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 10 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.
Gold and silver showed very high price volatility and gained in the early trading session due to short coverings but unable to hold sessions gain after FOMC minutes show the Fed is looking for further interest rate hikes in this year. The FOMC minutes shows that almost all members are in favour for additional increase in the interest rates and feel appropriate as the U.S. inflation is still above the Federal Reserve’s target rate of 2.0%.
The dollar index and the U.S. 10-year bond yields gained after FOMC minutes and caped gains of precious metals. Silver showed some buying interest at lower levels but strength in the dollar could halt the rally.
Manoj Kumar Jain, Director, Prithvi Finmart
We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. job reports but continue to hold its key support levels. Gold has support at $1914-1904, while resistance at $1940-1958 per troy ounce. Silver has support at $23.10-22.84, while resistance is at $23.70-24.00 per troy ounce.
Comex Gold and Silver Update by Nirmal Bang Securities 10 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 10 July 2023
Gold LBMA Spot:Consistent trades above $1940 is needed to extend recovery upticks. Else, choppy with mild negative bias trading expected the day.
Silver LBMA Spot: A direct break above $23.50 would extend recovery upticks. Else, choppy trading is on the cards.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
‘However, Friday’s Labour data showed signs of slowdown in the jobs marker, with NFP showing 209K job additions, the lowest since December 2020. Dollar index fell sharply following the data, while yields held ground, limiting the upside in gold prices. US CPI data will be in focus for the week, with headline inflation expected to ease to 3.1% and core to remain sticky at 5% y/y. We might see a rebound in gold prices if data surprises on the downside.’
MOSt Commodities Daily Report – July 10, 2023
Data to Watch Today 10 July 2023 (India Time)
10th July 7:30 PM United States Wholesale Inventories (MoM) (May)
10th July 7:30 PM United States Fed Vice Chair for Supervision Barr Speaks
10th July 8:00 PM United States FOMC Member Daly Speaks
10th July 8:30 PM United States FOMC Member Mester Speaks
10th July 8:30 PM United States Consumer Inflation Expectations
10th July 9:30 PM United States FOMC Member Bostic Speaks
Gold Ratio
Gold Silver Ratio: 82.98
Gold Crude Ratio: 26.16
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1915.65
Gold London PM Fix($/oz): 1922.30
Silver London Fix($/oz): 22.72
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: 1932.50 Dollar (Close), –11.70 (Change)
Silver($/oz) JUL 23: 23.29 Dollar (Close), -0.51 (Change)
Nirmal Bang Securities Gold Fundamental Outlook For 10 July 2023
Fundamental Outlook: 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 would call for recovery upticks.
Silver KG Sep: While prices stay above Rs 71000 mild positive outlook is on the cards. Further liquidation is seen only below Rs 68000.
SMC Global Securities Views on MCX Gold and Silver 10 July 2023
‘Gold may trade in the range of 58500-59000, Silver also trades in the range of 71000-71600 where buying near support is advised. Gold prices edged higher in early Asian hours on Monday after U.S. jobs data last week cast doubts over the labour market’s strength, prompting investors to be more sceptical of the Federal Reserve’s rate hike trajectory.’
Daily Commodity Calls Nirmal Bang Securities 10 July 2023
BUY GOLD AUG (MCX) AT 58600 SL 58400 TARGET 58850/59000
BUY SILVER SEPT (MCX) AT 71000 SL 70300 TARGET 72000/72500
Manoj Kumar Jain, Director, Prithvi Finmart 10 July 2023 Views
‘At mcx, gold is having support at 58280-58100 and resistance at 58660-58850 while silver is having support at 70750-70200 and resistance at 71800-72350. We suggest buying gold on dips around 58200 with a stop loss of 57950 for the target of 58700.’
Sugandha Sachdeva, ED, Acme Investment
‘Looking ahead, the price set-up indicates a strong base in sight at $1,890 per ounce and around Rs.57,500-57,600 per 10 gms from where we have seen a rebound. This momentum is likely to continue for the week ahead, where dips could be used to accumulate the yellow metal. We expect gold prices to edge higher towards Rs.59,200-59,250 per 10 gms in the near-term.’
Kedia Commodity Daily morning calls as on Tuesday, July 10, 2023
BUY GOLD AUG 2023 @ 58550 SL 58350 TGT 58850-59000.MCX
BUY SILVER SEP 2023 @ 70800 SL 70300 TGT 71800-72500.MCX
SELL CRUDEOIL JUL 2023 @ 6100 SL 6200 TGT 6000-5900.MCX
BUY NAT GAS JUL 2023 @ 208.00 SL 204.00 TGT 213.00-218.00.MCX
BUY COPPER JUL 2023 @ 717.00 SL 712.00 TGT 723.00-728.00.MCX
BUY ZINC JUL 2023 @ 213.00 SL 210.00 TGT 216.00-218.00.MCX
BUY ALUMINIUM JUL 2023 @ 194.00 SL 192.00 TGT 197.00-1199.00.MCX
BUY LEAD JUL 2023 @ 181.00 SL 180.00 TGT 182.00-183.00.MCX
Anuj Gupta, VP, IIFL Sec
‘Gold has suppprt at 58400 ($1910) and then 57800 ($1880) levels while resistance at 59300 ($1940) and then 59800 ($1960) levels. For next Week we are recommending to buy gold near to 58200 to 58400 with the stoploss of 57800 levels for the target of 59300 levels. Silver Support at 69500 level ($22.40) and 68000 ($21.80) levels, while restarted at 72500($23.50) and then 74000($24.20) levels. Silver may test 72500 to 73000 levels very soon again.’
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 60400/10 Gram
22 carat gold price today (Purity 916) – Rs 55800/10 Gram
18 carat gold price today (Purity 750) – Rs 45900/10 Gram
14 carat gold price today (Purity 585) – Rs 36100/10 Gram
Silver Price Today (Purity 999) – Rs 72900 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.
