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 8 June 2023, Thursday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Sugandha Sachdeva Acme Investment Advisors, Ajay Kedia, Kedia Commodity and Anuj Gupta of IIFL Fin Sec, Nirmal Bang Securities, Kotak Securities, Motilal Oswal Financial Services 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.
Comex gold and silver showed rollers coaster move on Wednesday; prices fell after downbeat Chinese data. Chinese export fell in May month by 7.5% on a yearly basis in the U.S. dollar terms against expected decline of 1.8% while imports decline lower than expected as it was down by 4.5% against expected decline of 8.1%. Downbeat Chinese data increased concerns of global growth and supported safe-haven buying of the U.S. dollar and bonds.
The U.S. 10-year bond yields jumped once again and reached nearly 3.80%. Gold and silver also plunged as traders booked profit in their long positions ahead of the FOMC meetings amid uncertainty on FED rate hikes. Traders are also cautious after interest rate hikes by Reserve Bank of Australia and Bank of Canada in this week.
Manoj Kumar Jain, Director, Prithvi Finmart 8 June 2023 Comex Gold and Silver Update
We expect gold and silver prices to remain volatile in today’s session and could hold its support level of $1934 and $23.00 per troy ounce levels respectively. Gold has support at $1945-1934, while resistance at $1972-1984 per troy ounce. Silver has support at $23.20-23.00, while resistance is at $23.80-24.00 per troy ounce.
Comex Gold and Silver Update by Nirmal Bang Securities 8 June 2023
‘Gold prices are supported at lower levels like 1950-60 and likely to bounce back to 2000 we are recommending to go long for a pullback till 2000-2010. Silver are supportive at lower levels of 23.60-50 and can bounce till 24.20-45. We are recommending to go long between 23.70-80 for the target of 24.20-30.’
London Gold, Gold LBMA Spot Geojit Daily Report 8 June 2023
Gold LBMA Spot: If $1920 remains holds, there are chances of a recovery upticks. A direct drop of which would continue liquidation pressure.
Silver LBMA Spot: Consistent trades above $24.20 would lift prices higher. Else, choppy with corrective selling pressure is on the cards
Data to Watch Today 8 June 2023 (India Time)
8th June 06:00 PM United States Unemployment Claims
8th June 07:30 PM United States Final Wholesale Inventories m/m
8th June 08:00 PM United States Natural Gas Storage
Gold Ratio
Gold Silver Ratio: 83.23
Gold Crude Ratio: 27
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1963.05
Gold London PM Fix($/oz): 1967.35
Silver London Fix($/oz): 23.59
ETF Holdings as on Previous Close
SPDR Gold: 938.11 (Long), -1.45 (Short)
iShares Silver: 14,550.83 (Long), 31.41 (Short)
Weekly CFTC Positions
Gold($/oz): 142504 (Long),34651 (Short), 34651(Net)
Silver: 40262 (Long), 29984 (Short), 10278 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 1958.40 Dollar (Close), -23.10 Dollar (Change)
Silver($/oz) JUL 23: 23.53 Dollar (Close), -0.14 (Change)
Nirmal Bang Securities Outlook For 8 June 2023
‘Gold and silver prices are trading flat on international bourses. We expect prices to trade sideways to higher for the day prices as cautious traders await the U.S. Federal Reserve’s interest rate decision at its policy meeting next week, although a softer dollar will keep bullions supported.’
Daily Commodity Calls Nirmal Bang Securities 8 June 2023
BUY GOLD AUG (MCX) AT 59350 SL 59200 TARGET 59700/59850
BUY SILVER JULY (MCX) AT 71500 SL 71000 TARGET 72200/72500
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 8 June 2023
BUY MCX CRUDEOIL JUNE AT 5950 SL 5800 TARGET 6200
BUY MCX GOLD AUG AT 59200 SL 59000 SL 59800
BUY MCX SILVER JULY AT 71200 SL 70500 TARGET 72300
BUY MCX COPPER JUNE AT 715 SL 710 TARGET 725
BUY NIFTY AT 18650 SL 18500 TARGET 18850
BUY BANKNIFTY AT 44000 SL SL 43700 TARGET 44450
BUY SENSEX AT 62800 SL 62400 TARGET 63500
Geojit Intraday Technical Outlook Gold and Silver 7 June 2023
MCX Gold: Prices remains congested inside Rs 59000-60500 levels and breaking any of the sides would suggest fresh directional moves.
MCX Silver: Consistent trades above Rs 73000 is required to take prices higher. Else, copy with negative bias expected the day.
Manoj Jain, Director, Prithvi Finmart
At MCX, gold is having support at 59330-59100 and resistance at 59720-59880 while silver is having support at 71350-70800 while resistance at 72200-72600. We suggest buying gold around 59350 with a stop loss of 59100 for the target of 59800 and also suggest buying silver around 71300 with a stop loss of 70800 for the target of 72200.
Kedia Commodity Daily morning calls as on Friday, June 8, 2023
BUY GOLD AUG 2023 @ 59300 SL 59100 TGT 59600-59800.MCX
BUY SILVER JUL 2023 @ 71250 SL 70650 TGT 71900-72400.MCX
SELL CRUDEOIL JUN 2023 @ 6050 SL 6150 TGT 5950-5850.MCX
BUY NAT GAS JUN 2023 @ 186.00 SL 181.00 TGT 193.00-198.00.MCX
BUY COPPER JUN 2023 @ 718.00 SL 712.00 TGT 725.00-730.00.MCX
BUY ZINC JUN 2023 @ 212.00 SL 209.00 TGT 215.00-218.00.MCX
BUY ALUMINIUM JUN 2023 @ 203.00 SL 201.00 TGT 206.00-208.00.MCX
BUY LEAD JUN 2023 @ 182.00 SL 181.00 TGT 183.00-184.00.MCX
Gold Price Today in Carats, fineness and purity 8 June 2023:
24 carat gold price today (Purity 999)- Rs 61900/10 Gram
22 carat gold price today (Purity 916) – Rs 57100/10 Gram
18 carat gold price today (Purity 750) – Rs 46950/10 Gram
14 carat gold price today (Purity 585) – Rs 36900/10 Gram
Silver Price Today (Purity 999) – Rs 74600 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.