Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price: Comex Gold Price, Silver price update for 12 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 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.
On Thursday, gold and silver were settled on a weaker note in the international markets. Gold June futures contract were settled at $2,020.50 per troy ounce down by 0.82% and silver July futures contract were settled at $24.42 per troy ounce, down by 4.81%.
Manoj Kumar Jain Commodity Research Head in Prithvi Finmart says ‘gold and silver extended its fall on Thursday after strong gains in the dollar index and recession fears. The dollar index crossed its resistance level of 101.80 once again amid U.S. banking crisis and debt ceiling issues. Gold and silver traders booked profit in their long positions on the lack of fresh market triggers.’
However, the U.S. unemployment claims surged once again to 2,64,000 against expected claims of 2,45,000. The U.S. unemployment claims reached to their highest levels since October, 2021. The U.S. inflation is also well above the Fed’s target rate of 2.0% and market is expecting further interest rate hike in June policy meetings. The upcoming meeting of the Federal Reserve is scheduled for June 13-14th.
Jain expect ‘gold and silver prices to remain volatile and gold continue to face resistance around $2055 per troy ounce levels and silver could test $23.80 per troy ounce levels in the upcoming sessions. Gold has support at $2010-1996, while resistance at $2034-2055 per troy ounce. Silver has support at $24.10-23.80, while resistance is at $24.74-25.00 per troy ounce.’
According to Ajay Kedia, Director in Kedia Commodity ‘however, despite this downward trend, there are still some indicators of support for gold, primarily due to the presence of lingering economic risks. Lingering economic risks and the ongoing US debt ceiling deadlock provide some support for gold. Furthermore, the inflows into gold-backed ETFs indicate sustained investor interest and highlight the perceived value of gold as a safe-haven asset.’
According to Nirmal Bang Securites report ‘gold and silver prices are trading slightly lower today on international bourses. We expect precious metals prices on
Indian bourses to trade lower for the day. Recommend sell on rise in gold and silver in intra-day trading sessions, as gold prices corrected after
the Fed members hinted that the pause in rate hike in coming months is inevitable and that the economy is doing well for now.
Report said ‘Gold try to sell on rise around $ 2035-2040 for the target of $ 1980-1970. The yellow metals has been resisting at higher levels, sell on rise is the best strategy for the day. Silver looks weak around $ 24.80-25.00 and likely to test $ 23.40 for the day. Try to sell on rise for the day around $ 24.80-25.00 for the target of $ 23.40-23.20’
Data to Watch Today 12 May 2023 (India Time)
12th May 11:30 AM Britain GDP (Impact on Gold and Silver Price- HIGH)
12th May 11:30 AM Britain Prelim GDP (Impact on Gold and Silver Price- MEDIUM)
12th May 12:30 PM United States FOMC Member Bowman Speaks (Impact on Gold and Silver Price- LOW)
12th May 06:00 PM United States Prelim UoM Consumer Sentiment (Impact on Gold and Silver Price- HIGH)
12th May 06:00 PM United States Prelim UoM Inflation Expectations (Impact on Gold and Silver Price-MEDIUM)
13th May 05:15 AM United States FOMC Member Jefferson Speaks (Impact on Gold and Silver Price-LOW)
Gold Ratio
Gold Silver Ratio- 82.73
Gold Crude Ratio- 28.51
Gold and Silver Fix
Gold London AM Fix($/oz) – 2025.75
Gold London PM Fix($/oz) -2015.95
Silver London Fix($/oz) – 24.89
ETF Holdings as on Previous Close
SPDR Gold – 938.99 (Long), 4.04(Short)
iShares Silver- 14,601.47 (Long), 77.13 (Short)
Weekly CFTC Positions
Gold($/oz) -172032 (Long), 24216(Short), 147816 (Net)
Silver – 56195 (Long), 29064, (Short), 27131 (Net)
COMEX Futures Watch (Last Night Close)
Gold($/oz) JUN 23 – 2020.50 Dollar (Close), -16.60 Dollar (Change)
Silver($/oz) JUL 23 – 24.42 Dollar (Close), -1.23 (Change)
According to Jain ‘at MCX, gold is having support at 60600-60250 and resistance at 61100-61450 while silver is having support at 73100-72500 and resistance at 74450-75100. Sell gold on rise around 61250 with a stop loss of 61550 (on a closing basis) for the target of 60500.’
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 12 May 2023
Sell MCX GOLD JUNE AT 61000, SL 61450, TARGET 60500
Sell MCX Silver July 74500, SL 75100, TARGET 73500
BUY MCX COPPER May AT 725, SL 719, TARGET 735
Buy MCX CRUDEOIL May AT 5800, SL 5680, TARGET 6000
KEDIA ADVISORY Daily morning calls as on Tuesday, May 12, 2023
SELL GOLD JUN 2023 at 61200, SL 61500, TGT 60800-60600.MCX
SELL SILVER JUL 2023 at 74500, SL 75500, TGT 73400-72800.MCX
BUY CRUDEOIL MAY 2023 at 5750, SL 5650, TGT 5850-5950.MCX
BUY NAT GAS MAY 2023 at 176.00, SL 172.00, TGT 182.00-185.00.MCX
BUY COPPER MAY 2023 at 727.00, SL 723.00, TGT 732.00-736.00.MCX
BUY ZINC MAY 2023 at 228.00, SL 225.00, TGT 232.00-236.00.MCX
BUY ALUMINIUM MAY 2023 at 204.00, SL 202.00, TGT 207.00-209.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Price Today in Carats, fineness, Purity and gram:
24 carat gold price today (Purity 999)- Rs 61585/10 Gram
23 carat gold price today (Purity 995)- Rs 61339/10 Gram
22 carat gold price today (Purity 916) – Rs 56411/10 Gram
18 carat gold price today (Purity 750) – Rs 46188/10 Gram
14 carat gold price today (Purity 585) – Rs 36027/10 Gram
Silver Price Today (Purity 999) – Rs 74795 per kg
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.