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 12 June 2023, June. 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 showed very high price volatility on Friday and settled on a mixed note ahead of the U.S. FED policy meeting scheduled this week. The dollar index recovered from their lows ahead of the FOMC meeting and restricted gains of precious metals. Market is cautious ahead of the FOMC meeting outcomes as the Bank of Canada and Reserve Bank of Australia increased their policy rates by 25 basis points each but Reserve Bank of India maintain status quo on interest rates. Downbeat Chinese data and slower global growth prospects are supporting precious metals. The Federal Reserve meeting is set to begin on June 13th, with the outcome expected to be announced on the night of June 14th at 11:30 PM.
Manoj Kumar Jain, Director, Prithvi Finmart 12 June 2023 Comex Gold and Silver Update
‘We expect gold and silver could hold their key support levels of $1934 per troy ounce and $23.50 per troy ounce this week and prices remain highly volatile amid FOMC meeting outcomes and volatility in the dollar index. Gold has support at $1964-1950, while resistance at $1988-2000 per troy ounce. Silver has support at $24.10-23.84, while resistance is at $24.70-24.94 per troy ounce.’
Anuj Gupta, VP, IIFL Sec
‘The expectation is that Comex Gold may soon reach levels between $1980 and $1990, and if it sustains above $1990, it could potentially test $2000 levels once again. The $1920 level is currently considered a support level in the short term. Similarly, Comex Silver may test $25, and if it breaks through that level, it could potentially reach $26 soon. On MCX Gold, there is an expectation that it may test 60500 levels. As for MCX Silver, it may test $75000, and if it breaks through that level, it could potentially reach $76500 soon.’
Comex Gold and Silver Update by Nirmal Bang Securities 12 June 2023
‘Gold prices are supported at lower levels like 1940-44 and likely to test 1970-90. We are recommending to buy on dips around 1955-50 for a target of 1970-80. We recommend buying around 23.50-40 for a target of 24.60-80.’
Sugandha Sachdeva, ED, Acme Investment Advisors
‘As of now, Fed rate monitor tool indicates a 31% probability of a 25bps rate hike at the upcoming meeting. In the international markets, prices have been confined in the range of $1935/oz and $1985/oz. Whether the Fed will leave its policy rate unchanged or not, it would also be crucial to watch out for the policy outlook for the year ahead. A breach on either side of the range would decide the next course of precious metal’s move. Any convincing breach of Rs.59200/10gm would spell further weakness for gold, while a move above Rs.60400/10gm would hasten an advance in the precious metal.’
Rahul Kalantri, VP Commodities, Mehta Equities Ltd
‘Gold and silver witnessed high price volatility on Friday and settled on a mixed note. Gold had successfully closed in positive territory in the previous two weeks, but sentiment reversed last week as market participants anticipate that the Federal Reserve may not raise rates in this week’s U.S. FOMC meeting. Market is cautious ahead of the FOMC meeting outcomes as the Bank of Canada and Reserve Bank of Australia increased their policy rates by 25 basis points each. We expect gold and silver to remain volatile in today’s session. Comex gold has support at $1947-1936 while resistance is at $1964-1972. Silver has support at $24.01-23.82, while resistance is at $24.28-24.40. In INR terms gold has support at Rs 59,640-59,480, while resistance is at Rs59,980, 60,150. Silver has support at Rs73,180-72,520, while resistance is at Rs74,240–74,720.’
London Gold, Gold LBMA Spot Geojit Daily Report 12 June 2023
Gold LBMA Spot:Prices remain congested inside the tight range trade inside $1920-1990 levels and any of the sides breakout would suggest new directions.
Silver LBMA Spot: Break above $24.50 would lift prices higher. Else, choppy with corrective selling pressure is on the cards.
Motilal Oswal Financial Services (MOFSL) Commodity Report 12 June 2023
Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
‘A slew of major economic events are scheduled for the week, including monetary policy meetings from Fed, ECB and Bank of Japan. US CPI data and Retail sales are also going to be crucial.. The Federal Reserve might keep the interest rates unchanged, but a June pause is no guarantee that the Fed will stop hiking rates. Fed chair Jerome Powell might sound hawkish and reiterate the data dependent approach, raising the prospects of further hikes in future if inflation fails to ease. Markets are going to be extremely data sensitive.’
