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 27 May 2023, Saturday. 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. US debt ceiling issue is now resolved.
After weeks of intense negotiations, the White House and House Republicans have reached a preliminary agreement to raise the US debt ceiling, preventing a potential default. House Speaker Kevin McCarthy confirmed the agreement on Saturday, which includes a two-year period for the debt ceiling increase and the implementation of spending caps. The deal still requires approval from the divided US Congress. President Joe Biden referred to the agreement as a “compromise,” while House Speaker Kevin McCarthy highlighted its “historic reductions in spending.” Experts predict that this development may lead to a decline in Comex gold and silver prices, with Anuj Gupta suggesting that the price of Comex gold could potentially drop below $1900.
On Friday, Comex gold and silver were settled on a positive note in the international markets. Gold June futures contract were settled at $1,946.10 per troy ounce up by 0.12% and silver July futures contract were settled at $23.45 per troy ounce, up by 2.34%. Comex gold and silver showed very high volatility and recovered from their lows in the international markets.
Gold prices hold its key support level of $1922 per troy ounce and silver prices also holds $22.50 per troy ounce levels. Short coverings and bargain buying at lower levels supported precious metals. Gold and silver also gained after mixed U.S. economic data released on Friday. The U.S. 10-year bond yields also slipped from their highs and supported gold and silver prices. However, the U.S. dollar index is trading at three month highs and FED rate hike fears are restricting gains of precious metals.
According to commodity expert Anuj Gupta, in the event that Comex gold breaks below the support level of $1920, it is likely to reach the subsequent support level at $1890.
Manoj Jain, Director, Prithvi Finmart
‘The U.S. personal income and personal spending data released on Friday was better than expected and could further support gold and silver prices this week. We expect gold and silver prices could show some bargain buying this week and gold prices could test $1980 per troy ounce and silver prices could also test $24 per troy ounce levels. Gold has support at $1934-1922, while resistance at $1958-1972 per troy ounce. Silver has support at $23.10-22.84, while resistance is at $23.70-24.00 per troy ounce.’
‘In India at MCX, gold is having support at 59100-58850 and resistance at 59550-59800 while silver is having support at 70550-69800 and resistance at 71850-72500. We suggest buying gold around 59250 with a stop loss at 58950 for the target of 59850 and also suggest buying silver around 70700 with a stop loss at 69950 for the target of 72200.’
Ajay Kedia, Director, Kedia Commodity
‘The rise in the dollar led to a decline in the prices of gold and silver. The concern of a market downturn is expected to provide support to the prices of gold and silver. It is anticipated that the price of gold will remain at the support level next week. The estimated range for the price of gold on the Comex next week is between $1930 and $1980. There is a positive long-term view, indicating a potential uptrend.
Due to the decline in base metals, there has been a drop in the price of silver. The price of silver on MCX has found support at 70000 rupees, and if the level of 72800 rupees breaks, it may reach the level of 73500 to 74000 rupees. The support level for gold is at 59500 rupees, and if this level breaks, it may reach the range of 60200 to 60500 rupees. The movement of the dollar will be crucial next week. In addition to that, one should also keep an eye on the movement of the rupee.’
According to Anuj Gupta, VP at IIFL Fin
Comex Gold Support: $1920 – $1890
Comex Gold Resistance: $1960 – $1980
MCX Gold Support: Rs 58800 – 59400 (India)
MCX Gold Resistance: Rs 60000 – 60400 (India)
Anuj Gupta Said ‘the recent correction in gold and silver was primarily driven by the strength of the dollar. Gold is also influenced by expectations of resolving the debt-ceiling standoff and the anticipation of the U.S. economy’s resilience leading to the Federal Reserve maintaining higher interest rates for a longer period. However, the latest Fed minutes indicate a possibility of keeping the interest rates unchanged. On the other hand, the weakness in the rupee will limit the extent of the correction in gold and silver. In the very short term, a sell recommendation is provided for gold and silver, but buyers may consider purchasing at the support levels as well.’
Gold Price Today in Carats, fineness and purity 27 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 73200 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.
