Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Gold: Gold Price, Silver price update for 5 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.
Manoj Kumar Jain, Director in Prithvi Finmart and Research Head of Commodity and Currency says ”gold and silver extended its gain after FOMC meeting outcomes and gold hit fresh high of $2085.40 in the international markets and it also hit life-time high of 61,845 in the domestic markets. Gold and silver gained amid growing banking crisis in the United States and global economic recession fears.
Jain said ‘the U.S. Fed increased interest rates tenth time in a row and its pressurizing U.S. banking system. The U.S. job market is also facing pressure due to higher interest rate and layoffs reaches to two year highs. The U.S. unemployment claims surged to 2,42,000 in the last week against expected claims of 2,39,000 and supported safe-haven buying for precious metals.’
He expect ‘gold and silver prices to remain positive ahead of the U.S. job data and any dips in prices would be good opportunity for buying gold and silver. Gold has support at $2042-2028, while resistance at $2068-2085 per troy ounce. Silver has support at $26.00-25.65, while resistance is at $26.60-27.00 per troy ounce.”
According to Manoj Kumar Jain ‘at MCX, gold is having support at 61150-60900 and resistance at 61800-62100 while silver is having support at 77350-76600 and resistance at 78850-79500. Buy gold on dips around 61150 with a stop loss of 60850 for the target of 61750 and also buy silver around 77200 with a stop loss of 76550 for the target of 78850.’
Data to Watch Today 5 May (India Time)
05th May 06:00 PM United States Average Hourly Earnings m/m 0
05th May 06:00 PM United States Non-Farm Employment Change
05th May 06:00 PM United States Unemployment Rate
05th May 10:30 PM United States FOMC Member Cook Speaks
Gold Ratio
Gold Silver Ratio 78.38
Gold Crude Ratio 29.98
Weekly CFTC Positions
Gold($/oz) -159461 (Long), 26287(Short), 133174 (Net)
Silver – 54333 (Long), 29166, (Short), 25167 (Net)
ETF Holdings as on Previous Close
SPDR Gold 928.30 (Long), 0.00 (Short)
iShares Silver 14,532.91 (Long), 5.41 (Short)
Gold and Silver Fix
Gold London AM Fix($/oz) 2036.05
Gold London PM Fix($/oz) 2044.70
Silver London Fix($/oz) 25.63
COMEX Futures Watch 4 May 2023
Gold($/oz) JUN 23 -2055.70 Dollar (Close), 18.70 Dollar (Change)
Silver($/oz) JUL 23 – 26.23 Dollar (Close), 0.55 Dollar (Change)
According to Nirmal Bang Securites report ‘Gold steadied after jumping to the highest in more than a year as a combination of the Federal Reserve likely pausing interest-rate hikes and mounting risks in the US economy spurred demand. Bullion traded little changed, after rising as much as 1.2% to levels not seen since Russia invaded Ukraine. The precious metal is still within range of its all-time high of $2,075.47 an ounce, reached in August 2020 as the coronavirus wracked the global economy.
Report said ”the Federal Open Market Committee raised rates by a quarter points on Wednesday but hinted it might be the final move in the current tightening cycle. While Chair Jerome Powell threw cold water on expectations for rate cuts, the shift in tone is fueling bets on potential easing later in the year, supporting gold’s rally. Swaps traders now see the central bank cutting rates as early as September, with the loosening continuing through to till the end of the year. Lower interest rates tend to benefit non-yielding assets like gold.’
Report stated ‘gold prices spiked after a fed hike taking gold above $ 2030 level; buy on dips around $2020-2015 for the target of $ 2050-60. Silver looks positive for the day and likely to give extra boost to white metals and see sharp rise till $ 25.70-26. Try to buy on dips around 25.30-25.40 for the target of 26-26.20.’
Daily Commodity Calls Nirmal Bang Securities
BUY SILVER JULY (MCX) AT 77600 SL 76600 TARGET 78850/79500
BUY GOLD JUNE (MCX) AT 61300 SL 60980 TARGET 61550/61800
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 5 May 2023
BUY MCX GOLD JUNE AT 61200 SL 60850 TARGET 61700
BUY MCX Silver July 77500 SL 76750 TARGET 79000
BUY MCX COPPER May AT 735 SL 729 TARGET 745
Buy MCX CRUDEOIL May AT 5600 SL 5470 TARGET 5800
KEDIA ADVISORY Daily morning calls as on Tuesday, May 5, 2023
SELL GOLD JUN 2023 at 61650, SL 61850, TGT 61300-61100.MCX
SELL SILVER JUL 2023 at 78500, SL 79200, TGT 77600-77000.MCX
BUY CRUDEOIL MAY 2023 at 5640, SL 5560, TGT 5740-5840.MCX
BUY NAT GAS MAY 2023 at 170.00, SL 165.00, TGT 176.00-180.00.MCX
SELL COPPER MAY 2023 at 740.00, SL 745.00, TGT 734.00-730.00.MCX
SELL ZINC MAY 2023 at 238.00, SL 240.00, TGT 234.00-232.00.MCX
SELL ALUMINIUM MAY 2023 at 208.00, SL 210.00, TGT 205.00-203.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 5 May 2023 (Gold Price Today)
24 carat gold price – Rs 63600/10 gm
23 carat gold price – Rs 61400/10 gm
22 carat gold price – Rs 58800
20 carat gold price – Rs 53400
18 carat gold price – Rs 48300
14 carat gold price – Rs 38000
Sone ki Ginni ka Bhav – Rs 48500/ per 8 grams
Silver Price – Rs 79600 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.