Data to Watch Today 12 June 2023 (India Time)
12th June 11:30 PM United States Federal Budget Balance -205.0B 176.2B Low
Gold Ratio
Gold Silver Ratio: 81.26
Gold Crude Ratio: 27.75
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1963.55
Gold London PM Fix($/oz): 1960.3
Silver London Fix($/oz): 24.32
ETF Holdings as on Previous Close
SPDR Gold: 934.65 (Long), -3.46 (Short)
iShares Silver: 14,550.83 (Long), -17.13 (Short)
Weekly CFTC Positions
Gold($/oz): 141286 (Long),27121(Short),114165 (Net)
Silver: 38687 (Long), 27187 (Short), 11500 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 1977.2 Dollar (Close), -1.4 Dollar (Change)
Silver($/oz) JUL 23: 24.41 Dollar (Close), 0.06 (Change)
Nirmal Bang Securities Outlook For 12 June 2023
‘Gold and silver prices are lower on international bourses ahead of the Federal Reserve meeting this week at which policymakers are expected to pause interest-rate increases to take stock of banking sector strains. We expect precious
metals prices to trade sideways to lower for the day.’
Daily Commodity Calls Nirmal Bang Securities 12 June 2023
BUY GOLD AUG (MCX) AT 59650 SL 59450 TARGET 59900/60100
BUY SILVER JULY (MCX) AT 73200 SL 72500 TARGET 74000/74500
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 12 June 2023
BUY MCX CRUDEOIL JUNE AT 5800 SL 5650 TARGET 6000
BUY MCX GOLD AUG AT 59600 SL 59250 SL 60200
BUY MCX SILVER JULY AT 73200 SL 72600 TARGET 74400
BUY MCX COPPER JUNE AT 718 SL 713 TARGET 727
BUY NIFTY AT 18550 SL 18450 TARGET 18800
BUY BANKNIFTY AT 43750 SL 43400 TARGET 44200.
BUY SENSEX AT 62400 SL 62000 TARGET 63200
Geojit Intraday Technical Outlook Gold and Silver 12 June 2023
MCX Gold: Initial trades are congested inside Rs 59000-60500 levels. Breaking any of the sides would suggest fresh directional moves.
MCX Silver: Inability to move past Rs 74000 there are chances of corrective selling pressure. Consistent trades above the same would lift prices higher.
Manoj Jain, Director, Prithvi Finmart
‘At MCX, gold is having support at 59660-59500 and resistance at 60000-60180 while silver is having support at 73300-72650 and resistance at 74400-74850. We suggest stay away from gold and silver in today’s session ahead of the FOMC policy meeting.’
Kedia Commodity Daily morning calls as on Friday, June 12, 2023
SELL GOLD AUG 2023 at 60000, SL 60200, TGT 59750-59600.MCX
SELL SILVER JUL 2023 at 74500, SL 75200, TGT 73500-73000.MCX
SELL CRUDEOIL JUN 2023 at 5850, SL 5950, TGT 5750-5650.MCX
BUY NAT GAS JUN 2023 at 185.00, SL 181.00, TGT 190.00-194.00.MCX
BUY COPPER JUN 2023 at 720.00, SL 715.00, TGT 726.00-730.00.MCX
BUY ZINC JUN 2023 at 212.00 ,SL 209.00 ,TGT 215.00-218.00.MCX
BUY ALUMINIUM JUN 2023 at 203.00, SL 201.00, TGT 206.00-208.00.MCX
BUY LEAD JUN 2023 at 182.00, SL 181.00, TGT 183.00-184.00.MCX
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 61600/10 Gram
22 carat gold price today (Purity 916) – Rs 57000/10 Gram
18 carat gold price today (Purity 750) – Rs 46800/10 Gram
14 carat gold price today (Purity 585) – Rs 36800/10 Gram
Silver Price Today (Purity 999) – Rs 75200 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.
