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 12 July 2023, Wednesday. 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 gold and silver were traded in a tight range ahead of the U.S. inflation data. Gold and silver are taking cues from the weakness in the dollar index and the U.S. 10-year bond yields. The U.S. dollar slipped to 16 month lows against the pound sterling and one month lows against the Japanese Yen. The U.S. 10-year bond yield is also slipped below 4.0% and giving signal for cooling off in the U.S. inflation. Gold is heading towards $1950 per troy ounce and silver is steady above $23 per troy ounce levels. US Inflation data to come today at 6PM according to India time.
Manoj Kumar Jain, Director, Prithvi Finmart
‘Looking to the weakness in the dollar index, gold and silver could give fresh upside price breakout after U.S. inflation data. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. inflation data. Gold prices expected to test $1958 per troy ounce and silver could also test $24 per troy ounce levels in this week. Gold has support at $1922-1914, while resistance at $1948-1962 per troy ounce. Silver has support at $23.00-22.84, while resistance is at $23.55-23.80 per troy ounce.
Comex Gold and Silver Update by Nirmal Bang Securities 12 July 2023
Gold prices are likely to take support around 1925-1918 and test 1940-50.
We are recommending to buy on dips around 1925for a target of 1940-45. We recommend buying around 23.20-15 for a target of 23.45-23.50.
Geojit London Gold Spot Technical Commentary 12 July 2023
Gold LBMA Spot: Prices remains choppy inside $1940-1900 levels and breaking any of the sides would suggest fresh short term direction.
Silver LBMA Spot: Range bound trading expected initially, but a direct break above $23.50 would trigger recovery rallies
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
‘US CPI data will be in major focus for the day. The headline CPI is expected to ease to 3.1% y/y, while the core might remain at 5% y/y, according to Bloomberg forecast. Elevated core inflation might raise the odds of a second 25 bps hike in September, as per the June projections. This might prove to be a short term headwind for gold prices.”
Data to Watch Today 12 July 2023 (India Time)
12th July 6:00 PM United States CPI m/m 0.3% 0.1% -High
12th July 6:00 PM United States Core CPI m/m 0.3% 0.4% High
12th July 7:15pm United States FOMC Member Kashkari Speaks – – Low
12th July 11:30pm United States Beige Book – – Low
Gold Ratio
Gold Silver Rsatio:83.21
Gold Crude Ratio: 25.89
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1936.20
Gold London PM Fix($/oz): 1933.95
Silver London Fix($/oz): 23.14
ETF Holdings as on Previous Close
SPDR Gold: 917.86 (Long), 00 (Short)
iShares Silver: 14,508.99 (Long), 00 (Short)
Weekly CFTC Positions
Gold($/oz): 122450 (Long), 35978 (Short), 86472 (Net)
Silver: 33921 (Long), 22286 (Short), 11635 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 1937.10 Dollar (Close), 6.10 (Change)
Silver($/oz) JUL 23: 23.28 Dollar (Close),-0.06 (Change)
Nirmal Bang Securities Gold Fundamental Outlook For 12 July 2023
Gold and silver prices are trading flat on international bourses. We expect gold to trade sideways to lower for the day as the market will be looking ahead to inflation data due Wednesday that’ll shape expectations for the Federal Reserve’s next steps.
Geojit MCX Gold Technical Commentary
Gold KG Aug: Further selloffs are seen only a break of Rs 58000. if unable to break the same prices remain rangebound.
Silver KG Sep: While above Rs 71000 likely to extend buying momentum. A direct dip below Rs 68000 is a sign of major downside reversal.
SMC Global Securities Views on MCX Gold and Silver 12 July 2023
‘Gold may trade in the range of 58500-59000, Silver also trades in the range of 70900-72000 where buying near support is advised. Gold prices edged higher on Wednesday after the greenback and bond yields retreated as investors cautiously awaited U.S. inflation data that could offer more cues on the Federal Reserve’s rate-hike policy path.’
Daily Commodity Calls Nirmal Bang Securities 12 July 2023
BUY GOLD AUG (MCX) AT 58850 SL 58600 TARGET 59200/59400
BUY SILVER JULY (MCX) AT 71300 SL 70700 TARGET 72000/72500
Manoj Kumar Jain, Director, Prithvi Finmart 12 July 2023 Views
‘At mcx, gold is having support at 58550-58330 and resistance at 59000-59220 while silver is having support at 70700-70200 and resistance at 71650-72200. We suggest buying gold around 58600 with a stop loss of 58380 for the target of 59100 and also suggest buying silver around 70800 with a stop loss of 70200 for the target of 72000.’
Kedia Commodity Daily morning calls as on Tuesday, July 12, 2023
BUY GOLD AUG 2023 at 58600, SL 58400, TGT 58900-59100.MCX
BUY SILVER SEP 2023 at 70900, SL 70400, TGT 71500-72000.MCX
BUY CRUDEOIL JUL 2023 at 6100, SL 6000, TGT 6250-6350.MCX
BUY NAT GAS JUL 2023 at 220.00, SL 215.00, TGT 226.00-230.00.MCX
BUY COPPER JUL 2023 at 717.00, SL 714.00, TGT 722.00-726.00.MCX
BUY ZINC JUL 2023 at 213.00, SL 211.00, TGT 215.50-217.00.MCX
BUY ALUMINIUM JUL 2023 at195.00, SL 193.00, TGT 198.00-200.00.MCX
BUY LEAD JUL 2023 at 181.00, SL 180.00, TGT 182.00-183.00.MCX
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 60500/10 Gram
22 carat gold price today (Purity 916) – Rs 55900/10 Gram
18 carat gold price today (Purity 750) – Rs 46200/10 Gram
14 carat gold price today (Purity 585) – Rs 36100/10 Gram
Silver Price Today (Purity 999) – Rs 73000 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.
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.