Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price: Gold Price, Silver price update for 11 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 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.
On Wednesday, gold and silver were settled on a weaker note in the international markets. Gold June futures contract were settled at $2,037.10 per troy ounce down by 0.28% and silver July futures contract were settled at $25.66 per troy ounce, down by 0.93%. Domestic markets were also settled on a weaker note.
Manoj Kumar Jain Commodity Research Head in Prithvi Finmart says ‘gold and silver showed very high price volatility after U.S. CPI data. The U.S. inflation in April came in up at 0.4% against expectations of 0.4% and up at 4.9% on year on year basis against expectations of 5.0% while core CPI data came in up at 0.4% from March and up 5.5% year on year against expectations of 5.5%.’
Jain said ‘the U.S. inflation data are as per expectations and supported gold and silver prices but market digested the data amid fears of Fed rate hikes. The U.S. debt ceiling anxiety in the market also triggered profit taking. However, weakness in the dollar index and the U.S. bond yields supported prices at lower levels.’
Jain expect ‘gold and silver prices to remain volatile in today’s session ahead of the U.S. unemployment claims and US Core PPI data. Gold prices only sustain above $2055 and silver prices sustain above $26 per troy ounce levels could show further strength otherwise it will test its support levels again. Gold has support at $2022-2010, while resistance at $2055-2068 per troy ounce. Silver has support at $25.40-25.10, while resistance is at $26.00-26.20 per troy ounce.’
Prithviraj Kothari, President of IBJA and MD CEO, RSBL said ‘gold prices have been on an unstoppable run, skyrocketing from the $1800 (Rs 55000) level at the beginning of March to above $250/oz (Rs 61800) – notching up a spectacular gain of over 12%, in the last 2 months. There are basically three factors that are pushing the gold prices higher: Banking Crisis, Recession concerns and De-dollarization concerns that have emerged with the cracks in the banking system in March. These concerns have resulted in a capital flight from equities to gold. I expect gold prices to rise 15-20% above current levels by the end of the year.’
According to Nirmal Bang Securities report ‘gold rose after US inflation data came in slightly cooler than expected, taking pressure off the Federal Reserve to hike interest rates again. The consumer price index advanced by a below-forecast 4.9% in April from a year earlier, a government report showed. Treasury yields dropped following the print, boosting gold, which climbed as much as 0.7%.’
The numbers may give the US central bank room to pause rate hikes as it monitors the performance of the economy. Gold has been trading above $2,000 an ounce for most of this month on bets for more policy loosening, though it pulled back Friday after jobs data pointed to persistent inflationary pressures. Higher interest rates tend to hurt non-yielding gold. Investors are also watching a stalemate over the US debt ceiling, which threatens to sow chaos in financial markets and undermine the dollar’s credibility.’
Report said ‘It seems that the gold prices are taking support around $ 2020 levels and bounced, it seems that the spike above $ 2020 can lead to $ 2050-60 levels; try to buy on dips around $ 2025-30 for the target of $ 2050-60, Silver looks supportive for the day and likely to give extra boost to white metals and see sharp rise till $ 25.70-26. Try to buy on dips around $ 25.30-35for the target of $ 25.80-26.’
Data to Watch Today 11 May 2023 (India Time)
11th May 04:30 PM Britain BOE Monetary Policy Report (Impact on Gold and Silver Price- HIGH)
11th May 04:30 PM Britain Monetary Policy Summary (Impact on Gold and Silver Price-HIGH)
11th May 04:30 PM Britain Official Bank Rate (Impact on Gold and Silver Price- HIGH)
11th May 04:30 PM Britain BOE Gov Bailey Speaks (Impact on Gold and Silver Price-HIGH)
11th May 06:00 PM United States Core PPI (Impact on Gold and Silver Price-HIGH)
11th May 06:00 PM United States PPI m/m Impact on Gold and Silver Price-HIGH)
11th May 06:00 PM United States Unemployment Claims (Impact on Gold and Silver Price-HIGH)
11th May 06:00 PM United States FOMC Member Waller Speaks (Impact on Gold and Silver Price-MEDIUM)
Gold Ratio
Gold Silver Ratio- 79.39
Gold Crude Ratio- 28.07
Gold and Silver Fix
Gold London AM Fix($/oz) – 2029.60
Gold London PM Fix($/oz) -2037.15
Silver London Fix($/oz) – 25.52
ETF Holdings as on Previous Close
SPDR Gold – 934.95 (Long), -2.60 (Short)
iShares Silver- 14,524.34 (Long), 40.00 (Short)
Weekly CFTC Positions
Gold($/oz) -172032 (Long), 24216(Short), 147816 (Net)
Silver – 56195 (Long), 29064, (Short), 27131 (Net)
COMEX Futures Watch (Last Night Close)
Gold($/oz) JUN 23 – 2037.10 Dollar (Close), -5.80Dollar (Change)
Silver($/oz) JUL 23 – 25.66 Dollar (Close), -0.24 (Change)
Daily Commodity Calls Nirmal Bang Securities
SELL GOLD JUNE (MCX) AT 61450, SL 61655, TARGET 61200/61000
SELL SILVER JULY (MCX) AT 77300, SL 78150, TARGET 76000/75500
Jain said ‘at MCX, gold is having support at 61050-60800 and resistance at 61480-61660 while silver is having support at 76100-75550 and resistance at 77250-78000. Buy silver on dips around 76000 with a stop loss of 75450 for the target of 77250.’
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 11 May 2023
BUY MCX GOLD June at 61100, SL 60750, TARGET 61700
BUY MCX Silver July 76400, SL 75950,TARGET 77500
BUY MCX COPPER May AT 740, SL 735, TARGET 750
Buy mcx crudeoil May at 5850, SL 5680, TARGET 6100
KEDIA ADVISORY Daily morning calls as on Tuesday, May 11, 2023
SELL GOLD JUN 2023 at 61500,SL 61800, TGT 61100-60900.MCX
SELL SILVER JUL 2023 at 77500, SL 78300, TGT 76500-76000.MCX
SELL CRUDEOIL MAY 2023 at 6000, SL 6100,TGT 5900-5800.MCX
BUY NAT GAS MAY 2023 at 177.00, SL 172.00, TGT 183.00-186.00.MCX
BUY COPPER MAY 2023 at 740.00, SL 735.00, TGT 745.00-748.00.MCX
BUY ZINC MAY 2023 at 232.00, SL 229.00, TGT 236.00-239.00.MCX
BUY ALUMINIUM MAY 2023 at 205.00, SL 203.00, TGT 208.00-210.00.MCX
SELL LEAD MAY 2023 at 185.50, SL 187.00, TGT 184.00-183.00.MCX
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- 61495 rupees
23 carat gold price today (Purity 995)- 61249 rupees
22 carat gold price today (Purity 916) – 56329 rupees
18 carat gold price today (Purity 750) – 46121 rupees
14 carat gold price today (Purity 585) – 35974 rupees
Silver Price Today (Purity 999) – Rs 76261
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 jewelers add GST, making charges and hallmarking charges to the gold price. Many jewelers 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: This article is written for informational purposes only. This is the opinion of the expert. If you make any investment, first take the advice of your financial advisor. Individuals associated with Gold Price Today do not personally buy, sell or trade in gold/silver.
