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 26 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.
On Thursday, Comex gold and silver were settled on a weaker note in the international markets. Gold June futures contract were settled at $1,943.70 per troy ounce down by 1.06% and silver July futures contract were settled at $22.91 per troy ounce, down by 1.42%. Domestic markets were also settled on a weaker note. Comex gold and silver extended its fall after better than expected U.S. economic data and further strength in the dollar index.
The second estimate of U.S. first quarter GDP came better than expected at 1.3% against expected growth of 1.1%; the U.S. unemployment claims was also lower than market expectations and eased safe-haven demand of precious metals. The dollar index crossed 104 marks and the U.S. 10-year bond yields also crossed 3.80 marks amid standoff on the U.S. debt ceiling negotiations and also pushed precious metals lower.
Manoj Kumar Jain, Director, Prithvi Finmart 26 May 2023
‘Upbeat U.S. economic data also increased fears of further interest rate hikes from the U.S. Fed in its upcoming policy meeting on 13-14 June 2023 and could further pressurize precious metals. Gold slipped below $1950 per troy ounce silver also slipped below $23 per troy ounce. We expect gold and silver prices to remain volatile in today’s session amid US debt ceiling negotiations and volatility in the dollar index and continue to face resistance at higher levels. Gold has support at $1934-1922, while resistance at $1954-1968 per troy ounce. Silver has support at $22.68-22.40, while resistance is at $23.20-23.44 per troy ounce.’
Nirmal Bang Securities Report on Gold and Silver 26 May 2023
After a Sharp fall, prices are supported at lower levels and likely to bounce till $1980-1990. We are recommending going long for a pullback till $1990. Silver looks to take a pullback till $ 23.70-23.90. We are recommending going long between $23.00-22.90 for the target of $23.90-24.00.
London Gold, Gold LBMA Spot Geojit Daily Report 26 May 2023
Gold LBMA Spot: While prices stay below $1950 may extend liquidation pressure. Else, there are chances of recovery upticks
Silver LBMA Spot: Weak bias likely to extend as long as prices stay below $23.50. A direct rise above $24.50 could negate the view.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
‘Interest rate futures are now pricing in another quarter point rate hike in July and less than 15 bps rate cuts for the year. Meanwhile, Republican and White House negotiators are moving closer to an agreement to raise the debt limit and cap federal spending for two years, according to people familiar with the matter, further weighing down on the bullions. Volatility is expected for the day, as investors await US PCE price index and consumer spending data later today. Any signs of uptick in spending might add to more pressure of gold prices.’
Ajay Kedia, Director Kedia Commodity Views 26 May 2023
Comex Gold Support: 1939-1933 Dollar
Comex Gold Resistance: 1946-1953 Dollar
Comex Silver Support: 22.83-22.73 Dollar
Comex Silver Resistance: 22.95-23.06 Dollar
Data to Watch Today 26 May 2023 (India Time)
26th May 06:00 PM United States Core PCE Price Index (Impact on Gold and Silver Prices-High)
26th May 06:00 PM United States Core Durable Goods Orders (Impact on Gold and Silver Prices-Medium)
26th May 06:00 PM United States Durable Goods Orders (Impact on Gold and Silver Prices-Medium)
26th May 06:00 PM United States Goods Trade Balance (Impact on Gold and Silver Prices-Low)
26th May 06:00 PM United States Revised UoM Consumer Sentiment (Impact on Gold and Silver Prices-Medium)
Gold Ratio
Gold Silver Ratio: 85.65
Gold Crude Ratio: 27.32
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1962.30
Gold London PM Fix($/oz): 1948.25
Silver London Fix($/oz): 23.01
ETF Holdings as on Previous Close
SPDR Gold: 941.29 (Long), 00 (Short)
iShares Silver: 14,668.60 (Long), 8.57 (Short)
Weekly CFTC Positions
Gold($/oz): 162666 (Long), 30877 (Short), 131789 (Net)
Silver: 45779 (Long), 32336, (Short), 13443(Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 1962.30 Dollar (Close), -20.80 Dollar (Change)
Silver($/oz) JUL 23: 22.91 Dollar (Close), -0.33 (Change)
Nirmal Bang Securities Outlook For 26 May 2023
Gold and silver prices are trading slightly higher today on international bourses. We expect precious metals prices on Indian bourses trade range-bound to slightly lower for the day. We recommend sell on rise in gold and silver in intra-day trading sessions, as gold prices were poised for its biggest weekly drop in almost four months as signs of resilience in the US economy increased the likelihood the Federal Reserve will keep hiking rates.
Daily Commodity Calls Nirmal Bang Securities 26 May 2023
SELL GOLD JUNE (MCX) AT 59600 SL 59850 TARGET 59200/59000
SELL SILVER JULY (MCX) AT 70700 SL 71200 TARGET 70000/69500
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 26 May 2023
Sell MCX GOLD JUNE AT 59700 SL 60050 TARGET 59200
Sell MCX Silver July 71000 SL 71750 TARGET 69500
SELL MCX COPPER JUNR AT 710 SL 716 TARGET 700
SELL MCX CRUDEOIL JUNE AT 6000 SL 6150l0 TARGET 5800
BUY NSE NIFTY AT 18300 SL 18180 TARGET 18480
Geojit Intraday Technical Outlook Gold and Silver 26 May
MCX Gold: As long as prices stay below the stiff support of Rs 59500 would extend liquidation pressure. A direct rise above Rs 60500 could negate the view.
MCX Silver: As long as prices stay below Rs 71500 weak bias remains on the cards. Break above Rs 74000 could negate the trend.
Manoj Kumar Jain, Director, Prithvi Finmart 26 May 2023
‘At MCX, gold is having support at 59280-59000 and resistance at 59660-59850 while silver is having support at 69800-69100 and resistance at 70750-71300. We suggest selling gold on rise around 59650 with a stop loss of 59900 for the target of 59100.’
Kedia Commodity Daily morning calls as on Monday, May 26, 2023
BUY GOLD JUN 2023 at 59250, SL 59000, TGT 59600-59800.MCX
BUY SILVER JUL 2023 at 69800, SL 69000, TGT 71200-72000.MCX
SELL CRUDEOIL JUN 2023 at 6000, SL 6100, TGT 5900-5820.MCX
SELL NAT GAS JUN 2023 at 206.00, SL 211.00, TGT 200.00-196.00.MCX
BUY COPPER JUN 2023 at 697.00, SL 692.00, TGT 704.00-708.00.MCX
BUY ZINC JUN 2023 at 204.00, SL 201.00, TGT 208.00-210.00.MCX
BUY ALUMINIUM JUN 2023 at 204.00, SL 202.00, TGT 206.00-208.00.MCX
BUY LEAD JUN 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Price Today in Carats, fineness and purity 26 May 2023:
24 carat gold price today (Purity 999)- Rs 61850/10 Gram
23 carat gold price today (Purity 995)- Rs 59700/10 Gram
22 carat gold price today (Purity 916) – Rs 57200/10 Gram
18 carat gold price today (Purity 750) – Rs 47000/10 Gram
14 carat gold price today (Purity 585) – Rs 36900/10 Gram
Silver Price Today (Purity 999) – Rs 72600 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.
