Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price | London Spot: Gold Price, Silver price update for 31 May 2023, Wednesday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Sugandha Sachdeva Acme Investment Advisors, Ajay Kedia, Kedia Commodity and Anuj Gupta of IIFL Fin Sec, Nirmal Bang Securities, Kotak Securities, Motilal Oswal Financial Services 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.
Comex gold prices recovered from nine week lows and hit two week highs after weakness in the dollar index and possible U.S. debt ceiling deal. Silver prices also recovered from their lows but closed on a weaker note. Gold prices also recovered after the World Gold Council reported its survey shows 24% of central banks intend to increase their gold holdings in 2023 due to higher inflation, geo-political tensions and interest rate worries.
Manoj Kumar Jain, Director, Prithvi Finmart
Gold prices sustaining above $1950 per troy ounce and silver prices are also holding its support level of $23 per troy ounce. The U.S. consumer confidence data released on Tuesday was also better than expected and supported precious metals. We expect gold and silver prices to remain volatile in today’s session and could hold its support level of $1950 and $23 per troy ounce respectively. Gold has support at $1964-1950, while resistance at $1984-2000 per troy ounce. Silver has support at $23.00-22.70, while resistance is at $23.50-23.84 per troy ounce.
Comex Gold and Silver Update by Nirmal Bang Securities 31 May 2023
Gold prices are supported at lower levels like $1940-30 and likely to bounce back to $1980; we are recommending going long for a pullback till $1970-80. 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 31 May 2023
Gold LBMA Spot:Choppy trading expected initially. However, there are chances of a mild recovery upticks if it holds the support of $1920.
Silver LBMA Spot:There are chances for initial recovery but unlikely for major rallies. A direct break below $22.40 would continue weakness.
Data to Watch Today 31 May 2023 (India Time)
31st May 06:20 PM United States FOMC Member Bowman Speaks
31st May 07:15 PM United States Chicago PMI
31st May 07:30 PM United States JOLTS Job Openings
31st May 10:00 PM United States FOMC Member Harker Speaks
31st May 11:00 PM United States FOMC Member Jefferson Speaks
31st May 11:30 PM United States Beige Book
Gold Ratio
Gold Silver Ratio: 85.08
Gold Crude Ratio: 28.46
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1949.50
Gold London PM Fix($/oz): 1952.45
Silver London Fix($/oz): 23.26
ETF Holdings as on Previous Close
SPDR Gold: 941.29 (Long), 00 (Short)
iShares Silver: 14,565.78 (Long), 00 (Short)
Weekly CFTC Positions
Gold($/oz): 148165 (Long), 30775 (Short), 117390 (Net)
Silver: 43901 (Long), 30724 (Short), 13177 (Net)
Nirmal Bang Securities Outlook For 31 May 2023
Gold and silver prices are trading slightly lower today on international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day. We recommend buy on dips in gold and silver in intra-day trading sessions, as investors assessed the possible impact of a US debt-ceiling deal that could add another headwind to an already fragile economy.
Daily Commodity Calls Nirmal Bang Securities 31 May 2023
BUY GOLD JUNE (MCX) AT 59800 SL 59550 TARGET 60100/60300
BUY SILVER JULY (MCX) AT 70800 SL 70200 TARGET 71800/72300
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 31 May 2023
BUY MCX CRUDEOIL JUNE AT 5650 SL 5550 TARGET 5900
BUY MCX GOLD JUNE AT 59600 SL 59300 SL 60200
BUY MCX Silver July 70500 SL 70000 TARGET 71600
BUY MCX COPPER JUNE AT 705 SL 700 TARGET 715
BUY NSE NIFTY AT 18500 SL 18400 TARGET 18800
Geojit Intraday Technical Outlook Gold and Silver 31 May
MCX Gold: As long as the support of Rs 59000 remains hold, expect recovery rallies. Consistent trades below the same is a signa of downside reversal.
MCX Silver: Prices remains choppy inside Rs 72000-70000 levels and breaking any of the sides would suggest fresh directional moves
Manoj Jain, Director, Prithvi Finmart
At MCX, gold is having support at 59720-59500 and resistance at 60220-60480 while silver is having support at 70550-70100 and resistance at 71650-72200. We suggest buying silver on dips around 70650 with a stop loss of 70100 for the target of 72000.
Gold Price Today in Carats, fineness and purity 31 May 2023:
24 carat gold price today (Purity 999)- Rs 62200/10 Gram
23 carat gold price today (Purity 995)- Rs 60000/10 Gram (Rs 500 Increase)
22 carat gold price today (Purity 916) – Rs 57500/10 Gram
18 carat gold price today (Purity 750) – Rs 47200/10 Gram
14 carat gold price today (Purity 585) – Rs 37100/10 Gram
Silver Price Today (Purity 999) – Rs 73500 per kg (Rs 350 Increase)
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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.
Disclaimer: The information presented in this article is i intended for informational purposes only and reflects the views of the expert. Prior to making any investment decisions, it is recommended that you seek the advice of a financial advisor. The individuals affiliated with Gold Price Today do not engage in the personal buying, selling, or trading of gold/silver. We cannot be held liable for any gains or losses incurred.
