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 7 June 2023, Wednesday. 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 gained amid safe-haven demand comes into play after escalating Russia-Ukraine tensions. Gold and silver gained after the news that major dams and power stations in Ukraine are blown up, causing major flooding in the region and raising concerns about crops and foods being destroyed due to floods. The Russians are blaming Ukraine for the destruction of the dam, which is in Russian-controlled territory in Ukraine. The Ukrainians said the Russians are responsible.
The largest nuclear power plant in Europe is not far from the dam, but it is upstream. Market is cautious about the situation and supports safe-haven demand for precious metals.
Manoj Kumar Jain, Director, Prithvi Finmart 5 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 $1958 and $23.20 per troy ounce levels respectively. Gold has support at $1972-1958, while resistance at $1994-2006 per troy ounce. Silver has support at $23.40-23.20, while resistance is at $23.92-24.20 per troy ounce.’
Comex Gold and Silver Update by Nirmal Bang Securities 7 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 6 June 2023
Gold LBMA Spot:As long as $1920 hold downside, there are chances of a recovery upticks. A direct drop of which would continue liquidation pressure.
Silver LBMA Spot: Consistent trades above $24.20 would lift prices higher. Else, choppy with corrective selling pressure is on the cards.
Data to Watch Today 7 June 2023 (India Time)
7 th June 06:00 PM United States Trade Balance- (Impact on gold and silver prices- Low)
7th June 08:00 PM United States Crude Oil Inventories -(Impact on gold and silver prices- Low)
Gold Ratio
Gold Silver Ratio: 83.71
Gold Crude Ratio: 27.62
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1961.90
Gold London PM Fix($/oz): 1957.25
Silver London Fix($/oz): 23.65
ETF Holdings as on Previous Close
SPDR Gold: 938.11 (Long), 00 (Short)
iShares Silver: 14,519.41 (Long), 00 (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: 1981.50 Dollar (Close), 7.20 Dollar (Change)
Silver($/oz) JUL 23: 23.67 Dollar (Close), 0.04 (Change)
Nirmal Bang Securities Outlook For 7 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 7 June 2023
BUY GOLD AUG (MCX) AT 59850 SL 59680 TARGET 60100/60350
BUY SILVER JULY (MCX) AT 71700 SL 71100 TARGET 72500/73000
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 7 June 2023
BUY MCX CRUDEOIL JUNE AT 5900 SL 5750 TARGET 6150
BUY MCX GOLD AUG AT 59700 SL 59400 SL 60300
BUY MCX SILVER JULY AT 71500 SL 70900 TARGET 72800
BUY MCX COPPER JUNE AT 720 SL 714 TARGET 728
BUY NIFTY AT 18600 SL 18450 TARGET 18800
BUY BANKNIFTY AT 43900 SL SL 43700 TARGET 44350
BUY SENSEX AT 62600 SL 62300 TARGET 63300
Geojit Intraday Technical Outlook Gold and Silver 7 June 2023
MCX Gold: If Rs 59000 remains hold, expect recovery rallies. Consistent trades below the same is a signa of downside reversal.
MCX Silver: While prices stay above Rs 70000 recovery upticks expected. A direct dip of which would extend liquidation pressure.
Manoj Jain, Director, Prithvi Finmart
At MCX gold is having support at 59700-59480 and resistance at 60140-60385 while silver is having support at 71450-71100 and resistance at 72350-72800. We suggest buying gold on dips around 59750 with a stop loss of 59500 for the target of 60140 and also suggest buying silver around 71500 with a stop loss of 70950 for the target of 72500.’
Kedia Commodity Daily morning calls as on Friday, June 7, 2023
BUY GOLD AUG 2023 at 59800 SL 59550 TGT 60150-60300.MCX
BUY SILVER JUL 2023 at 71400 SL 70800 TGT 72300-72800.MCX
SELL CRUDEOIL JUN 2023 at 6000 SL 6100 TGT 5900-5800.MCX
BUY NAT GAS JUN 2023 at 182.00 SL 177.00 TGT 188.00-193.00.MCX
BUY COPPER JUN 2023 at 718.00 SL 712.00 TGT 725.00-730.00.MCX
BUY ZINC JUN 2023 at 208.00 SL 205.00 TGT 211.00-213.00.MCX
BUY ALUMINIUM JUN 2023 at 203.00 SL 201.00 TGT 206.00-208.00.MCX
BUY LEAD JUN 2023 at 182.00 SL 181.00 TGT 183.00-184.00.MCX
Gold Price Today in Carats, fineness and purity 7June 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.