUN 2023 at 177.00, SL 173.00,TGT 183.00-188.00.MCX
BUY COPPER JUN 2023 at 712.00, SL 707.00, TGT 718.00-722.00.MCX
BUY ZINC JUN 2023 at 206.00, SL 203.00 TGT, 209.00-212.00.MCX
BUY ALUMINIUM JUN 2023 at 205.00, SL 203.00, TGT 208.00-210.00.MCX
BUY LEAD JUN 2023 at 181.00, SL 180.00, TGT 182.00-183.00.MCX
Gold Price Today in Carats, fineness and purity 5 June 2023:
24 carat gold price today (Purity 999)- Rs 61250/10 Gram
22 carat gold price today (Purity 916) – Rs 56800/10 Gram
18 carat gold price today (Purity 750) – Rs 46300/10 Gram
14 carat gold price today (Purity 585) – Rs 36700/10 Gram
Silver Price Today (Purity 999) – Rs 74400 per kg (Rs 800 Increase)
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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.
