Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price | London Spot| Federal Reserve: Gold Price, Silver price update for 27 July 2023, Thursday 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.
Comex gold and silver extended its gain despite the U.S. Fed increased interest rates by 25 basis points to 5.50%. After this hike the U.S. Fed interest rates are at their highest levels since 2001. The U.S. Fed increased interest rates as per market expectations but the Fed monetary policy statement is essentially unchanged from the previous policy meeting as the U.S. Fed continue to focus bringing inflation down to the target rate of 2.0%. Market took the policy statements positively and the dollar index also cooled off after monetary policy statements and supported precious metals. Today, the US GDP data and unemployment data are scheduled to be released around 6PM as per Indian time. This release is expected to have an impact on Comex group gold prices.
The Federal Reserve resumed raising interest rates and Chair Jerome Powell left open the possibility of further hikes, which he emphasized will depend on incoming data that has recently signaled a resilient US economy. After pausing rate increases in June, policymakers lifted borrowing costs again at their policy meeting on Wednesday for the 11th time since March 2022 to curb inflation. The quarter percentage-point hike, a unanimous decision, boosted the target range for the Fed’s benchmark federal funds rate to 5.25% to 5.5%, the highest level in 22 years.
Manoj Kumar Jain, Director, Prithvi Finmart
We expect gold and silver prices to remain positive in today’s session ahead of the U.S. GDP and unemployment claims data and gold could hold its support level of $1945 per troy ounce and silver could also hold $24.50 per troy ounce levels. Gold has support at $1958-1945, while resistance at $1984-2000 per troy ounce. Silver has support at $24.70-24.50, while resistance is at $25.20-25.45 per troy ounce.
Geojit Intraday Technical Outlook London Gold Spot Market
Gold LBMA Spot: Prices remain choppy trades inside $1940-1990 levels initially. Breaking any of the sides would suggest fresh short term direction.
Silver LBMA Spot: Recovery upticks expect initially but it needs to clear above $25.20 to strengthen the momentum.
Data To Watch Today 27 July 2023
27th July 6:00 PM United States Advance GDP
27th July 6:00 PM United States Unemployment Claims
27th July 6:00 PM United States Advance GDP Price Index
27th July 6:00 PM United States Core Durable Goods Orders m/m
27th July 6:00 PM United States Durable Goods Orders m/m
27th July 6:00 PM United States Goods Trade Balance
27th July 7:30 PM United States Pending Home Sales m/m
Nirmal Bang Securities Gold Fundamental Outlook For 27 July 2023
Gold and silver prices are trading higher on international bourses. We expect gold to trade higher for the day as traders price in lower odds of further US monetary tightening in September after the Federal Reserve raised rates to the highest level in 22 years. As anticipated, we have witnessed a robust rally in gold prices, with indications pointing towards its potential continuation throughout the day. Therefore, we highly recommend capitalizing on any downward price fluctuations by strategically purchasing, with a target range of 59800-60000 for the day. In yesterday’s trade, Silver outperformed gold in percentage terms, showcasing a positive trading session as it surged from a low of 74550 to reach the impressive level of 75600. The remarkable performance of the white metal suggests a strong bullish sentiment, leading us to believe that it has the potential to reach the 76500-77000 zone in the immediate term.
Rahul Kalantri, VP Commodities, Mehta Equities Ltd
Gold has support at $1964-1952 while resistance is at $1988-1996. Silver has support at $24.88-24.74, while resistance is at $25.20-25.32. In INR terms gold has support at Rs 59,220, 58,980, while resistance is at Rs59,680, 59,840. Silver has support at Rs74,880-74,220, while resistance is at Rs75,940–76,520.
Ajay Kedia, Director, Kedia Commodity
MCX Gold expected range for the day is 59000 – 59850
Gold$ expected range for the day is 1964 – 1996
Sugandha Sachdeva, ED, Acme Investment Advisors
The dollar index however declined following the comments from Fed chair with market participants hoping that the Fed is near the end of its rate hike campaign. A decline in greenback is supportive for gold prices where they have key support at Rs.59000 per 10gm levels. On the other hand, the yellow metal has near-term resistance at Rs. 59700 per 10gm levels or $1985 per ounce. A convincing move above Rs. 59700 per 10gm level could lead to further upside momentum towards Rs. 60500 per 10gm levels in coming days.
Geojit MCX Technical Commentary
Gold KG Aug: Choppy trade inside Rs 60000-58200 levels would continue and either side breakout would suggest fresh short term direction.
Silver KG Sep: Break above the resistance of Rs 77000 would continue rallies. Else, weak momentum is likely in the cards.
Manoj Kumar Jain, Director, Prithvi Finmart
At MCX, gold is having support at 59240-59080 and resistance at 59660-59850 while silver is having support at 74850-74400 and resistance at 75750-76200.
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 61400/10 Gram
22 carat gold price today (Purity 916) – Rs 56800/10 Gram
18 carat gold price today (Purity 750) – Rs 46600/10 Gram
14 carat gold price today (Purity 585) – Rs 36600/10 Gram
Silver Price Today (Purity 999) – Rs 77700 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.