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 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.
On Friday Comex gold and silver showed very high price volatility and showed profit taking after better than expected U.S. economic data and recovery in the dollar index but prices recovered from their lows after cooling off U.S. inflation. The U.S. PCE price index rose by 0.2% in June compared to an increase of 0.3% in May. Core inflation rose 4.1% annually which is a dramatic decline from the annual increase in May which came in at 4.6%. Despite cooling off U.S. inflation it is still well above from the Fed’s target rate of 2.0%. However, yield tweak by Bank of Japan and recovery in the euro could support gold and silver prices in the international markets.
Manoj Kumar Jain, Director, Prithvi Finmart
We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and gold could hold its support level of $1922 per troy ounce while silver could also hold its support level of $23.80 per troy ounce in the international markets. Gold has support at $1945-1934, while resistance at $1972-1988 per troy ounce. Silver has support at $24.20-24.00, while resistance is at $24.70-24.88 per troy ounce.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
US Labour data and ISM PMIs will be in spotlight for this week. Bank of England monetary policy meeting and Final PMIs from other major economies will add to the volatility. Any signs of strength in US Jobs market or expansion in ISM PMIs might raise the odds of a September hike. Dollar might stay buoyed amid US economic outperformance compared with the peers that might pressurize gold prices in the week.
Geojit Intraday Technical Outlook London Gold Spot Market
Gold LBMA Spot: Prices most likely congested inside $1970-1940 levels initially and breaking any of the sides would suggest fresh directional move for the day.
Silver LBMA Spot: Mild negative momentum expected initially. However, it needs to clear above $25.20 to strengthen the momentum.
Data To Watch Today 31 July 2023
31st July 7:15 PM United States Chicago PMI 43.3 41.5 Low
Nirmal Bang Securities Gold Fundamental Outlook For 27 July 2023
Gold and silver prices are trading lower on international bourses. We expect gold to trade sideways to higher for the day as mixed US economic data muddied the outlook for the Federal Reserve’s likely rate path, amid conjecture on whether its economy is running too hot or too cold.
BUY GOLD OCT (MCX) AT 59650 SL 59400 TARGET 59850/60000
SELL SILVER SEPT (MCX) AT 74200 SL 74750 TARGET 73250/72800
Rahul Kalantri, VP Commodities, Mehta Equities Ltd
Gold has support at $1946-1934 while resistance is at $1969-1978. Silver has support at $24.14-23.98, while resistance is at $24.50-24.65. In INR terms gold has support at Rs59,150, 58,980. while resistance is at Rs59,590, 59,670. Silver has support at Rs73,880-73,220, while resistance is at Rs74,940–75,520.
Ajay Kedia, Director, Kedia Commodity
Gold price shows some slight bearish bias now to move near the key support 59400, waiting to resume the expected bullish wave for today, which depends on the price stability above this level, supported by stochastic positivity, reminding you that our expected target is located at 60000. On the other hand, we should note that breaking 59400 will put the price under additional negative pressure that targets 59000 followed by 58800 areas on the near-term basis.
MCX Gold expected range for the day is 59300 – 60200
Gold$ expected range for the day is 1940$-1974$
Geojit MCX Technical Commentary
Gold KG Aug: Consistent trades above Rs 59600 would lift price higher. Likewise unexpected drop below Rs 58700 would weaken the momentum.
Silver KG Sep: Inability to break the resistance of Rs 77000 would extend selling pressure. Major support is placed at Rs 70000.
Manoj Kumar Jain, Director, Prithvi Finmart
At MCX, gold is having support at 59550-59400 and resistance at 59920-60050 while silver is having support at 73550-73200 and resistance at 74650-75200. We suggest buying silver on dips around 73650 with a stop loss of 73200 for the target of 74650.
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 61200/10 Gram
22 carat gold price today (Purity 916) – Rs 56600/10 Gram
18 carat gold price today (Purity 750) – Rs 46400/10 Gram
14 carat gold price today (Purity 585) – Rs 36500/10 Gram
Silver Price Today (Purity 999) – Rs 76700 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.