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 28 July 2023, Friday 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 plunged after strong U.S. economic data and gains in the dollar index. Gold hit two-week lows and silver also plunged after the first estimate of U.S. second quarter GDP showed growth of 2.4% against expectations of 2.0%. The U.S. unemployment claims last week also fell to 2,21,000 against expected claims of 2,34,000. The U.S. core durable goods orders showed growth of 0.6%% in July against expected growth of 0.1% while durable goods orders showed growth of 4.7% against expected growth of 1.3%. Better than expected U.S. economic data supported the dollar index as a possibility of further interest rate hikes from the U.S. Fed in September policy meetings increased. The dollar index crossed 101.50 marks and the U.S. 10-year bond yields also crossed 3.90% levels.
Manoj Kumar Jain, Director, Prithvi Finmart
We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and gold could face steep resistance around $1960 per troy ounce while silver could also face resistance around $25.00 per troy ounce levels. Gold has support at $1934-1922, while resistance at $1958-1972 per troy ounce. Silver has support at $24.10-23.84, while resistance is at $24.60-24.88 per troy ounce.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
Resilient US economy and elevated price pressures raised the odds of a September rate hike, increasing the opportunity cost to hold non-interest-bearing precious metals. Meanwhile, European Central Bank raised the interest rates by 25 basis points, a ninth consecutive rate hike, while Euro tumbled as investors perceived ECB press conference as dovish. US PCE price index and personal spending data will be in focus for the day. After yesterday’s sharp plunge, gold prices might see some recovery for the day.
Geojit Intraday Technical Outlook London Gold Spot Market
Gold LBMA Spot: A direct break below $1940 would extend liquidation pressure. Lese, a mild recovery upturn expected the day.
Silver LBMA Spot: Choppy with mild negative momentum expected initially. However, it needs to clear above $25.20 to strengthen the momentum
Data To Watch Today 28 July 2023
28th July 6:00 PM United States Core PCE Price Index m/m -Impact on gold prices is High
28th July 6:00 PM United States Employment Cost Index q/q -Impact on gold prices is High
28th July 6:00 PM United States Personal Income m/m -Impact on gold prices is High
28th July 6:00 PM United States Personal Spending m/m -Impact on gold prices is High
28th July 7:30 PM United States Revised UoM Consumer Sentiment -Impact on gold prices is High
28th July 7:30 PM United States Revised UoM Inflation Expectations -Impact on gold prices is 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 lower for the day as traders weighed strong US economic data that suggested the Federal Reserve has further to go in its battle against inflation. SELL GOLD AUG (MCX) AT 59100 SL 59400 TARGET 58750/58500. SELL SILVER SEPT (MCX) AT 74200 SL 74750 TARGET 73250/72800
Rahul Kalantri, VP Commodities, Mehta Equities Ltd
Gold has support at $1942-1930 while resistance is at $1964-1976. Silver has support at $24.00-23.88, while resistance is at $24.35-24.52. In INR terms gold has support at Rs58,790, 58,680. while resistance is at Rs 59,180, 59,370. Silver has support at Rs73,480-72,820, while resistance is at Rs74,440–74,920.
Ajay Kedia, Director, Kedia Commodity
Gold price dropped downwards strongly to reach 58800 level direct, and it tests this key support now, while it is important to monitor the price behavior according to this level, as breaking it represents negative factor that will push the price to suffer additional losses and head towards 58500 followed by 58200 levels, while consolidating above it will push the price to rise and visit 59200 again.
MCX Gold expected range for the day is 58600 – 59350
Gold expected range for the day is 1932-1968
Geojit MCX Technical Commentary
Gold KG Aug: If unable to move past Rs 59600 there are chances of corrective selling.
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 58770-58580 and resistance at 59100-59330 while silver is having support at 73300-72650 and resistance at 74100-74750. We suggest selling gold on rise around 59150 with a stop loss of 59380 for the target of 58770.
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 61100/10 Gram
22 carat gold price today (Purity 916) – Rs 56500/10 Gram
18 carat gold price today (Purity 750) – Rs 46400/10 Gram
14 carat gold price today (Purity 585) – Rs 36400/10 Gram
Silver Price Today (Purity 999) – Rs 76000 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.
