Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price | London Spot| London Gold: Gold Price, Silver price update for 25 May 2023, Thursday. 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. US Debt Ceiling negotiations putting pressure on Comex group gold.
Comex gold June futures contract were settled at $1,964.60 per troy ounce down by 0.50% and silver July futures contract were settled at $23.24 per troy ounce, down by 1.61%. Domestic markets were also settled on a weaker note. Comex gold and silver extended its fall amid standoff on the U.S. debt ceiling and strength in the dollar index. Gold prices slipped to two week lows and silver prices also slipped to nine week lows in the international markets.
The dollar index is trading at two month highs and the U.S. 10-year bond yield crossed 3.70% marks. Delay in the U.S. debt ceiling negotiations supporting safe-haven demand of the U.S. dollar and U.S. bonds and pushed precious metals lower. Gold and silver also plunged after FOMC meeting minutes and there is no sign of pause from the U.S. Fed in its upcoming policy meeting in June month.
As per the reports, U.S. President Biden and House Speaker McCarthy have not made much progress on the U.S. debt-ceiling extension discussions. However, Democrats and Republicans said they are resuming talks, suggesting the situation is not dire yet. The U.S. debt ceiling standoff could further pressurize precious metals.
Comex Gold and US Debt Ceiling
Since 1960, the US debt ceiling has been revised, raised, or extended 78 times. As of June 1, 2023, the current debt ceiling stands at $31.4 trillion. Gold and silver prices receive consistent support from market negotiations and risk-on sentiment. Recently, both gold and silver prices have undergone a retracement over the past two weeks due to being in an overbought zone.
The retracement in gold and silver prices should be viewed as a healthy correction within the long-term bullish market. If a deal is reached before the June 1 deadline, it is likely to trigger further profit-booking in gold and silver prices this week. However, in the absence of a deal by the end of this week, gold and silver may attract safe-haven bids and recover to reach new highs.
Manoj Kumar Jain, Director, Prithvi Finmart 25 May 2023
‘Comex gold and silver prices to remain volatile in today’s session ahead of the U.S. jobless claims data and could face steep resistance at higher levels. Gold has support at $1950-1934, while resistance at $1978-1992 per troy ounce. Silver has support at $23.00-22.68, while resistance is at $23.50-23.80 per troy ounce.
Nirmal Bang Securities Report on Gold and Silver 25 May 2023
After a Sharp fall, prices are supported at lower levels and likely to bounce till $1980-1990. We are recommending going long for a pullback till $1990. Silver looks to take a pullback till $ 23.70-23.90. We are recommending going long between $23.00-22.90 for the target of $23.90-24.00.
London Gold, Gold LBMA Spot Geojit Daily Report 25 May 2023
Gold LBMA Spot: direct break of $1950 may extend liquidation pressure. Else, there are chances of recovery upticks.
Silver LBMA Spot: Weak bias likely to extend as long as prices stay below $23.50. A direct rise above $24.50 could negate the view.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
‘During the first half of May, markets were pricing in that fed funds rate had already peaked and a first 25 bps rate cut was coming in September with nearly 100 bps of cuts by the 2023-end. Now there is a 35% chance of a 25 bps hike in June FOMC meeting, according to CME FedWatch tool. Cuts are still priced in before the year-end, but less than a quarter basis point. Still, the ongoing debt-ceiling impasse and Fitch warnings limited the decline in gold prices. Elevated greenback and market pricing of fewer rate cuts for the year, might continue to be headwind for gold prices.’
