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HomeEnglishComex Gold and Silver Price outlook 8 May 2023

Comex Gold and Silver Price outlook 8 May 2023

Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price: Gold Price, Silver price update for 8 May 2023, Monday. 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 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 Group and MCX.

Anuj Gupta, VP of Commodity and Currency in IIFL Fin Sec says ”last week comex gold also hit a new all-time high of $2081.80 per ounce and closed higher by 1.32% at $2015 levels. We observed a safe-haven demand and buying activity by central banks that supported the prices of gold. In addition, the weakness in the dollar and the dovish stance shown by the FOMC in the last meeting also worked as supportive factors for the bullions.”

Nirmal Bang Securities Report says ‘Comex gold extended a drop after US jobs data came in stronger than forecast, diminishing bets on rate cuts by the Federal Reserve later this year. Nonfarm payrolls rose by 253,000 in April, surpassing the average economist estimate, while wage gains accelerated more than expected. Treasury yields jumped following the print, causing gold to drop as much as 2.1%.

Report said ”the resilience of the labor market will damp expectations the Fed will cut interest rates multiple times in 2023. That prospect — heightened by concerns of a US recession amid turmoil in the banking sector — has seen gold rally more than 10% since early March. Looser monetary policy tends to benefit nonyielding assets like bullion. The jobs data follows a report by the World Gold Council showing bullion demand from central banks slowed sharply in the first quarter, while remaining at historically high levels. A buying binge by the institutions was crucial to underpinning the precious metal last year as prices came under pressure from the most aggressive Fed hiking cycle in decade”

According to Nirmal Bang Securities Report ‘Gold and silver prices are trading positive today on international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day. Gold try to sell on rise around $ 2035-40 for the target of $ 1980-70. The yellow metals has been resisting at higher levels sell on rise is the best strategy for the day. Silver looks weak around $ 26.00 and likely to test $25.20-25.00 for the day. Try to sell on rise for the day around $ 25.70-25.80 for the target of $ 25.20-25.00.’

Gold Ratio
Gold Silver Ratio- 78.09
Gold Crude Ratio- 28.38

Weekly CFTC Positions
Gold($/oz) -172032 (Long), 24216(Short), 147816 (Net)
Silver – 56195 (Long), 29064, (Short), 27131 (Net)

ETF Holdings as on Previous Close
SPDR Gold 930.03 (Long), 1.73 (Short)
iShares Silver 14,521.49 (Long), -11.43 (Short)

Gold and Silver Fix
Gold London AM Fix($/oz) – 2038.90
Gold London PM Fix($/oz) – 2000.95
Silver London Fix($/oz)- 25.84

COMEX Futures Watch
Gold($/oz) JUN 23 2024.80Dollar (Close), 18.70 Dollar (Change)
Silver($/oz) JUL 23 – 25.93 Dollar (Close), 0.55 Dollar (Change)

Daily Commodity Calls Nirmal Bang Securities
BUY SILVER JULY (MCX) AT 77000 SL 76400 TARGET 77800/78300
BUY GOLD JUNE (MCX) AT 60650 SL 60400 TARGET 60950/61100

Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 8 May 2023
BUY MCX GOLD June at 60350, SL 60000, TARGET 60900
BUY MCX Silver July 76000, SL 75350, TARGET 77800
BUY MCX COPPER May AT 737, SL 732, TARGET 747

KEDIA ADVISORY Daily morning calls as on Tuesday, May 8, 2023
BUY GOLD JUN 2023 at 61000, SL 60300, TGT 60600-60300.MCX
SELL SILVER JUL 2023 at 77500, SL 78500, TGT 76200-75500.MCX
SELL CRUDEOIL MAY 2023 at 5900, SL 6000, TGT 5800-5700.MCX
BUY NAT GAS MAY 2023 at 174.00, SL 168.00, TGT 180.00-184.00.MCX
BUY COPPER MAY 2023 at 740.00, SL 735.00, TGT 746.00-750.00.MCX
BUY ZINC MAY 2023 at 235.00, SL 232.00, TGT 238.00-240.00.MCX
BUY ALUMINIUM MAY 2023 at 206.00, SL 204.00, TGT 209.00-212.00.MCX
BUY LEAD MAY 2023 at183.00, SL 182.00, TGT 184.00-185.00.MCX

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 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.

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 in gold/silver.

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