Gold Rate today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 7 July 2022,Thursday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart 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.
Gold prices slipped to 10 month lows on Wednesday and slipped below $1750 per troy ounce amid strength in the dollar index, recession fears and further interest rate hike prospects from the U.S. Federal Reserves. Silver is also trading near two year lows.
The U.S. Federal Reserve said in its June month meeting minutes released on Wednesday that the Fed will continue to raise interest rates until inflation comes down to its target rate of 2% per year. Raising interest rates is the only solution to balance inflation and growth.
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The dollar index crossed 107 marks on Wednesday and 10-year bond yields also recovered from their lows and crossed 2.90% levels. The European Union seems to be at highest risk due to the energy crisis and higher inflation as the euro hit fresh 20 year lows on Wednesday. Global investors are building short positions in precious and industrial metals and betting on the U.S. dollars.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect both precious metals to remain volatile in today’s session and some short coverings are expected at lower levels. Gold is having support at $1724-1710 per troy ounce and resistance at $1750-1762 per troy ounce while silver is having support at $18.88-18.65 per troy ounce and resistance at $19.45-19.70 per troy ounce.
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At MCX, gold is having support at 50330-50150 and resistance at 50720-50880 while silver is having support at 56200-55800 and resistance at 57220-57700. Jain suggest buying gold above 50500 with a stop loss of 50330 on a closing basis for the target of 50800 and silver around 56400 with a stop loss of 55800 on a closing basis for the target of 57500.
Anuj Gupta, VP, IIFL Fin Sec, Daily Commodity Calls 7 July 2022
Sell Gold Aug at 50700, SL 51200, TARGET 50000
Sell silver Sept at 57000, SL 57800, TARGET 56000
Sell MCX COPPER July AT 650, SL 658, TARGET 635
Sell crude oil July at 7850, Sl 8000, TARGET 7500
Sell usdinr july at 79.50, SL 79.80, TARGET 79.00
Kedia Commodity Daily morning calls as on Wednesday, July 7, 2022
BUY GOLD AUG 2022 @ 50300 SL 50100 TGT 50600-50800.MCX
BUY SILVER SEP 2022 @ 56400 SL 55800 TGT 57200-58000.MCX
SELL CRUDEOIL JUL 2022 @ 7950 SL 8100 TGT 7700-7600.MCX
BUY NAT GAS JUL 2022 @ 430.00 SL 410.00 TGT 460.00-480.00.MCX
BUY COPPER JUL 2022 @ 640.00 SL 635.00 TGT 648.00-654.00.MCX
BUY ZINC JUL 2022 @ 270.00 SL 265.00 TGT 278.00-282.00.MCX
BUY ALUMINIUM JUL 2022 @ 205.00 SL 202.00 TGT 210.00-212.00.MCX
BUY LEAD JUL 2022 @ 174.00 SL 172.00 TGT 176.00-178.00.MCX
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Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 6 July 2022 (Gold Price Today)
23 carat gold price – Rs 51100
22 carat gold price – Rs 50000
20 carat gold price – Rs 45200
18 carat gold price – Rs 41000
14 carat gold price – Rs 32400
Sone ki Ginni ka Bhav – Rs 41200/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 59100/per kg
Note: The prices being given to you 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.
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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 gold/silver.