Ajay Kedia, Director Kedia Commodity Views 25 May 2023
Comex Gold Support: 1955-1952 Dollar
Comex Gold Resistance: 1966-1961 Dollar
Comex Silver Support: 23.00-22.92 Dollar
Comex Silver Resistance: 23.07-23.29 Dollar
Data to Watch Today 25 May 2023 (India Time)
25th May 06:00 PM United States Prelim GDP (Impact on Gold and Silver Prices-High)
25th May 06:00 PM United States Unemployment Claims (Impact on Gold and Silver Prices-High)
25th May 06:00 PM United States Prelim GDP Price Index (Impact on Gold and Silver Prices-High)
25th May 07:30 PM United States Pending Home Sales (Impact on Gold and Silver Prices-High)
Gold Ratio
Gold Silver Ratio: 85.33
Gold Crude Ratio: 26.68
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1976.80
Gold London PM Fix($/oz): 1969.65
Silver London Fix($/oz): 23.42
ETF Holdings as on Previous Close
SPDR Gold: 941.29 (Long), -2.60 (Short)
iShares Silver: 14,660.03 (Long), 00 (Short)
Weekly CFTC Positions
Gold($/oz): 162666 (Long), 30877 (Short), 131789 (Net)
Silver: 45779 (Long), 32336, (Short), 13443(Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 1983.10 Dollar (Close), -9.70 Dollar (Change)
Silver($/oz) JUL 23: 23.24 Dollar (Close), -0.38 (Change)
Nirmal Bang Securities Outlook For 25 May 2023
Gold and silver prices are trading mix today on international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day. We recommend buy on dips in gold and silver in intra-day trading sessions, as gold prices held steadied in Asia — after falling 0.9% on Wednesday — as haven demand due to the US debt-ceiling crisis was offset by gains in Treasury yields that typically weigh on bullion.
Daily Commodity Calls Nirmal Bang Securities 25 May 2023
SELL GOLD JUNE (MCX) AT 60050 SL 60300 TARGET 59700/59500
SELL SILVER JULY (MCX) AT 71500 SL 72200 TARGET 70500/70000
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 25 May 2023
SELL MCX GOLD JUNE AT 60100 SL 60300 TARGET 59500
SELL MCX Silver July 71500 SL 72100 TARGET 70500
SELL MCX COPPER JUNE AT 702 SL 707 TARGET 794
SELL MCX CRUDEOIL JUNE AT 6200 SL 6300 TARGET 590
Geojit Intraday Technical Outlook Gold and Silver 25 May
MCX Gold: Stiff support is seen at Rs 59500. A direct drop of which would liquidate prices further.
MCX Silver: As long as prices stay below Rs 71500 weak bias remains on the cards. Break above Rs 74000 could negate the trend.
Manoj Kumar Jain, Director, Prithvi Finmart 25 May 2023
At MCX, gold is having support at 59600-59400 and resistance at 60060-60280 while silver is having support at 70500-69950 and resistance at 71660-72200. We suggest selling in gold on rise around 60100 with a stop loss of 60400 for the target of 59500 and also suggest selling silver around 71700 with a stop loss of 72350 for the target of 70500.’
Kedia Commodity Daily morning calls as on Monday, May 25, 2023
BUY GOLD JUN 2023 at 59600 SL 59400 TGT 60000-60200.MCX
BUY SILVER JUL 2023 at 70500 SL 69600 TGT 71500-72000.MCX
SELL CRUDEOIL JUN 2023 at 6150 SL 6250 TGT 6050-5950.MCX
SELL NAT GAS JUN 2023 at 215.00 SL 220.00 TGT 208.00-205.00.MCX
BUY COPPER JUN 2023 at 695.00 SL 690.00 TGT 702.00-708.00.MCX
BUY ZINC JUN 2023 at 208.00 SL 205.00 TGT 212.00-214.00.MCX
BUY ALUMINIUM JUN 2023 at 204.00 SL 202.00 TGT 206.00-208.00.MCX
BUY LEAD JUN 2023 at 183.00 SL 182.00 TGT 184.00-185.00.MCX
Gold Price Today in Carats, fineness and purity 25 May 2023:
24 carat gold price today (Purity 999)- Rs 62000/10 Gram
23 carat gold price today (Purity 995)- Rs 59800/10 Gram
22 carat gold price today (Purity 916) – Rs 57300/10 Gram
18 carat gold price today (Purity 750) – Rs 47100/10 Gram
14 carat gold price today (Purity 585) – Rs 37000/10 Gram
Silver Price Today (Purity 999) – Rs 73000 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.
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