Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price | Comex Gold : Gold Price, Silver price update for 15 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 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.
According to Nirmal Bang Securities Report on Gold and Silver Price ‘mounting fears over the US debt-ceiling crisis will benefit gold as investors brace for potential chaos in financial markets, according to RBC Capital Markets. Hopes for a deal to avert a first-ever US default were set back after President Joe Biden and House Speaker Kevin McCarthy postponed a meeting on Friday that had been aimed at resolving the impasse. However, the delay signals that staff-level talks were yielding progress, according to people familiar with the talks. RBC Capital Markets strategist Christopher Louney said the fraught negotiations had set the stage for a near-term boost to bullion, which is within striking distance of a record high.’
“Even assuming a deal is eventually reached, we wouldn’t disregard potential growing financial angst as the deadline approaches,” he said in a note. “In the near term, we believe gold looks like the best hedge.” In another boost for the precious metal, markets are pricing in multiple US rate cuts later this year, which should support non-interest-bearing gold. Those bets have been reinforced by data this week showing cooling inflation and initial jobless claims reaching the highest since October 2021. The standoff in Washington is just one among many tailwinds for gold as the Federal Reserve nears the end of its rate-hike cycle, ANZ Banking Group Ltd. analysts Soni Kumari and Daniel Hynes said in a note.
Report said ‘Rising geopolitical risks, persistent anxiety over the health of the US banking sector and concerns about an economic slowdown are also boosting its safe-haven appeal, they said. Against that backdrop, flows into gold-backed exchange-traded funds are likely to stay positive for the rest of this year, the ANZ analysts said. ETF holdings rose the most in the year on Thursday, extending their upswing since early March when the failure of Silicon Valley Bank first spurred worries about US lenders.’
According to Nirmal Bang Sec Report ‘a stronger US dollar has driven a modest pullback in gold this week. If the greenback’s strength continues next week, gold (Comex) could head below $2000. A combination of poor economic data, a debt-ceiling standoff and concerns around banking turmoil bolstered safe-haven demand, with the dollar reaping the gains over gold. The Bloomberg Dollar Spot Index rose during four out of the past five trading sessions, with a 0.97% gain, enjoying its best week since February. Meanwhile, gold is breaking a two-week streak of gains. Gold and silver prices are trading slightly positive today on international bourses. Precious metals prices on Indian bourses to trade range bound to lower for the day.’
Report Said ‘Gold prices are taking strong resistance around $2030-40 levels and it seems that the prices are likely to trade negative for the day. So we expect the yellow metal to sell on rise for the day and the gold is likely to test $2000-1980 per ounce. Silver resist around $ 24.50-24.60 . We recommend seeing some short covering till $ 24.50-24.70; but silver is likely to trade negative for the day and we may see some pullback in the prices till $ 24.60-24.70, where you can initiate sell positions for the target of $ 23.50-23.10.’
Manoj Jain, Director, Prithvi Finmart View
Comex gold and silver prices to remain volatile this week and continue to face resistance at higher levels. Gold has support at $2000-1984, while resistance at $2034-2055 per troy ounce. Silver has support at $23.80-23.55, while resistance is at $24.44-24.80 per troy ounce.
Anuj Gupta, VP, IIFL Fin Se
Comex gold support level is at 1980-1950, with resistance at 2030-2055. Comex Silver, the support level is at $22.20-21.50, while the resistance is at 24-24.80.’
Data to Watch Today 15 May 2023 (India Time)
15th May 06:00 PM United States Empire State Manufacturing Index (Impact on Gold and Silver Price- HIGH)
15th May 06:45 PM United States FOMC Member Kashkari Speaks (Impact on Gold and Silver Price- LOW)
Gold Ratio
Gold Silver Ratio: 83.62
Gold Crude Ratio: 28.84
Gold and Silver Fix
Gold London AM Fix($/oz): 2006.65
Gold London PM Fix($/oz): 2019.90
Silver London Fix($/oz): 23.86
ETF Holdings as on Previous Close
SPDR Gold: 937.84 (Long), -1.15(Short)
iShares Silver: 14,621.47 (Long), 20.00 (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: 2019.80 Dollar (Close), -16.60 Dollar (Change)
Silver($/oz) JUL 23: 24.15 Dollar (Close), -1.23 (Change)
Daily Commodity Calls Nirmal Bang Securities
SELL GOLD JUNE (MCX) AT 61200 SL 61450 TARGET 60900/60700
BUY SILVER JULY (MCX) AT 73000 SL 72400 TARGET 73700/74300
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 15 May 2023
Sell MCX GOLD JUNE AT 61100, SL 61450, TARGET 60500
Sell MCX Silver July 73500, SL 74200, TARGET 72500
BUY MCX COPPER May AT 725, SL 719, TARGET 735
SELL MCX CRUDEOIL May AT 5850, SL 5950, TARGET 5700
KEDIA ADVISORY Daily morning calls as on Tuesday, May 15, 2023
SELL GOLD JUN 2023 at 61100, SL 61400, TGT 60750-60550.MCX
SELL SILVER JUL 2023 at 73600, SL 74200, TGT 72800-72200.MCX
BUY CRUDEOIL MAY 2023 at 5750, SL 5650, TGT 5850-5950.MCX
SELL NAT GAS MAY 2023 at 193.00, SL 198.00, TGT 186.00-182.00.MCX
BUY COPPER MAY 2023 at 727.00, SL 723.00, TGT 732.00-736.00.MCX
BUY ZINC MAY 2023 at 228.00, SL 225.00, TGT 232.00-236.00.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
Gupta said ‘for MCX Gold, the support is at 60400-59800 and the resistance is at 61500-62000. For MCX Silver, the support is at 72000-70500, with resistance at 75000-76500. The lower industrial demand is currently pressuring the Silver, which may cause the price to trade only in a range in the coming week due to no fresh triggers for bulls and bears.’
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 60964/10 Gram
23 carat gold price today (Purity 995)- Rs 60720/10 Gram
22 carat gold price today (Purity 916) – Rs 55843/10 Gram
18 carat gold price today (Purity 750) – Rs 45723/10 Gram
14 carat gold price today (Purity 585) – Rs 35663/10 Gram
Silver Price Today (Purity 999) – Rs 72040 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 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.
