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 24 May 2023, Wednesday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Market and Commodity Expert Sugandha Sachdeva, Ajay Kedia, Kedia Commodity and Anuj Gupta of IIFL Fin Sec, Nirmal Bang Securites, Kotak 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 Tuesday, Comex gold and silver were settled on a weaker note in the international markets. Gold June futures contract were settled at $1,974.50 per troy ounce down by 0.14% and silver July futures contract were settled at $23.62 per troy ounce, down by 0.99%. Comex gold and silver extended its fall amid progress on the U.S. debt ceiling negotiations and strength in the dollar index.
The dollar index hit fresh two month highs and the U.S. 10-year bond yields also trading around 3.70% and pushed precious metals lower. Silver prices hit seven week lows and gold also slipped below $1970 per troy ounce during the session. Reports said President Biden and House Speaker McCarthy on Monday afternoon had productive talks on the U.S. debt-ceiling extension. Both are scheduled to meet again this week on the matter. U.S. Treasury Secretary Janet Yellen has reiterated that the U.S. government could run out of money by June 1 if no new debt-extension deal is reached. Progress on the U.S. debt ceiling negotiations eased safe-haven buying of precious metals. The U.S. Fed will release its May month monetary policy meeting minutes later today and could give further directions to the precious metals.
Manoj Kumar Jain, Director, Prithvi Finmart
‘We expect gold and silver prices to remain volatile in today’s session ahead of the FOMC meeting minutes and could hold its support levels. Gold has support at $1964-1950, while resistance at $1988-2004 per troy ounce. Silver has support at $23.35-23.10, while resistance is at $23.88-24.20 per troy ounce. At MCX, gold is having support at 60000-59770 and resistance at 60440-60660 while silver is having support at 71660-71100 and resistance at 72750-73200. We suggest selling silver on the rise around 72700 with a stop loss of 73300 for the target of 71500.
‘
Nirmal Bang Securities Report on Gold and Silver 24 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 24 May 2023
Gold LBMA Spot: If $1985 remains caps the upside, there are chances to continue selling pressure. Else, mild recovery upticks can be seen for the day
Silver LBMA Spot: There is a stiff resistance is at $24.50 which needs to be cleared for continuation of upticks. Else, selling pressure is on the cards.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
Economic data from the US showed a contraction in Manufacturing activity, which was more than offset by a robust rebound in Services activity. Markets are now pricing in less than 40 bps of rate cuts for the year and the repricing of fed funds is weighing on gold prices. However, the yellow metal might stay buoyed for the day, amid debt ceiling uncertainty and as investors await the FOMC meeting minutes later today, which is expected to signal a June pause and a slightly dovish picture, citing economic headwinds.
Ajay Kedia, Director Kedia Commodity Views 24 May 2023
Comex Gold Support: 1974-1972 Dollar
Comex Gold Resistance: 1975-1981 Dollar
Comex Silver Support: 23.49-23.45 Dollar
Comex Silver Resistance: 23.69-23.61 Dollar
Data to Watch Today 23 May 2023 (India Time)
24th May 07:35 PM United States Treasury Sec Yellen Speaks (Impact on Gold and Silver Prices- MEDIUM)
24th May 11:30 PM United States FOMC Meeting Minutes (Impact on Gold and Silver Prices- HIGH)
24th May – German ifo Business Climate
24th May- Belgian NBB Business Climate
24th May – Crude Oil Inventories
Gold Ratio
Gold Silver Ratio: 84.35
Gold Crude Ratio: 27.33
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1959.65
Gold London PM Fix($/oz): 1969.20
Silver London Fix($/oz): 23.16
ETF Holdings as on Previous Close
SPDR Gold: 942.74 (Long), 5.78 (Short)
iShares Silver: 14,660.03 (Long), 87.12 (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: 1992.80 Dollar (Close), -2.90 Dollar (Change)
Silver($/oz) JUL 23: 23.62 Dollar (Close), -0.24 (Change)
Nirmal Bang Securities Outlook For 24 May 2023
Gold and silver prices are trading flat today on international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day. We recommend buy on dips in gold and silver in intra-day trading sessions, as gold prices held steady in Asia — after a modest gain on Tuesday — as the threat of a US default supported haven demand.
Daily Commodity Calls Nirmal Bang Securities 24 May 2023
BUY GOLD JUNE (MCX) AT 60000 SL 59700 TARGET 60400/60500
BUY SILVER JULY (MCX) AT 71700 SL 71000 TARGET 72800/73300
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 24 May 2023
BUY MCX GOLD JUNE AT 60000 SL 59700 TARGET 60700
BUY MCX Silver July 71600 SL 71000 TARGET 72700
BUY MCX COPPER JUNEAT 712 SL 707 TARGET 719
Buy MCX CRUDEOIL JUNE AT 6000 SL 5900 TARGET 6300
BUY NIFTY AT 18150 SL 18000 TARGET 18350
Geojit Intraday Technical Outlook Gold and Silver 24 May
MCX Gold: Buying momentum may see if prices consistently trades above Rs 60500. Else, choppy trading is expected the day.
MCX Silver: Expect a choppy trade inside Rs 74000-71500 initially, and breaking any of the sides would suggest fresh directional moves for the day.
Kedia Commodity Daily morning calls as on Monday, May 24, 2023
BUY GOLD JUN 2023 at 60100 SL 59850 TGT 60350-60550.MCX
BUY SILVER JUL 2023 at 71900 SL 71500 TGT 72600-73000.MCX
BUY CRUDEOIL JUN 2023 at 6050 SL 5950 TGT 6160-6250.MCX
BUY NAT GAS MAY 2023 at 195.00 SL 190.00 TGT 202.00-206.00.MCX
BUY COPPER MAY 2023 at 710.00 SL 706.00 TGT 716.00-720.00.MCX
BUY ZINC MAY 2023 at 213.00 SL 210.00 TGT 217.00-220.00.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 24 May 2023:
24 carat gold price today (Purity 999)- Rs 62650/10 Gram
23 carat gold price today (Purity 995)- Rs 60400/10 Gram
22 carat gold price today (Purity 916) – Rs 57700/10 Gram
18 carat gold price today (Purity 750) – Rs 47600/10 Gram
14 carat gold price today (Purity 585) – Rs 37400/10 Gram
Silver Price Today (Purity 999) – Rs 73900 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.