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 19 May 2023, Friday. 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, Nirmal Bang Securites, Kotak 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.
According to Nirmal Bang Securities Report on Gold and Silver, ‘Comex Gold extended its decline into a third day to the lowest level in more than six weeks as optimism for a US debt-ceiling deal and stronger-than-expected labor market data undercut the haven. US initial jobless claims fell more than forecast last week, underlining the robustness of the labor market despite higher interest rates.’
The dollar and Treasury yields extended gains, weighing further on bullion, which dropped as much as 1.3%. President Joe Biden expressed confidence that negotiators would reach an agreement to avoid a default, while House Speaker Kevin McCarthy said he remained hopeful of an accord. Exchange-traded funds backed by the metal have seen inflows of more than 65 tons since early-March, though there are signs investors are beginning to pare their holdings. Renewed selling pressure driven by a reduction in demand for havens could begin to weigh on gold prices. Traders are also monitoring speeches by Federal Reserve officials for any indications that the rate-hiking cycle may have further to go. In a speech at a conference Thursday, Dallas Fed President Lorie Logan said economic data did not yet support skipping a rate hike at the central bank’s June meeting.
Nirmal Bang Securities Report on Gold and Silver 19 May 2023
Gold prices have seen a sharp fall in the evening session and it closed lower around $1950. It seems like the sell is likely to continue for the session. We are recommending going long in dips around $1930-20. Silver is comparatively stronger than gold; it seems the metal is supportive around $23.10-23.00; try to buy on dips for the target of $23.80-24.00
Gold LBMA Spot Geojit Daily Report 19 May 2023
Gold LBMA Spot: Consistent trades below $1980 may extend weakness in the counter. Else, recovery upticks are on the cards.
Silver LBMA Spot: While prices stay below $23.50 would extend weakness. Otherwise, recovery rallies are possible for the day.
Ajay Kedia, Director Kedia Commodity Views 19 May 2023 3
Gold is expected range for the day is $1942 to $1975
Data to Watch Today 19 May 2023 (India Time)
19th May 06:15 PM United States FOMC Member Williams Speaks
19th May 06:30 PM United States FOMC Member Bowman Speaks
19th May 08:30 PM United States Fed Chair Powell Speaks (Impact on Gold Silver Prices- HIGH)
20th May 12:30 AM Europe ECB President Lagarde Speaks
Gold Ratio
Gold Silver Ratio: 83.71
Gold Crude Ratio: 27.53
Gold and Silver Fix
Gold London AM Fix($/oz): 1976.95
Gold London PM Fix($/oz): 1960.30
Silver London Fix($/oz): 23.52
ETF Holdings as on Previous Close
SPDR Gold: 936.96 (Long), 2.03 (Short)
iShares Silver: 14,572.91(Long), -28.57 (Short)
Weekly CFTC Positions
Gold($/oz): 172938 (Long), 26312 (Short), 146626 (Net)
Silver: 57862 (Long), 30693, (Short), 27169 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) JUN 23: 1978.30 Dollar (Close), -25.40 Dollar (Change)
Silver($/oz) JUL 23: 23.63 Dollar (Close), -0.26 Dollar (Change)
Nirmal Bang Securites Outlook For 19 May 2023
Gold and silver prices are trading positive today on international bourses. We expect precious metals prices on Indian bourses to
trade slightly higher to lower for the day. We recommend sell on rise in gold and silver in intra-day trading sessions, as gold prices headed for the biggest
weekly slump since February as progress toward a resolution of the US debt-ceiling dispute eroded demand for the haven
Daily Commodity Calls Nirmal Bang Securities 19 May 2023
SELL GOLD JUNE (MCX) AT 60000 SL 60200 TARGET 59700/59500
SELL SILVER JULY (MCX) AT 72500 SL 73200 TARGET 71500
Ajay Kedia, Director Kedia Commodity Views 19 May 2023
Gold prices begins the attempts to break 59600 level now, reinforcing the expectations of continuing the domination of the bearish trend for the rest of the day, paving the way to head towards our next target at 49400 and 59200. The EMA50 continues to support the suggested bearish wave, noting that consolidating above 60000 will lead the price to build intraday bullish wave that its targets begin by testing 60200 and 60400 level.
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 19 May 2023
Sell MCX GOLD JUNE AT 60000 SL 60450 TARGET 60300
Sell MCX Silver July 73000 SL 73800 TARGET 71500
BUY MCX COPPER May AT 715 SL 709 TARGET 725
Buy MCX CRUDEOIL May AT 5900 SL 5780 TARGET 6100
Geojit Intraday Technical Outlook Gold and Silver 19 May
MCX Gold: Break below the stiff support of Rs 59500 would extend weakness. Else, a turnaround is possible for the day.
MCX Silver: Break below Rs 72000 is needed to extend sellingpressure. Else, intraday recovery upticks expected.
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 62000/10 Gram
23 carat gold price today (Purity 995)- Rs 59800/10 Gram
22 carat gold price today (Purity 916) – Rs 57300/10 Gram
18 carat gold price today (Purity 750) – Rs 47100/10 Gram
14 carat gold price today (Purity 585) – Rs 37000/10 Gram
Silver Price Today (Purity 999) – Rs 74400 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.
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