Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price: Gold Price, Silver price update for 6 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 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.
Manoj Kumar Jain, Director in Prithvi Finmart and Research Head of Commodity and Currency says ”gold and silver showed very high price volatility and slipped from their highs after upbeat U.S. non-farm employment data. As per the U.S. labour department reports non-farm payroll increased by 2,53,000 against and expected increase of 1,80,000. The U.S. unemployment rate also declined to 3.4% against expectations of 3.6%. Better than expected U.S. job report pushed gold and silver prices lower. Gold prices also plunged after World Gold Council’s report.”
Jain says ”as per the WGC report global gold demand in the first quarter of 2023 remains at 1080.80 tonnes and declined by 13% as compared to the same quarter of the last year. Gold and silver traded also booked profits as the U.S. Fed could continue its interest rate hike cycle after upbeat U.S. job reports. However, geo-political tensions and recession fears could support precious metals at lower levels.”
Jain expect ”gold prices could hold $1984 and silver could also hold $25.00 per troy ounce levels in this week. Gold has support at $2004-1984, while resistance at $2045-2062 per troy ounce. Silver has support at $25.55-25.00, while resistance is at $26.30-26.70 per troy ounce.
According to Anuj Gupa ‘the technical analysis indicates a positive trend in gold and silver prices. Gold prices have exhibited a higher top and higher bottom formation while silver prices have shown a bullish chart structure along with a bullish candlestick pattern. Given the positive trend, buy at support levels in both gold and silver.
Looking ahead to the next week, immediate support levels for Comex gold prices are at $2000 (MCX Rs 60200) and $1980 (MCX Rs 59700), with resistance at $2035 (MCX Rs 61000) and $2050 (MCX Rs61500). Silver prices have immediate support at $25.20 (MCX Rs 75500) and $24.80 (MCX Rs74000), with resistance at $26.50 (MCX Rs78500) and $27 (MCX Rs 80000).
Gupta said ‘on MCX gold possibly testing levels of 61500 to 62000 soon and silver potentially reaching levels of 78000 to 80000 in the near future.”
Jain said ‘at mcx, gold is having support at 60350-60060 and resistance at 60850-61100 while silver is having support at 76220-75550 and resistance at 77800-78500. Buy gold on dips around 60350 with a stop loss of 60050 for the target of 61000 and buy silver on dips around 76200 with a stop loss of 75100 for the target of 78200.”
According to Commodity Market Expert Sugandha Sachdeva ”prices have stretched a bit and there is a minor resistance emerging around Rs.61500 per 10gm and any breach of the same would mean an advance towards Rs.62500 per 10gm mark in the coming days.”
She said ”nonetheless, the price outlook remains positive in the short term as long as prices are holding above Rs.59500 per 10gm mark or $1975 per ounce on a closing basis. For silver, prices have an immediate hurdle at Rs.78000 per kg mark and any convincing move above the same would be construed as a bullish signal and lead to an extension of the up move, else it could drift lower to find support around the level of Rs.74400 per kg in coming days.”
Gold Price Today in Grams (including GST):
1 gram – 6270 rupees
8 grams – 49391.2 rupees
10 grams – 62700 rupees
1 tola (11.33 grams) – 69950 rupees
1 kilogram – 6270000 rupees
10 kilograms – 62700000 rupees
Gold Price Today in Carats:
24 carat gold price today – 62700 rupees
23 carat gold price today – 60500 rupees
22 carat gold price today – 58000 rupees
18 carat gold price today – 47600 rupees
14 carat gold price today – 37400 rupees
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.
