Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price: Gold Price, Silver price update for 9 May 2023, Tuesday. 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 Monday, gold and silver were settled on a mixed note in the international markets. Gold June futures contract were settled at $2,033.20 per troy ounce up by 0.42% while silver July futures contract were settled at $25.83 per troy ounce, down by 0.38%.
Manoj Kumar Jain Commodity Research Head in Prithvi Finmart says ‘gold and silver were traded in a tight range in the international markets on Monday after upbeat U.S. job data released last week. Gold prices recovered from their lows but silver showed resistance and unable to cross $26 per troy ounce levels. Recovery in the global crude oil prices and strength in the euro and pound sterling supported gold prices.’
However, after an upbeat U.S. job report market experts are also having fear about further interest rate hikes from the U.S. Fed in June policy meetings. Gold and silver are also facing resistance amid recovery in the U.S. 10-year bond yields. The U.S. 10-year bond yields crossed 3.50% levels once again amid possible U.S. debt defaults.
Jain expect ‘gold and silver prices to remain volatile in today’s session and gold could face resistance around $2054 per troy ounce and silver could also face resistance around $26.30 per troy ounce levels. Gold has support at $2022-2010, while resistance at $2045-2054 per troy ounce. Silver has support at $25.60-25.35, while resistance is at $26.10-26.30 per troy ounce.’
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According to Nirmal Bang Securites report ‘Bullion’s recovery is being lifted by a weaker greenback, which has slid for five straight sessions. Meanwhile, China added to its gold reserves for a sixth consecutive month as central banks around the world expand their holdings of bullion amid escalating geopolitical and economic risks. Gold is within striking distance of its record high, helped by last week’s 1.4% gain to keep it above the $2,000-an-ounce benchmark. Investors will scrutinize US consumer inflation data later this week for further clues on the Fed’s monetary policy trajectory. Higher rates reduce bullion’s appeal since it doesn’t pay interest.’
Nirmal Bang Securites report ‘Gold try to sell on rise around $ 2035-40 for the target of $ 1980-70. The yellow metals has been resisting at higher levels sell on rise is the best strategy for the day. Silver looks weak around $ 26.00 and likely to test $ 25.20-25.00 for the day. Try to sell on rise for the day around $ 25.70-25.80 for the target of $ 25.20-25.00.’
Data to Watch Today 9 May (India Time)
09th May 06:00 PM United States FOMC Member Jefferson Speaks
09th May 09:35 PM United States FOMC Member Williams Speaks
Gold Ratio
Gold Silver Ratio- 78.70
Gold Crude Ratio- 27.79
Weekly CFTC Positions
Gold($/oz) -172032 (Long), 24216(Short), 147816 (Net)
Silver – 56195 (Long), 29064, (Short), 27131 (Net)
ETF Holdings as on Previous Close
SPDR Gold 931.77 (Long), 1.74 (Short)
iShares Silver 14,484.35 (Long), -37.14 (Short)
COMEX Futures Watch
Gold($/oz) JUN 23 2033.20Dollar (Close), 8.40 Dollar (Change)
Silver($/oz) JUL 23 – 25.83 Dollar (Close), -0.10 Dollar (Change)
Jain said ‘at mcx, gold is having support at 60700-60440 and resistance at 61100-61350 while silver is having support at 76450-75800 and resistance at 77750-78200. Sell gold on rise around 61100 with a stop loss of 61350 for the target of 60600.’
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 9 May 2023
BUY MCX GOLD June at 60700, SL 60380, TARGET 61500
BUY MCX Silver July 76750, SL 76000, TARGET 77800
BUY MCX COPPER May AT 745, SL 739, TARGET 757
Buy mcx crudeoil May at 5950, SL 5780, TARGET 6200
KEDIA ADVISORY Daily morning calls as on Tuesday, May 9, 2023
SELL GOLD JUN 2023 at 61200, SL 61500, TGT 60800-60600.MCX
SELL SILVER JUL 2023 at 77500, SL 78500, TGT 76200-75500.MCX
SELL CRUDEOIL MAY 2023 at 6050, SL 6150, TGT 5950-5850.MCX
SELL NAT GAS MAY 2023 at 186.00, SL 190.00, TGT 181.00-178.00.MCX
SELL COPPER MAY 2023 at 755.00, SL 760.00, TGT 750.00-745.00.MCX
SELL ZINC MAY 2023 at 241.00, SL 244.00, TGT 238.00-235.00.MCX
SELL ALUMINIUM MAY 2023 at 210.00, SL 213.00, TGT 207.00-205.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Price Today in Carats (India):
24 carat gold price today – 61169 rupees
23 carat gold price today – 60925 rupees
22 carat gold price today – 56030 rupees
18 carat gold price today – 45876rupees
14 carat gold price today – 35783 rupees
Silver Price Today- Rs 76315
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.