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According to Nirmal Bang Securities Report on Gold and Silver, Gold trimmed its biggest weekly slump since early February as US debt-ceiling talks reach a stalemate, boosting demand for the haven. House Speaker Kevin McCarthy’s top debt-ceiling negotiators abruptly left a closed-door meeting with White House representatives soon after it began Friday morning. Federal Reserve chair Jerome Powell said the US central bank may not have to raise its policy rate as much as it would have to otherwise if tighter credit conditions weigh on growth. The dollar extended its decline while Treasury yields pared gains in response. That saw bullion rise as much as 1%, trimming the weekly decline to 1.8%.
“Gold is getting a trifecta of bullish catalysts,” said Ed Moya, senior market analyst at Oanda. “Debt ceiling talks hit a wall, Powell signals rates may not need to rise as high, and Treasury Secretary Yellen reminds us that the banking crisis is far from over and that more mergers may be needed.” US Treasury Secretary Janet Yellen told CEOs of large banks more bank mergers may be necessary at a Thursday meeting, CNN reports, citing two unidentified people familiar with the matter. Spot gold rose 0.9% to $1,975.15 at 11:32 a.m. in New York, still heading for its worst week since early February.
Nirmal Bang Securities Report on Gold and Silver 22 May 2023
After a Sharp fall in gold comex prices supported at lower levels and bounced back to 1980. We are recommending to go long for a pullback till 2000. Silver looks to take a pullback till $24.80-24.90. We are recommending going long between $23.60-23.40 for the target of $24.00-24.20.
Gold LBMA Spot Geojit Daily Report 22 May 2023
Gold LBMA Spot: Mild recovery upticks can be seen as long as the support of $1950 hold downside. A direct drop of which is a downside reversal signal.
Silver LBMA Spot: Choppy trading expected initially, but a stiff resistance is seen at $24.20 which needs to be broken for further rallies.
Ajay Kedia, Director Kedia Commodity Views 22 May 2023
Comex Gold Support: 1979-1977 Dollar
Comex Gold Resistance: 1981-1987 Dollar
Comex Silver Support: 23.84-23.76 Dollar
Comex Silver Resistance: 23.91-24.16 Dollar
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
Fed Chair Jerome Powell said that fallout from the US banking crisis could mean rates might not have to rise as high as they normally would, given the level of inflation. Debt ceiling negotiations, FOMC meeting minutes and Fed’s preferred PCE price index will be in focus for the week.
Data to Watch Today 22 May 2023 (India Time)
Today No Data To Watch
Gold Ratio
Gold Silver Ratio: 83.14
Gold Crude Ratio: 27.96
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1965.55
Gold London PM Fix($/oz): 1961.60
Silver London Fix($/oz): 23.66
ETF Holdings as on Previous Close
SPDR Gold: 936.96 (Long), 00 (Short)
iShares Silver: 14,572.91 (Long), 00 (Short)
Weekly CFTC Positions
Gold($/oz): 162666 (Long), 30877 (Short), 131789 (Net)
Silver: 45779 (Long), 32336, (Short), 13443(Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 2000.30 Dollar (Close), -25.40 Dollar (Change)
Silver($/oz) JUL 23: 24.06 Dollar (Close), -0.26 Dollar (Change)
Nirmal Bang Securities Outlook For 22 May 2023
Gold and silver prices are trading mix today on international bourses. We expect precious metals prices on Indian bourses to trade higher for the day. We recommend buy on dips in gold and silver in intra-day trading sessions, as traders weighed comments from US Federal Reserve Chair Jerome Powell, who on Friday suggested the central bank will pause interest-rate increases next month.
Daily Commodity Calls Nirmal Bang Securities 22 May 2023
BUY GOLD JUNE (MCX) AT 60200 SL 59950 TARGET 60600/60700
BUY SILVER JULY (MCX) AT 72900 SL 72300 TARGET 73800
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 22 May 2023
BUY MCX GOLD JUNE AT 60000 SL 59650 TARGET 60600
BUY MCX Silver July 72700 SL 72000 TARGET 74000
BUY MCX COPPER May AT 718 SL 712 TARGET 732
Buy MCX CRUDEOIL JUNE AT 5800 SL 5700 TARGET 6050
Geojit Intraday Technical Outlook Gold and Silver 22 May
MCX Gold: Recovery upticks are expected while the support of Rs 59500 remains holds downside. A direct drop below the same would trigger weakness.
MCX Silver: Break below Rs 72000 is needed to extend selling pressure. Else, intraday recovery upticks expected.
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Kedia Commodity Daily morning calls as on Monday, May 22, 2023
SELL GOLD JUN 2023 at 60600, SL 60800, TGT 60250-60100.MCX
SELL SILVER JUL 2023 at 73800, SL 74600, TGT 73000-72400.MCX
SELL CRUDEOIL JUN 2023 at 6000, SL 6100, TGT 5900-5800.MCX
SELL NAT GAS MAY 2023 at 215.00, SL 220.00, TGT 208.00-204.00.MCX
BUY COPPER MAY 2023 at 718.00, SL 713.00, TGT 725.00-730.00.MCX
BUY ZINC MAY 2023 at 222.00, SL 219.00, TGT 226.00-229.00.MCX
BUY ALUMINIUM MAY 2023 at 207.00, SL 204.00, TGT 210.00-212.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Price Today in Carats, fineness and Purity 22 May 2023:
24 carat gold price today (Purity 999)- Rs 62550/10 Gram
23 carat gold price today (Purity 995)- Rs 60300/10 Gram
22 carat gold price today (Purity 916) – Rs 57800/10 Gram
18 carat gold price today (Purity 750) – Rs 47500/10 Gram
14 carat gold price today (Purity 585) – Rs 37300/10 Gram
Silver Price Today (Purity 999) – Rs 75100 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.