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 17 May 2023, Wednesday. 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 Tuesday, gold and silver were settled on a weaker note in the international markets. Gold June futures contract were settled at $1,993.00 per troy ounce down by 1.47% and silver July futures contract were settled at $23.89 per troy ounce, down by 1.63%.
Comex gold and silver plunged again after downbeat Chinese economic data increased fear of consumer and industrial demand for precious metals from China. The U.S. debt ceiling uncertainty supports the U.S. dollar and U.S. bond yields and also pressurizes both precious metals.
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Comex gold prices declined following indications from U.S. central bank officials that they anticipate maintaining high interest rates. Additionally, investors were keeping an eye on an important meeting regarding the outcome of debt-ceiling negotiations in Washington. Multiple Federal Reserve policymakers expressed their view that interest rates should remain elevated, with Richmond Fed President Thomas Barkin stating his skepticism about inflation steadily decreasing to the central bank’s 2% target. Furthermore, April’s U.S. retail sales fell short of market expectations, signaling a slowdown in consumer activity.
The Fed official’s comments on the monetary policy and further interest rate hikes are also hawkish and negative for precious metals.
Gold prices slipped below $2,000 per troy ounce and silver prices also slipped below $24 per troy ounce levels on Tuesday. The U.S. retail sales and core retail sales data for the month of April was also lower than expected but industrial production data was slightly better than expected.
Manoj Jain, Director, Prithvi Finmart Report 17 May 2023
Mixed U.S. economic data and strong dollar continue to weigh precious metal prices. Expect gold and silver prices to remain volatile this week and continue to face resistance at higher levels. Gold has support at $1984-1968, while resistance at $2010-2022 per troy ounce. Silver has support at $23.60-23.35, while resistance is at $24.20-24.50 per troy ounce. At mcx, gold is having support at 60000-59770 and resistance at 60480-60660 while silver is having support at 72000-71550 and resistance at 73000-73650. Sell gold on rise around 60500 with a stop loss of 60850 for the target of 60000 and also suggest selling silver on rise around 73200 with a stop loss of 73850 for the target of 72000.
Nirmal Bang Securities Report on Gold and Silver 17 May 2023
Comex gold prices are trading negative for the last two days and seem the trend is likely to continue for the day and seems the yellow metal can test $1970-1960 for the day; sell on rise is recommended for the day. Silver looks resistive at higher levels and see some sharp correction in the week; try to sell on rise around $24.10-24.20 for the target of $23.50 for the day.
Gold LBMA Spot Geojit Daily Report 17 May 2023
Gold LBMA Spot: Prices remains volatile initially. A direct break below $1980 may extend weakness in the counter. Else, recovery upticks are on the cards.
Silver LBMA Spot: A direct break of $23.50 would extend weakness. Else, recovery rallies are possible for the day
Ajay Kedia, Director Kedia Commodity Views 17 May 2023 3
Gold prices resumes its negative trading to move away from 2000, reinforcing the expectations of continuing the bearish trend for the rest of the day, waiting to visit 1977.25 that represents our next main target. The EMA50 and stochastic continue to support the suggested bearish wave, which will remain valid unless the price rallied to breach 2012 levels and hold above them. Silver price trades with clear negativity to test 23.70 level now, to support the continuation of the expected bearish trend for today, reminding you that breaking the mentioned level will open the way to head towards 23.00 as a next target. Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by stochastic negativity, reminding you that it is important to hold below 24.15 as a first condition to continue the expected decline.
Data to Watch Today 17 May 2023 (India Time)
17th May 06:00 PM United States Building Permits (Impact on Gold and Silver Price- LOW)
17th May 06:00 PM United States Housing Starts (Impact on Gold and Silver Price- LOW)
Gold Ratio
Gold Silver Ratio: 83.41
Gold Crude Ratio: 28.13
Gold and Silver Fix
Gold London AM Fix($/oz): 2009.90
Gold London PM Fix($/oz): 2007.45
Silver London Fix($/oz): 23.79
ETF Holdings as on Previous Close
SPDR Gold: 937.54 (Long), -0.30 (Short)
iShares Silver: 14,601.48 (Long), -20.0 (Short)
Weekly CFTC Positions
Gold($/oz): 172938 (Long), 26312 (Short), 146626 (Net)
Silver: 57862 (Long), 30693, (Short), 27169 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) JUN 23: 1993.00 Dollar (Close), -29.70 Dollar (Change)
Silver($/oz) JUL 23: 23.89 Dollar (Close), -0.40 Dollar (Change)
Daily Commodity Calls Nirmal Bang Securities 17 May 2023
SELL GOLD JUNE (MCX) AT 60600 SL 60850 TARGET 60250/60000
SELL SILVER JULY (MCX) AT 73000 SL 73700 TARGET 72000/71500
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
Looming concerns regarding a potential US debt default have kept gold prices buoyed for the past few days. However, yesterday, President Joe Biden and congressional leaders said they were optimistic a deal was possible, even as House Speaker Kevin McCarthy warned that the two sides remained far apart. Resolving the crisis might be a short-term headwind for gold prices.
Ajay Kedia, Director Kedia Commodity Views 17 May 2023
Gold trading range for the day is 59340-61950, Silver trading range for the day is 71752-73750. Investors looked ahead to a key meeting for the outcome of debt-ceiling negotiations in Washington
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 17 May 2023
SELL MCX GOLD JUNE AT 60600, SL 60850, TARGET 60000
SELL MCX Silver July 73100, SL 73600, TARGET 72000
SELL MCX COPPER May AT 719, SL 725, TARGET 710
BUY MCX CRUDEOIL May AT 5750, SL 5650, TARGET 5900
KEDIA ADVISORY Daily morning calls as on Tuesday, May 17, 2023
SELL GOLD JUN 2023 at 60500, SL 60700, TGT 60200-60000.MCX
SELL SILVER JUL 2023 at 73000, SL 73800, TGT 72200-71500.MCX
BUY CRUDEOIL MAY 2023 at 5800, SL 5700, TGT 5900-6000.MCX
BUY NAT GAS MAY 2023 at 192.00, SL 186.00, TGT 198.00-202.00.MCX
BUY COPPER MAY 2023 at 712.00, SL 707.00, TGT 718.00-722.00.MCX
BUY ZINC MAY 2023 at 223.00, SL 220.00, TGT 226.00-228.00.MCX
BUY ALUMINIUM MAY 2023 at 204.00, SL 202.00, TGT 207.00-209.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Geojit Intraday Technical Outlook Gold and Silver
MCX Gold: Selloffs may continue initially but stiff support is placed at Rs 60000. Major resistance is seen at Rs 61500.
MCX Silver: A direct dip below Rs 72000 may extend selling pressure. Else, intraday recovery upticks expected.
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 62450/10 Gram
23 carat gold price today (Purity 995)- Rs 60200/10 Gram
22 carat gold price today (Purity 916) – Rs 57700/10 Gram
18 carat gold price today (Purity 750) – Rs 47400/10 Gram
14 carat gold price today (Purity 585) – Rs 37300/10 Gram
Silver Price Today (Purity 999) – Rs 74400 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.
