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 5 July 2023, Wednesday. 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.
Gold and silver extended its gains ahead of the U.S. Fed June month policy meeting minutes. The U.S. Fed Chairman reiterated over the last two weeks in various testimony and speeches for two more rate hikes in this year. As per the U.S. Fed sentiment meter 88% chances of 25 basis point rate hikes in July policy meetings and market already priced in July rate hikes. Gold and silver gained amid bargain buying at lower levels and slower global economic growth prospects supported safe-haven demand for precious metals.
Manoj Kumar Jain, Director, Prithvi Finmart
‘Gold is holding $1900 per troy ounce and silver is also holding $22.50 per troy ounce levels. However, uptick in the U.S. bond yields is restricting gains for precious metals. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the Fed meeting minutes. Gold has support at $1922-1910, while resistance at $1945-1958 per troy ounce. Silver has support at $22.84-22.60, while resistance is at $23.45-23.70 per troy ounce.’
Comex Gold and Silver Update by Nirmal Bang Securities 5 July 2023
‘Gold prices are supported at lower levels like 1940-44 and likely to test 1970-90. We are recommending to buy on dips around 1955-50 for a target of 1970-80. We recommend buying around 23.50-40 for a target of 24.60-80.’
Geojit London Gold Spot Technical Commentary 5 July 2023
Gold LBMA Spot: Consistent trades above $1940 is needed to extend recovery upticks. Else, choppy with mild negative bias trading expected the day
Silver LBMA Spot: Consistent trades above $23 would lift price further higher. Otherwise choppy trading is on the cards.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
‘FOMC June meeting minutes will be released later today. Minutes might show official’s willing to raise rates further to curb inflation. Fed Chair Powell reinforced last week that interest rates will continue to rise this year and telegraphed two more quarter point hikes. US Labour data this week will set expectations for Fed policy outcome ahead of the next FOMC meeting on 26th July. Better than expected data might be a headwind for gold prices in the short term.’
MOSt Commodities Daily Report – July 5th, 2023
Data to Watch Today 5 July 2023 (India Time)
05th July 07:30 PM United States Factory Orders m/m 0.7% 0.4% Low
05th July 07:30 PM United States FOMC Meeting Minutes
Gold Ratio
Gold Silver Ratio: 83.48
Gold Crude Ratio: 27.65
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1929.75
Gold London PM Fix($/oz): 1927.75
Silver London Fix($/oz): 23.01
ETF Holdings as on Previous Close
SPDR Gold: 921.90 (Long), -2.60 (Short)
iShares Silver: 14,560.82 (Long), 00 (Short)
Weekly CFTC Positions
Gold($/oz): 122450 (Long), 35978 (Short), 86472 (Net)
Silver: 33921 (Long), 22286 (Short), 11635 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 1929.50 Dollar (Close), 0.10 (Change)
Silver($/oz) JUL 23: 23.11 Dollar (Close), 0.09 (Change)
Nirmal Bang Securities Gold Fundamental Outlook For 5 July 2023
Gold and silver prices are trading flat on international bourses. We expect gold to trade sideways to higher for the day as traders look ahead to Friday’s US nonfarm payrolls report, which may offer fresh hints on the Federal Reserve’s monetary-policy path.
Geojit MCX Gold Technical Commentary
Gold KG Aug: As long as the support of Rs 57500 hold downside, expect recovery momentum. A direct dip below the same would trigger major liquidation pressure.
Silver KG Sep: Prices needs to break above Rs 71000 to trigger recovery upticks. Else, it may continue weak trades for the day.
SMC Global Securities Views on MCX Gold and Silver 5 July 2023
Gold may trade in the range of 58200-58700, Silver also trades in the range of 70200-70900 where buying near support is advised. Gold held steady on Wednesday ahead of the release of the U.S. Federal Reserve’s latest monetary policy meeting minutes and other economic data, with a firmer dollar keeping prices in check. Investors will look out for minutes of the June 13-14 FOMC meeting when the central bank held rates steady at 5%-5.25% and signalled the need to deliver at least two more quarter-point interest rate hikes before the end of the year.
Daily Commodity Calls Nirmal Bang Securities 5 July 2023
BUY GOLD AUG (MCX) AT 58300 SL 58050 TARGET 58600/58750
BUY SILVER SEPT (MCX) AT 70300 SL 69700 TARGET 71000/71500
Manoj Kumar Jain, Director, Prithvi Finmart 5 July 2023 Views
At mcx, gold is having support at 58200-58050 and resistance at 58550-58720 while silver is having support at 70100-69750 and resistance at 70850-71400. We suggest buying silver on dips around 70100 with a stop loss of 69650 for the target of 71100.’
Kedia Commodity Daily morning calls as on Tuesday, July 5, 2023
Daily morning calls as on Wednesday, July 5, 2023
BUY GOLD AUG 2023 @ 58200 SL 57950 TGT 58500-58700.MCX
BUY SILVER SEP 2023 @ 69800 SL 69200 TGT 70800-71500.MCX
SELL CRUDEOIL JUL 2023 @ 5900 SL 5980 TGT 5820-5750.MCX
BUY NAT GAS JUL 2023 @ 229.00 SL 225.00 TGT 222.00-218.00.MCX
BUY COPPER JUL 2023 @ 712.00 SL 708.00 TGT 717.00-720.00.MCX
BUY ZINC JUL 2023 @ 213.00 SL 211.00 TGT 216.50-218.50.MCX
BUY ALUMINIUM JUL 2023 @ 194.00 SL 192.00 TGT 197.00-1199.00.MCX
BUY LEAD JUL 2023 @ 182.00 SL 181.00 TGT 183.00-184.00.MCX
Anuj Gupta, VP, IIFL Sec, MCX Commodity Calls 5 July 2023
Buy mcx crudeoil july at 5750 SL 5650 TARGET 5950
Buy MCX GOLD Aug at 58200 SL 58000 TARGET 58700
Buy MCX SILVER 70000 SL 69400 TARGET 71000
BUY MCX COPPER JULY AT 711 SL 706 TARGET 722
BUY NSE NIFTY AT 19350 SL 19250 TARGET 19580
BUY BANKNIFTY AT 45100 SL 44700 TARGET 45700
BUY SENSEX AT 65100 SL 64700 TARGET 65700
SELL USDINR AT 82.10 SL 82.25 TARGET 81.75
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 60150/10 Gram
22 carat gold price today (Purity 916) – Rs 58000/10 Gram
18 carat gold price today (Purity 750) – Rs 45700/10 Gram
14 carat gold price today (Purity 585) – Rs 35900/10 Gram
Silver Price Today (Purity 999) – Rs 72400 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.
