What is Gold Price Today | What is Silver Rate today | COMEX Gold | Gold | Silver | Comex Group | Comex Group Gold, IBJA, IBJA Gold Price: Know outlook of Comex gold and silver by Prithvi Finmart, Kedia Commodities COMEX Gold and MCX Gold. Check 24, 22, 18, 14 Carat Gold price today and Silver price 4 September 2024, Wednesday.
On Tuesday, both gold and silver settled lower in international markets, reflecting a weaker trend. Gold December futures closed at $2,523.00 per troy ounce, marking a 0.34% decline, while silver December futures dropped by 2.03%, settling at $28.34 per troy ounce. The domestic markets mirrored this downturn, with Gold October futures ending at Rs. 71,381 per 10 grams, down 0.31%, and silver December futures falling 1.54% to Rs. 83,252 per kilogram.
The decline in precious metals came ahead of key U.S. economic data releases, including the JOLTS job openings and employment data expected later this week, prompting market participants to book profits from their long positions. Additionally, crude oil prices plunged to nine-month lows amid reports of a resumption in Libyan oil production, further pressuring gold and silver prices.
Global market dynamics also played a role, as the Bank of Japan’s governor hinted at possible further interest rate hikes, leading to a sell-off in global equity markets and exerting downward pressure on precious metals due to the impact of Yen carry trade. Meanwhile, continued contraction in Chinese manufacturing activity last month raised concerns about demand from China, contributing to the weakness in gold and silver.
Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver prices to remain volatile this week due to fluctuations in the dollar index and the upcoming U.S. job data. However, he believes that gold could hold its key support levels of $2,464 per troy ounce and silver at $27.80 per troy ounce on a weekly closing basis.
In terms of technical levels, Jain noted that gold has support at $2,500-$2,488 and resistance at $2,534-$2,550 per troy ounce. For silver, support is at $28.00-$27.80, with resistance at $28.60-$28.88 per troy ounce in today’s session. On the MCX, gold is supported at Rs. 71,200-Rs. 70,950 and faces resistance at Rs. 71,600-Rs. 71,820, while silver has support at Rs. 82,700-Rs. 82,000 and resistance at Rs. 83,850-Rs. 84,400. Jain recommends selling gold on any rise around Rs. 71,600 with a stop loss at Rs. 71,820, targeting Rs. 71,100.
Big Data Today Wednesday September 04 2024 (India Time)
07:30 PM US JOLTs Job Openings JUL
07:30 PM US Factory Orders MoM JUL
Geojit Group View on Gold and Silver Prices
Gold LBMA Spot
It is required to break above $2530 would extend rallies. Else, choppy trades expected the day.
Silver LBMA Spot
Choppy with mild negative bias expected while prices stay below $28.50
MCX Gold KG Oct
Break below Rs 71000 would extend weakness. If not may see recovery rallies.
MCX Silver KG Dec
Break below Rs 82000 likely continue the weak momentum.
Kedia Commodity View on Gold Silver Price 4 Sept 2024
GOLD – 71381
Resistance: 71760-72145-72525
Support: 70995-70615-70230
SILVER – 83252
Resistance: 84260-85275-86055
Support: 82465-81685-80670
GOLD$ – 2493.35
Resistance: 2508.31-2523.59-2534.79
Support: 2475.72-2458.41-2447.21
SILVER$ – 28.0635
Resistance: 28.51-28.96-29.18
Support: 27.67-27.28-27.06
IBJA Gold Price Today in Carats, fineness and Purity:
Gold 999- Rs 71494
Gold 995- Rs 71208
Gold 916 – Rs 65489
Gold 750- Rs 53621
Gold 585- Rs 41824
Silver 999- Rs 82278
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Note: The prices listed on Gold Price Today are sourced from various jewellers and bullion associations across the country. The price of gold and silver in your city may vary, as local jewellers add GST, making charges, and hallmarking fees to the base price. Additionally, many jewellers charge a premium for their brand, leading to differences in gold and silver prices at different shops.
Disclaimer: The information in this article is intended for informational purposes only and reflects the views of the expert. Before making any investment decisions, it is recommended to seek the advice of a financial advisor. The individuals associated with Gold Price Today do not engage in the personal buying, selling, or trading of gold or silver. We cannot be held liable for any gains or losses incurred.
