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 29 May 2023, Monday. 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 Securities, 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.
According to Nirmal Bang Securities report ‘Gold is headed for its third consecutive weekly loss as signs of resilience in the US economy increased the likelihood that the Federal Reserve will keep raising rates. Bullion fluctuated Friday amid optimism that a US debt deal may be imminent that will raise the debt limit and cap federal spending for two years. Meanwhile, data showed US inflation and consumer spending data accelerated last month, highlighting steady price pressures and demand that will keep the Fed tilted toward raising interest rates further. The ongoing standoff over the US debt-ceiling had been providing some support to the haven asset. House Speaker Kevin McCarthy told reporters that the two sides will continue negotiating through the long weekend in efforts to reach a deal.
Comex Gold and Silver Update by Nirmal Bang Securities 29 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 29 May 2023
Gold LBMA Spot: Recovery upticks can be se seen as long as the support of $1920 remains undisturbed.
Silver LBMA Spot: Further selloffs are seen only a break of $22.40. If unable to break the same would call for recovery upticks for the day.
Dr. Renisha Chainani, Head- Research, Augmont – Gold for all
‘Gold and Silver prices are expected to see a relief rally and a short covering rally at the start of the week after the debt deal news announcement. Gold prices have taken support last week at $1936, which is critical support at the uptrend line bullish rally from $1620 to $2085. Prices need to sustain at this support, if a bullish rally has to continue, otherwise it might fall to $1908. While Silver prices have retraced 38.2% to $23 of its rally from $18 to $26.4. Prices need to sustain this support to continue their bull run, otherwise, it might fall to $22.10. These dips should be used as buying opportunities as Gold and Silver prices are expected to rise 20% from current levels in FY 2023-24 to $2400 (Rs 70000) for gold and $30 (Rs 90000) for silver.’
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
‘Amid the backdrop of recent data and hawkish Fed statements, markets have significantly repriced the outlook for Fed policy outlook. Money markets have started pricing in another quarter point rate hike for June and less than 20 bps rate cuts by the year end, weighing down on bullion commodities. Risk sentiments have also improved as lawmakers in Washington reached a tentative agreement on the US debt ceiling. US markets are closed for the day on account of memorial day holiday.”
Data to Watch Today 26 May 2023 (India Time)
No data-US markets will be closed in observance of Memorial Day on Monday, May 29.
Gold Ratio
Gold Silver Ratio: 84.04
Gold Crude Ratio: 27.01
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1953.50
Gold London PM Fix($/oz): 1947.90
Silver London Fix($/oz): 23.15
ETF Holdings as on Previous Close
SPDR Gold: 941.29 (Long), 00 (Short)
iShares Silver: 14,565.78 (Long), -102.82 (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: 1963.10 Dollar (Close), -0.80 Dollar (Change)
Silver($/oz) JUL 23: 23.36 Dollar (Close), -0.45 (Change)
MOFSL Commodity Report 29 May
Focus this week will also be on the manufacturing PMI from major economies and US jobs market data. Gold, on MCX, could trade in a range of Rs.59,000-59,750
Nirmal Bang Securities Outlook For 29 May 2023
Gold and silver prices are trading slightly lower today on international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day. We recommend buy on dips in gold and silver in intra-day trading sessions, as gold prices edged lower — following three weekly declines — as a US debt-ceiling deal that was struck over the weekend reduced demand for haven assets. Bullion traded near the lowest since mid-March after President Joe Biden and House Speaker Kevin McCarthy voiced confidence their tentative agreement will pass Congress, where it will be voted on as early as Wednesday.
Sugandha Sachdeva, Executive Director and Chief Strategist at Acme Investment Advisors
As for the next week, gold prices have support at the Rs. 59100–59200/10gm zone, or $1935 per ounce mark, and are likely to witness a bounce back towards Rs. 60400 per 10gm in the coming days; otherwise, a breach of this support zone can lead to a fall towards the Rs. 58500/10gm mark. As for silver, prices have strong support at the Rs. 69500 per kg mark, and if that holds, expect buying interest to resume in coming days.
Daily Commodity Calls Nirmal Bang Securities 29 May 2023
BUY GOLD JUNE (MCX) AT 59250 SL 59000 TARGET 59550/59700
BUY SILVER JULY (MCX) AT 70800 SL 70200 TARGET 71800/72300
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 29 May 2023
BUY MCX CRUDEOIL JUNE AT 5900 SL 5750 TARGET 6100
SELL MCX GOLD JUNE AT 59600 SL 60050 SL 59000
BUY MCX Silver July 70500 SL 70000 TARGET 72000
BUY MCX COPPER JUNE AT 707 SL 702 TARGET 720
BUY NSE NIFTY AT 18450 SL 18350 TARGET 18650
Geojit Intraday Technical Outlook Gold and Silver 29 May
MCX Gold: Break below Rs 59000 would extend selling pressure. Inability to break the same would trigger rallies.
MCX Silver:Choppy trading expected initially. However, if unable to break the support of Rs 70000 there are chances of recovery upticks.
Kedia Commodity Daily morning calls as on Monday, May 29, 2023
BUY GOLD JUN 2023 at 59250, SL 59000, TGT 59600-59800.MCX
BUY SILVER JUL 2023 at 70500, SL 69800, TGT 71400-72000.MCX
BUY CRUDEOIL JUN 2023 at 5950, SL 5850, TGT 6050-6150.MCX
BUY NAT GAS JUN 2023 at 196.00, SL 191.00, TGT 202.00-206.00.MCX
BUY COPPER JUN 2023 at 708.00, SL 703.00, TGT 714.00-720.00.MCX
BUY ZINC JUN 2023 at 209.00, SL 206.00 TGT, 212.00-215.00.MCX
BUY ALUMINIUM JUN 2023 at 206.00, SL 203.00, TGT 209.00-211.00.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 29 May 2023:
24 carat gold price today (Purity 999)- Rs 61750/10 Gram
23 carat gold price today (Purity 995)- Rs 59600/10 Gram
22 carat gold price today (Purity 916) – Rs 57100/10 Gram
18 carat gold price today (Purity 750) – Rs 46900/10 Gram
14 carat gold price today (Purity 585) – Rs 36800/10 Gram
Silver Price Today (Purity 999) – Rs 73250 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.
