Gold price today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 16 May 2022, Monday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart and Anuj Gupta of IIFL 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.
Gold prices fell sixth straight week and slipped below $1800 per troy ounce on Friday. Gold prices fallen due to strength in the dollar and Federal Reserve aggressive interest rate hike prospects. The U.S. Federal Reserve Chair Jerome Powell said on Thursday that the battle to control inflation would “include some pain”, as the impact of higher interest rates is felt.
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The Federal Reserve is committed to hike interest rates to control inflation. The dollar index is trading at 20 year highs and the U.S. bond yields are also trading near 3-1/2 year highs. Gold prices also slipped as the U.S. consumer sentiments dips to 11 year lows in April. Silver is also struggling but recovered from 22 month lows amid expectations of reopening Chinese economy after covid-19 outbreaks.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart says he expect precious metals to remain volatile this week and gold prices are expected to hold $1780 per troy ounce while silver could test $22 per troy ounce levels again. Gold has support at $1800-1780, while resistance at $1822-1834 per troy ounce. Silver has support at $21.88-21.55, while resistance is at $21.40-21.70 per troy ounce.
According to Jain at MCX, gold is having support at 49660-49500 and resistance at 50050-50220 while silver is having support at 58800-58200 and resistance at 60000-60660. We suggest buying silver on dips around 59000 with a stop loss of 58200 on a closing basis for the target of 60500.
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According to Anuj Gupta, VP of Commodity and Currency at India Infoline Sec, the price of gold can touch the level of $1780 on Comex next week. The price of silver can go up to $19.8 in the international market. According to Gupta, the price of gold on MCX can show a level of Rs 49500 and silver at Rs 57000 per kg.
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 16 May 2022
SELL Gold June at 50100, SL 50450, TARGET 49500
SELL Silver July at 59700, SL 60500, TARGET 58700
Sell MCX Copper May AT 757, SL 763, TARGET 745
Buy MCX Crude Oil May at 8350, SL 8150, TARGET 8700
Kedia Advisory, Daily Commodity Calls 16 May 2022
BUY GOLD JUN 2022 @ 49600 SL 49300 TGT 50000-50250.MCX
BUY SILVER JUL 2022 @ 59000 SL 58300 TGT 59800-60500.MCX
SELL CRUDEOIL MAY 2022 @ 8650 SL 8800 TGT 8400-8250.MCX
SELL NAT GAS MAY 2022 @ 620.00 SL 640.00 TGT 590.00-570.00.MCX
BUY COPPER MAY 2022 @ 746.00 SL 742.00 TGT 754.00-758.00.MCX
BUY ZINC MAY 2022 @ 305.00 SL 302.00 TGT 310.00-312.00.MCX
BUY ALUMINIUM MAY 2022 @ 230.00 SL 227.00 TGT 235.00-240.00.MCX
BUY LEAD MAY 2022 @ 180.00 SL 178.00 TGT 183.00-185.00.MCX
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Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 14 May 2022 (Gold Price Today)
23 carat gold price – Rs 50000
22 carat gold price – Rs 49000
20 carat gold price – Rs 44200
18 carat gold price – Rs 40100
14 carat gold price – Rs 31700
Sone ki Ginni ka Bhav – Rs 40300/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 62300/per kg
Note: The prices being given to you 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 gold/silver.
