Gold price today, Silver price, COMEX gold, MCX Gold price: Gold, Silver price update for 31 May 2022, Tuesday. 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 and silver showed mixed trend on Monday amid lack of volumes due to the U.S. Memorial Day holiday. Both precious metals were settled on a mixed note in the international markets. Gold and silver are stuck in a tight range and facing steep resistance at higher levels. The U.S. market was closed on Monday due to Memorial Day holiday and markets were unable to find any directions.
However, rising global energy prices and looming fear of global recession are supporting precious metals. Gold and silver prices also get support from the weakness in the dollar and U.S. bond yields.
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According to Manoj Jain, Director of Commodity and Currency in Prithvi Finmart gold prices are stuck in a range of $1840-1870 per troy ounce and need a close above $1870 per troy ounce levels for further strength while silver prices are facing steep resistance around $22.55 per troy ounce levels.
Bullion markets are witnessing buying interest at lower levels after recent corrections. The French bank noted that the gold market saw $3.3 billion in bullish flows last week. The CFTC disaggregated Commitments of Traders report for the week ending May 24 showed money managers increased their speculative gross long positions in Comex gold futures by 5,602 contracts to 1,21,174. At the same time, short positions fell by 12,095 contracts to 60,117.
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Jain expect gold and silver prices to remain volatile in today’s session ahead of the U.S. consumer confidence data. Gold is having support at $1848-1834 per troy ounce and resistance at $1870-1884 per troy ounce while silver is having support at $21.70-21.45 per troy ounce and resistance at $22.20-22.55 per troy ounce.
Manoj Jain said at MCX, gold is having support at 50940-50770 and resistance at 51300-51480 while silver is having support at 61550-61100 and resistance at 62220-62800. We suggest staying away for taking any positions in gold and silver in today’s session ahead of the U.S. consumer confidence data.
Rahul Kalantri, VP Commodities, Mehta Equities says gold and Silver prices have dropped from their morning session’s highs but continue to hold support above $1,850 an ounce. Bullion prices’ upside were capped amid upside in european stocks and US futures gaining on Monday after China relaxed some of the virus related curbs.
The latest weakness could be linked to the US dollar’s rebound from a one-month low as full markets return to the table. The US Dollar Index snapped a three-day downtrend, around a five-week low, picking up bids to 101.56 at the latest, as bond yields pared recent losses.
Rahul Kalantri said overall, gold and silver prices are likely to witness further selling but the downside appears limited. Gold has support at $1838-1824, while resistance is at $1862-1874. Silver has support at $21.55-21.40, while resistance is at $22.10-22.35.
Kedia Advisory, Daily Commodity Calls 31 May 2022
BUY GOLD AUG 2022 @ 50950 SL 50750 TGT 51250-51400.MCX
BUY SILVER JUL 2022 @ 61700 SL 61200 TGT 62500-63000.MCX
SELL CRUDEOIL JUN 2022 @ 9100 SL 9250 TGT 8800-8700.MCX
SELL NAT GAS JUN 2022 @ 695.00 SL 715.00 TGT 665.00-650.00.MCX
BUY COPPER JUN 2022 @ 775.00 SL 770.00 TGT 785.00-790.00.MCX
BUY ZINC JUN 2022 @ 328.00 SL 322.00 TGT 337.00-340.00.MCX
BUY ALUMINIUM JUN 2022 @ 240.00 SL 235.00 TGT 246.00-250.00.MCX
BUY LEAD JUN 2022 @ 182.00 SL 180.00 TGT 186.00-188.00.MCX
Anuj Gupta, IIFL Sec, Daily Commodity Calls 31 May 2022
Buy Gold June at 50700, SL 50450, TARGET 51200
Buy Silver July at 61500, SL 60800, TARGET 63000
Buy MCX Copper June AT 776, SL 770 TARGET 788
Buy MCX Crude Oil june at 8900, SL 8750, TARGET 9200
Sell Nse USDINR June @ 77.90, SL 78.20, TARGET 77.30
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 30 May 2022 (Gold Price Today)
23 carat gold price – Rs 50800
22 carat gold price – Rs 49700
20 carat gold price – Rs 45900
18 carat gold price – Rs 40700
14 carat gold price – Rs 32300
Sone ki Ginni ka Bhav – Rs 41000/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 64600/per kg
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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.