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 24 July 2023, Monday|Federal Reserve. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Ajay Kedia, Kedia Commodity and Anuj Gupta of IIFL Fin Sec, Nirmal Bang Securities, Kotak Securities, Motilal Oswal Financial Services, SMC Global 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. Federal Reserve is meeting this week.
All eyes are now squarely on the US Fed’s monetary policy outcome, wherein a rate hike of 25 bps looks almost sealed. The big week ahead for gold and silver prices. The Federal Reserve to Hold Meeting on Interest Rates on July 25 and 26, 2023, Impacting Gold Prices. The decesion on interest rates will give further direction to gold prices. Rising interest rates are increasing the opportunity cost for buying gold, thereby reducing its attractiveness. However, there are hopes that this rate hike might be the last in the Fed’s year-long tightening campaign. A dovish stance of the US central bank would bode well for the yellow metal. Conversely, if the US central bank continues with hawkish rhetoric, it would cast a shadow over the precious metal, driving it on a lower terrain.
DATA TODAY 24 July 2023
24th July 1:30 PM Europe Flash Manufacturing PMI 43.5 43.4 Medium
24th July 1:30 PM Europe Flash Services PMI 51.7 52.0 Medium
24th July 2:00 PM United Kingdom Flash Manufacturing PMI 46.1 46.5 High
24th July 2:00 PM United Kingdom Flash Services PMI 53.1 53.7 High
24th July 7:15 PM United States Flash Manufacturing PMI 46.1 46.3 High
24th July 7:15 PM United States Flash Services PMI 54.0 54.4 High
Anuj Gupta, VP, IIFL Sec
The overall trend for gold and silver remains positive. However, their performance this week will be influenced by the FOMC meeting. Gold is expected to find support at $1940-$1920 levels, while resistance is likely at $1980-$2000 levels. For silver, support is seen at $24-$23 levels, with resistance anticipated at $25.50-$27 levels.
Ravindra V.Rao, CMT, CFTe, EPATian, VP-Head Commodity Research, Kotak Securities
COMEX Gold surged to six-week high of $1989.8 per troy ounce in line with dollar weakness, decline in US treasury yields and fresh geopolitical tensions between Russia and Ukraine. But recovery in dollar above the resistance of 101 reversed the gains in yellow metal. A busy week might keep gold volatile as traders might take cues from Fed’s forward guidance, US Advanced GDP and Core PCE data. Additionally, inflation rates for Germany, France, Spain, and Australia along coupled with Flash manufacturing PMI’s around the globe would also be the focus.
Nirmal Bang Securities Fundamental Outlook: Gold and silver prices are trading flat on international bourses. We expect gold to trade sideways to lower for the day as the Federal Reserve and the European Central Bank are set to increase interest rates and to signal whether more
hikes are likely
SMC Global Securites Weekly Report
Looking at specific price levels, COMEX Gold faces a hurdle near $1990, and a break above this level could lead to further gains towards $2060. Silver, in comparison to gold, is trading positively and is slightly above the support level of $24.600.
In the week ahead, gold prices on MCX may continue to attract buying interest, finding support near 58000 levels and encountering resistance around 62000 levels. Meanwhile, silver is expected to trade within range of 72000-77000 levels, with a buying strategy near support levels.
Sugandha Sachdeva, ED, Acme Investment Advisors
Looking ahead, we can expect heightened volatility in gold in the short term, with key support at Rs. 58,700 per 10gm and resistance at Rs. 60,500 per 10gm.The overall outlook remains positive as long as gold holds above $1893 and Rs.58,000 per 10gm levels on a closing basis.
Anuj Gupta, VP, IIFL Sec
For this week gold has Support at 58800-58200 while resistance at 59800-60200 levels. Silver Support at 73500-72000 levels while resistance at 76000-78000 levels. It is expecting that Gold may test 60000 levels and silver may test 78000 levels very soon. We are recommending to buy on support levels as technical Trend is positive and fundamentally FOMC may keep interest rates stable which may Support to the bullions and put pressure on dollar index.
Nirmal Bang Securities MCX Gold Outlook: Gold encountered robust resistance near the 60,000 mark, subsequently retracing to approximately 59,300 levels. It appears that the correction has reached its conclusion around 59,200, and a potential rebound towards the range of 59,500 to 59,700 is anticipated. Investors are advised to consider buying with a target range of 59,700 to 59,800. Silver prices encountered significant resistance near the 76,000 level, leading to a decline to around 75,000 levels. Our analysis indicates a positive outlook for the white metal today, with a potential test of the range between 75,800 and 76,000. Consequently, we recommend considering a long position between 75,000 and 74,800, targeting a potential upward movement towards 75,800
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 61100/10 Gram
22 carat gold price today (Purity 916) – Rs 56500/10 Gram
18 carat gold price today (Purity 750) – Rs 46400/10 Gram
14 carat gold price today (Purity 585) – Rs 36500/10 Gram
Silver Price Today (Purity 999) – Rs 76800 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.
