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 17 July 2023, Monday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Ajay Kedia, Kedia Commodity and Anuj Gupta of IIFL Fin Sec, Nirmal Bang Securities, Kotak Securities, Motilal Oswal Financial Services, SMC Global Securities 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 Group gold and silver showed mixed trend in the international market on Friday amid recovery in the dollar index from their lows and better than expected U.S. UOM consumer sentiment data. The University of Michigan said the preliminary reading of its Consumer Sentiment Index jumped to 72.6 up from June’s revised reading of 64.4. The data significantly beat expectations, as consensus forecasts called for a reading of around 65.5. Upbeat consumer sentiment data reflect stable job market and supported the U.S. dollar at lower levels.
Manoj Kumar Jain, Director, Prithvi Finmart
However, gold is sustaining above $1950 per troy ounce and silver also crossed $25 per troy ounce levels. We expect gold and silver prices to remain volatile in this week ahead of the U.S. Fed monetary policy meetings and gold could hold its support level of $1920 per troy ounce and silver could also hold $23.84 per troy ounce levels. Gold has support at $1950-1934, while resistance at $1974-1988 per troy ounce. Silver has support at $24.80-24.44, while resistance is at $25.40-25.66 per troy ounce.
Geojit London Gold Spot Technical Commentary 17 July 2023
Gold LBMA Spot: Immediate resistance is seen at $1970 which needs to be cleared for continuation of further uptrend.
Silver LBMA Spot: Expect to continue the positive bias initially. Break below $23 is a weak signal.
Data to Watch Today 17 July 2023 (India Time)
17th July 6:00 PM United States Empire State Manufacturing Index -3.5 6.6 High
Gold Ratio
Gold Silver Ratio: 77.97
Gold Crude Ratio: 26.05
Nirmal Bang Securities Gold Fundamental Outlook For 17 July 2023
Gold and silver prices are trading lower on international bourses. We expect gold to trade lower for the day as traders re-evaluated recent optimism over US interest rates potentially peaking sooner rather than later, after a report on Friday showed the Federal Reserve may need to do more to try to tame inflation.
Geojit MCX Gold Technical Commentary
Gold KG Aug: Break above Rs 59500 is required to trigger another round of bullish rallies. Else, choppy trades expected the day.
Silver KG Sep: Rallies would continue while prices stay above Rs 72500. A direct dip below Rs 68000 is a sign of major downside reversal.
SMC Global Securities Views on MCX Gold and Silver 17 July 2023
‘Gold may trade in the range of 59100-59500, Silver also trades in the range of 75600-76400 where selling near resistance is advised. Gold prices on Monday edged lower on Monday as the dollar strengthened, while investors largely bet on the U.S. Federal Reserve hitting the brakes soon on interest rate hikes. Data in the U.S. last week hinted that consumer prices grew at their slowest pace in more than two years, producer inflation saw the smallest increase in nearly three years, and consumer sentiment jumped to the highest level in nearly two years. Interest rate futures showed markets mostly priced in another rate hike from the Federal Open Market Committee (FOMC) at its July 25-26 meeting, with rate cuts seen in 2024.’
Daily Commodity Calls Nirmal Bang Securities 17 July 2023
BUY GOLD AUG (MCX) AT 59150 SL 58950 TARGET 59450/59600
BUY SILVER SEPT (MCX) AT 75000 SL 74200 TARGET 76000/76500
Manoj Kumar Jain, Director, Prithvi Finmart 17July 2023 Views
At MCX, gold is having support at 59100-58880 and resistance at 59550-59800 while silver is having support at 75350-74600 and resistance at 76350-77100. We suggest buying gold on dips around 59100 with a stop loss of 58850 for the target of 59600.
Anuj Gupta, VP, IIFL Sec
‘Looking ahead to the next week, gold is expected to find support at 59000 and subsequently at 58900-59000 levels, with resistance levels at 60000 and 60800. A strategic buying opportunity arises in the range of 58800 to 59000, with a suggested stoploss at 58500, and a target range of 60000 to 60200. In the international market, it may test levels around $1980 to $1990. For silver, support levels are at 73800 and 72000, while resistance is anticipated at 77000 and 79000 levels. Traders are advised to consider buying silver within the range of 74000 to 74500, with a stoploss set at 72500, aiming for a target range of 77000 to 78000. In the international market, silver might test levels around $26. On a broader perspective, the target range for gold is projected at 63000 to 64000 levels and for silver, it is at 83000 to 85000 levels, up until Diwali 2023 or the end of the year.’
Sugandha Sachdeva, ED, Acme Investment Advisors
‘While gold experienced a modest rise, it was overshadowed by the remarkable surge in silver prices, which soared 8.44% in international markets due to the prevailing “risk-on” sentiments favoring the white metal. Gold, however, found strong support around $1893 per ounce in the last week of June and made its way toward a one-month high. The future outlook appears positive, particularly due to the weakness of the US dollar, which has pierced a significant support level at the 100.50 mark. Nonetheless, there is a short-term resistance barrier at the Rs.59550 per 10gm or $1970 per ounce mark that gold must convincingly surpass to maintain its upward trajectory. Similarly, silver faces a near-term resistance at Rs.76500 per kg or $25.20 per ounce mark, and a breakout above this level could result in further upside potential, else a consolidation phase is likely.’
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 60900/10 Gram
22 carat gold price today (Purity 916) – Rs 56300/10 Gram
18 carat gold price today (Purity 750) – Rs 46300/10 Gram
14 carat gold price today (Purity 585) – Rs 36350/10 Gram
Silver Price Today (Purity 999) – Rs 77600 per kg
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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.
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