Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price: Gold Price, Silver price update for 14 May 2023, Sunday. 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 Friday, gold and silver were settled on a weaker note in the international markets. Gold June futures contract were settled at $2,015.90 per troy ounce down by 0.23% and silver July futures contract were settled at $24.13 per troy ounce, down by 1.19%. Domestic markets were also settled on a weaker note
According to Manoj Kumar Jain, Director in Prithvi Finmart ‘the dollar index catches safe-haven buying after the U.S. consumer sentiment fell and inflation expectations increased for longer term in the University of Michigan’s survey data released on Friday. After U.S. consumer sentiment data the dollar index crossed 102.50 marks once again first time in the last one month amid possibilities of further interest rate hikes from the U.S. Fed in the upcoming policy meetings and U.S. debt ceiling issues.’
Jain Says ‘gold prices unable to give close above $2055 per troy ounce and silver also not able to sustain above $26 per troy ounce and slipped again. Gold and silver prices to remain volatile this week and continue to face resistance at higher levels. Gold has support at $2000-1984, while resistance at $2034-2055 per troy ounce. Silver has support at $23.80-23.55, while resistance is at $24.44-24.80 per troy ounce.
According to Anuj Gupta, VP at IIFL Fin Sec, ‘the Comex Gold support level is at 1980-1950, with resistance at 2030-2055. The prices corrected last week due to low retail demand and a higher dollar. The lower inflation in the US has also contributed to the lower demand. However, the long-term trend is still positive. Prices are expected to move between the support and resistance levels, with no fresh cues for bulls and bears. Therefore, trade may only occur between the support and resistance levels.’
Gupta said ‘In terms of Comex Silver, the support level is at $22.20-21.50, while the resistance is at 24-24.80.’
He said ‘at MCX, gold is having support at 60550-60330 and resistance at 61100-61380 while silver is having support at 72400-71750 and resistance at 73650-74200. Sell gold on rise around 61150 with a stop loss of 61440 on a daily closing basis for the target of 60550.’
According to Commodity Market Expert Sugandha Sachdeva ‘while gold found resistance at the crucial Rs.61500 per 10gm mark, silver reversed course after testing a new record high of Rs.78292 per kg mark, struggling to sustain above the crucial hurdle of Rs.78000 per kg mark. However, concerns about the US debt limit deadlock and weak economic readings from China and the US continue to support prices, while pushing up safe-haven demand for gold.’
She said ‘looking ahead, precious metal prices are expected to witness sharp volatility, with movements in the dollar index being a key variable to watch out for. Gold is still in an uptrend, where it has near-term support at Rs.60500 per 10gm mark, and is also holding well above the psychological $2000 per ounce mark in the international markets, while silver has immediate support at Rs.71000-69500 per kg zone.’
Sachdeva said ‘If these key levels hold, prices of both the metals are likely to experience a strong upside momentum, but a convincing breach on the downside could cause a dent in precious metal prices. A move past Rs.61500 per 10gm mark would be bullish for gold, while for silver, a closing above Rs.78000 per kg mark would open the door towards Rs.80000 per kg mark.’
Gupta said ‘for MCX Gold, the support is at 60400-59800 and the resistance is at 61500-62000. For MCX Silver, the support is at 72000-70500, with resistance at 75000-76500. The lower industrial demand is currently pressuring the Silver, which may cause the price to trade only in a range in the coming week due to no fresh triggers for bulls and bears.’
Gold Price Today in Carats, Gold Price in fineness and Purity:
24 carat gold price today (Purity 999)- Rs 60964/10 Gram
23 carat gold price today (Purity 995)- Rs 60720/10 Gram
22 carat gold price today (Purity 916) – Rs 55843/10 Gram
18 carat gold price today (Purity 750) – Rs 45723/10 Gram
14 carat gold price today (Purity 585) – Rs 35663/10 Gram
Silver Price Today (Purity 999) – Rs 72040 per kg
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.