Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group: Gold Price, Silver price update for 3 May, Wednesday. 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 Jain, Director in Prithvi Finmart and Research Head of Commodity and Currency says ”gold and silver rallied on Tuesday after U.S. JOLTS survey. Weakest U.S. JOLTS labour turnover survey in two years supported safe-haven buying of precious metals. Gold and silver also gained due to heavy sell-off in U.S. banking stocks amid anticipation of Fed rate hikes.
The U.S. banking sector is already struggling due to higher interest rates and further rate hike could further increase banking crises. The dollar index and U.S. 10-year bond yields also plunged ahead of the FOMC meeting outcomes and supported gold and silver prices. Gold prices surpassed $2020 per troy ounce and silver also crossed $25.50 per troy ounce levels.
Jain expect ”gold and silver prices to remain volatile in today’s session ahead of the U.S. Fed meeting outcomes and gold could test $2034 per troy ounce and silver could also test $25.80 per troy ounce levels. Gold has support at $2004-1984, while resistance at $2034-2045 per troy ounce. Silver has support at $25.35-25.10, while resistance is at $25.80-26.10 per troy ounce”
According to Nirmal Bang Securities ”Markets are entering a stretch that’s full of risk, with pivotal central bank meetings looming and the clock ticking on the all-important US debt-ceiling standoff, boosting gold’s appeal as a haven asset. Investors are awaiting the Federal Reserve’s next move on interest rates, with policymakers widely expected to hike borrowing costs by 25 basis points Wednesday and signal that this will be the last increase for a while. Higher rates are typically negative for non-interest bearing gold.”
Nirmal Bang Secirities report said ”since last week we have seen gold prices are taking support around $1970 levels and it seems that the spike above $ 2010 can lead to $2030-2040 levels; try to buy on dips around $2000 for the target of $2030-2040. Silver looks positive for the day and likely to give extra boost to white metals and can see sharp rise till $25.70-26. Try to buy on dips around $25.10-24.90 for the target of $26-26.20.
Data to Watch Today 3-4 May 2023 (India Time)
03rd May 11:30 PM- United States- FOMC Statement
03rd May 11:30 PM -United States -Federal Funds Rate
04th May 12:00 AM -United States- FOMC Press Conference
03rd May 05:45 PM- United States- ADP Non-Farm Employment Change
03rd May 07:15 PM -United States -Final Services PMI
03rd May 07:30 PM- United States- ISM Services PMI
Gold Ratio
Gold Silver Ratio 78.98
Gold Crude Ratio 28.23
Weekly CFTC Positions
Gold($/oz) -159461(Long), 26287(Short), 133174 (Net)
Silver – 54333 (Long), 29166, (Short), 25167 (Net)
ETF Holdings as on Previous Close
SPDR Gold- 926.28
iShares Silver -14,564.65
COMEX Futures Watch
Gold($/oz) JUN 23- 2023.30 (Close), 31.10 (Change), 1.56% (% Change)
Silver($/oz) JUL 23- 25.62 (Close) 0.39, (Change),1.54% (% Change)
Ajay Kedia, Director, Kedia Commodity said ”the nearest resistance level for gold is located at $2025. Silver has also gained as traders bet that the Fed will be forced to be less hawkish due to banks’ problems in the U.S. In case silver manages to settle above the $25.30 level, it will head towards the next resistance at $25.60.”
Comex Gold and Silver Levels by Ajay Kedia, Director, Kedia Commodity
Comex Gold Resistance: $2029.8-2043-2068-2074.9
Comex Gold Support: $1991.6-1966.6-1953.4-1946.5
Comex Silver Resistance: $25.66-25.95-26.46-26.63
Comex Silver Support: $24.86-24.35-24.06-23.89
According to Jain at MCX, ”gold is having support at 60330-60060 and resistance at 60850-61100 while silver is having support at 75660-75100 and resistance at 76800-77250. Stay away from gold and silver in today’s session ahead of the FOMC meeting outcomes and book profits in long positions.”
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 3 May 2023
BUY MCX GOLD JUNE AT 60400, SL 60050, TARGET 61000
BUY MCX Silver may 76500, SL 75850, TARGET 77500
BUY MCX COPPER May AT 735, SL 729, TARGET 745
Sell MCX CRUDEOIL May AT 6000, SL 6160, TARGET 5800
KEDIA ADVISORY Daily morning calls as on Tuesday, May 3, 2023
SELL GOLD JUN 2023 at 60900, SL 61200, TGT 60550-60350.MCX
BUY SILVER JUL 2023 at 76700, SL 75400, TGT 75700-75200.MCX
BUY CRUDEOIL MAY 2023 at 5850, SL 5750, TGT 5950-6050.MCX
BUY NAT GAS MAY 2023 at 177.00, SL 172.00, TGT 184.00-188.00.MCX
SELL COPPER MAY 2023 at 743.00, SL 747.00, TGT 737.00-732.00.MCX
SELL ZINC MAY 2023 at 234.00, SL 237.00, TGT 230.00-228.00.MCX
SELL ALUMINIUM MAY 2023 at 212.00, SL 215.00, TGT 208.00-206.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 3 May 2023 (Gold Price Today)
24 carat gold price – Rs 62900/10 gm
23 carat gold price – Rs 60700/10 gm
22 carat gold price – Rs 58200
20 carat gold price – Rs 52800
18 carat gold price – Rs 47800
14 carat gold price – Rs 37600
Sone ki Ginni ka Bhav – Rs 48000/ per 8 grams
Silver Price – Rs 78100 Per KG
Gold Rate Today in Dehradun (3 May 2023) (Sarafa Mandal Dehradun)
24 carat gold price (24 carat gold price) – Rs 62800 per 10 grams
23 carat gold price (958 Hallmark gold price) – 60160
22 carat gold price (916 Hallmark gold price) – 57420
20 carat gold price (833 Hallmark gold price) – 52310
18 carat gold price (750 Hallmark gold price) – 47730
14 carat gold price (583 Hallmark gold price) – 37680
Price of gold gin (Sone ki Ginni ka Bhav 8 gram 916 Hallmark) – 48510
Silver Price – Rs 78000 per kg
Silver Coin Hallmarked – Rs 900 per piece
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.
