Gold Rate today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 21 June 2022, Tuesday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart and Anuj Gupta of IIFL Sec on 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.
Gold and silver traded sideways on Monday amid public holiday in the U.S. markets. Both precious metals were settled on a slightly weaker note in the international markets. Gold and silver was stuck in a range amid anticipations of further aggressive hike by the U.S. Federal Reserve in July meetings.
The U.S. Federal Reserve Chairman Jerome Powell said last week he is anticipating either 50 or 75 basis point hikes in the July meeting to control inflation. St. Louis Fed President James Bullard also said on Monday that the Federal Reserve could raise interest rates swiftly this year and it can be a repetition of a tightening cycle of 1994.
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In 1994, the U.S. Federal Reserve raised interest rates rapidly and to 6% in seven aggressive hikes. On the other hand, the dollar index showed some profit taking after ECB’s interest rate hike talks and further rate hike prospects of the Bank of England. Profit taking in the dollar index and slower global growth outlook supported both precious metals. Gold and silver are holding their support levels in the international markets.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect both precious metals to remain volatile this week ahead of the U.S. Federal Reserve Chairman’s testifies later this week and buy on dips strategy could work in both precious metals.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities says COMEX gold trades mixed near $1840/oz as support from choppiness in US dollar, global growth worries, inflation concerns and ETF outflows is countered by higher bond yields and monetary tightening stance of Fed and other central banks. Gold has managed to hold above $1800/oz level despite aggressive moves by central banks which shows that a near term bottom is in place however with Fed emphasizing on monetary tightening, the US dollar may remain supported and this may keep pressure on gold prices
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According to Jain gold is having support at $1828-1812 per troy ounce and resistance at $1854-1870 per troy ounce while silver is having support at $21.30-21.10 per troy ounce and resistance at $21.84-22.10 per troy ounce.
Jain said at MCX, gold is having support at 50550-50380 and resistance at 50900-51050 while silver is having support at 60220-59800 and resistance at 61100-61660. We suggest buying silver on dips around 60300 with a stop loss of 59800 on a closing basis for the target of 61200.
Anuj Gupta, VP, IIFL Fin Sec, Daily Commodity Calls 21 June 2022
BUY Gold Aug at 50500, SL 50300, TARGET 51200
BUY silver july at 60500, SL 59800, TARGET 61700
Buy MCX COPPER June AT 732, SL 727, TARGET 745
SELL MCX Crude Oil june at 8650, SL 8820, TARGET 8350
Buy Nse USDINR June @ 77.90, SL 77.65, TARGET 78.20
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 20 June 2022 (Gold Price Today)
23 carat gold price – Rs 50800
22 carat gold price – Rs 49700
20 carat gold price – Rs 44900
18 carat gold price – Rs 40700
14 carat gold price – Rs 32300
Sone ki Ginni ka Bhav – Rs 41000/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 63500/per kg
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Note: The prices being given to you 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 jewelers add GST, making charges and hallmarking charges to the gold price. Many jewelers also charge a premium for their shop. Therefore, there is a difference in the price of gold and silver at the shop in bullion.
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Disclaimer: This article is written for informational purposes only. This is the opinion of the expert. If you make any investment, first take the advice of your financial advisor. Individuals associated with Gold Price Today do not personally buy, sell or trade gold/silver.
