Gold price today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 23 May 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 prices gained in the early trading session on Monday after the dollar index sharply fell and slipped to four week lows. Weakness in the dollar index supported precious metals but recovery in the U.S. stock markets and other stock indexes restricted gains of the precious metals. The U.S. stock indexes recovered from 52 week lows after the U.S. says that it will consider lifting some trade tariffs on China.
Gold tested its 38.2% price retracements of current fall before settling down below $1850 per troy ounce. Silver prices also crossed $22 per troy ounce during the session. As per the latest CFTC reports net long positions of gold and silver futures contract drastically reduced after current market fall amid weakness in the U.S. equity markets and hawkish Federal Reserve comments.
St. Louis Federal Reserve Bank President James Bullard reiterated his view that the U.S. central bank ought to raise interest rates to 3.5% this year to get high inflation more quickly under control. “The more we can frontload and the more we can get inflation and inflation expectations under control the better off we will be,” Bullard said in an interview. “And in the out years, ’23 and ’24, we could be lowering the policy rate because we’ve got inflation under control.”
According to Manoj Jain, Director of Commodity and Currency in Prithvi Finmart the FOMC minutes of the May meeting will be released later today and the Federal Reserve Chairman’s speech is also due this week. We expect both precious metals to remain volatile ahead of the FOMC minutes but gold could hold $1800 per troy ounce while silver could also hold $21 per troy ounce levels and any dips in the prices would be a buying opportunity at lower levels.
The European Central Bank is likely to lift its deposit rate out of negative territory by the end of September and could raise it further if it sees inflation stabilising at 2%, ECB President Christine Lagarde said. She was accelerating an already sharp policy turnaround, which has seen her go from all but ruling out rate hikes this year to now pencilling in several in the face of record-high inflation in the euro zone. “Based on the current outlook, we are likely to be in a position to exit negative interest rates by the end of the third quarter,” Lagarde said.
Jain said gold is having support at $1834-1822 per troy ounce and resistance at $1858-1870 per troy ounce while silver is having support at $21.55-21.20 per troy ounce and resistance at $22.00-22.30 per troy ounce. At mcx, gold is having support at 50700-50550 and resistance at 51100-51330 while silver is having support at 60800-60440 and resistance at 61800-62220.
Manoj Jain suggest buying gold on dips around 50700 with a stop loss of 50480 on a closing basis for the target of 51100 and silver around 60900 with a stop loss of 60440 on a closing basis for the target of 62100.
According to Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities COMEX gold trades modestly higher near $1850/oz building on the gains noted last week. Gold has edged up gaining support from weakness in US dollar, lower bond yields and increasing challenges for global economy. ETF inflows also show pick up in investor interest. However, weighing on price is increasing emphasis on monetary tightening to control inflation by Fed and other central banks. Gold has recovered sharply from recent lows indicating improved sentiment after recent sell-off however any sharp rise may be challenged by tightening expectations.
Rahul Kalantri, VP Commodities, Mehta Equities says gold has support at Rs 50,740–50,510, while resistance is at Rs 51,140–51,350. Silver has support at Rs60,910-60,650, while resistance is at Rs 61,680–62,110.
Kedia Advisory, Daily Commodity Calls 24 May 2022
BUY GOLD JUN 2022 @ 50600 SL 50400 TGT 51000-51200.MCX
BUY SILVER JUL 2022 @ 60800 SL 60300 TGT 61500-62000.MCX
SELL CRUDEOIL JUN 2022 @ 8650 SL 8800 TGT 8480-8350.MCX
SELL NAT GAS MAY 2022 @ 680.00 SL 700.00 TGT 645.00-620.00.MCX
BUY COPPER MAY 2022 @ 775.00 SL 770.00 TGT 782.00-786.00.MCX
BUY ZINC MAY 2022 @ 320.00 SL 315.00 TGT 328.00-332.00.MCX
BUY ALUMINIUM MAY 2022 @ 245.00 SL 242.00 TGT 249.00-252.00.MCX
BUY LEAD MAY 2022 @ 184.00 SL 182.00 TGT 187.00-189.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 23 May 2022 (Gold Price Today)
23 carat gold price – Rs 50800
22 carat gold price – Rs 49800
20 carat gold price – Rs 45900
18 carat gold price – Rs 40800
14 carat gold price – Rs 32300
Sone ki Ginni ka Bhav – Rs 41000/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 64200/per kg
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.
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.