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 showed very high price volatility and gained in the early trading session due to short coverings but unable to hold sessions gain after FOMC minutes show the Fed is looking for further interest rate hikes in this year. The FOMC minutes shows that almost all members are in favour for additional increase in the interest rates and feel appropriate as the U.S. inflation is still above the Federal Reserve’s target rate of 2.0%. The dollar index and the U.S. 10-year bond yields gained after FOMC minutes and caped gains of precious metals. Silver showed some buying interest at lower levels but strength in the dollar could halt the rally.
Manoj Kumar Jain, Director, Prithvi Finmart
‘We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. job reports but continue to hold its key support levels. Gold has support at $1914-1904, while resistance at $1940-1958 per troy ounce. Silver has support at $23.10-22.84, while resistance is at $23.70-24.00 per troy ounce.We recommend buying around 23.50-40 for a target of 24.60-80.’
Comex Gold and Silver Update by Nirmal Bang Securities 6July 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.’
Geojit London Gold Spot Technical Commentary 6 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: Inability to move past $23.50 would correct prices further lower. Otherwise choppy trading is on the cards.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
‘All officials continued to anticipate that, with inflation still well above the 2% goal and the labor market remaining very tight, maintaining a restrictive stance would be appropriate, and almost all saw the need to raise borrowing costs again this year. Dollar index advanced towards 103.3 levels and treasury yields held ground, as markets digested slightly hawkish minutes. Nevertheless, concerns regarding an economic slowdown are prompting investors to price in another 25 bps hike for July and a pause after that, deviating from the FOMC’s Summary of Economic Projections. US ISM Services PMI and Labour market indicators will be in focus for the day. Better than expected data might increase the odds of a September hike and prove to be a headwind for gold prices’
MOSt Commodities Daily Report – July 6th, 2023
Data to Watch Today 6 July 2023 (India Time)
06th July 05:00 PM United States Challenger Job Cuts y/y – 286.7% Low
06th July 05:45 PM United States ADP Non-Farm Employment Change 226K 278K High
06th July 06:00 PM United States Unemployment Claims 247K 239K High
06th July 06:00 PM United States Trade Balance -68.9B -74.6B Low
06th July 07:15 PM United States Final Services PMI 54.1 54.1 Low
06th July 07:30 PM United States ISM Services PMI 51.3 50.3 High
06th July 07:30 PM United States JOLTS Job Openings 9.93M 10.10M High
Gold Ratio
Gold Silver Ratio: 83.35
Gold Crude Ratio: 26.84
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1928.30
Gold London PM Fix($/oz): 1924.65
Silver London Fix($/oz): 22.81
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: 1927.10 Dollar (Close), -2.40 (Change)
Silver($/oz) JUL 23: 23.40 Dollar (Close), 0.29 (Change)
Nirmal Bang Securities Gold Fundamental Outlook For 6 July 2023
Fundamental Outlook: Gold and silver prices are trading flat on international bourses. We expect gold to trade sideways to lower for the day as hawkish signals from the Federal Reserve’s latest meeting minutes will weigh down on prices.
Geojit MCX Gold Technical Commentary
Gold KG Aug: If the support of Rs 57500 hold downside, expect recovery momentum. A direct dip below the same would trigger major liquidation pressure.
Silver KG Sep: Break above Rs 71000 would trigger recovery upticks. Else, it may continue weak trades for the day.
SMC Global Securities Views on MCX Gold and Silver 6 July 2023
‘Gold may trade in the range of 58200-58700, Silver also trades in the range of 70200-71300 where buying near support is advised. Gold prices were flat in early Asian trade on Thursday as investors digested minutes from the Federal Reserve’s latest meeting, while positioning for a raft of economic data that could influence the U.S. central bank’s policy trajectory.’
Daily Commodity Calls Nirmal Bang Securities 6 July 2023
SELL GOLD AUG (MCX) AT 58600 SL 58850 TARGET 58400/58200
BUY SILVER JULY (MCX) AT 71000 SL 70400 TARGET 71850/72200
Manoj Kumar Jain, Director, Prithvi Finmart 6 July 2023 Views
‘At MCX, gold is having support at 58280-58100 and resistance at 58660-58850 while silver is having support at 70750-70200 and resistance at 71800-72350. We suggest buying gold on dips around 58200 with a stop loss of 57950 for the target of 58700.’
Kedia Commodity Daily morning calls as on Tuesday, July 6, 2023
BUY GOLD AUG 2023 @ 58250 SL 58050 TGT 58550-58700.MCX
BUY SILVER SEP 2023 @ 70500 SL 69800 TGT 71500-72200.MCX
SELL CRUDEOIL JUL 2023 @ 5980 SL 6080 TGT 5880-5780.MCX
BUY NAT GAS JUL 2023 @ 217.00 SL 212.00 TGT 223.00-228.00.MCX
BUY COPPER JUL 2023 @ 713.00 SL 709.00 TGT 718.00-722.00.MCX
BUY ZINC JUL 2023 @ 212.00 SL 210.00 TGT 215.00-217.00.MCX
BUY ALUMINIUM JUL 2023 @ 194.00 SL 192.00 TGT 197.00-1199.00.MCX
BUY LEAD JUL 2023 @ 181.00 SL 180.00 TGT 182.00-183.00.MCX
Anuj Gupta, VP, IIFL Sec, MCX Commodity Calls 6 July 2023
Buy MCX crudeoil july at 5850 SL 5700 TARGET 6050
Buy MCX GOLD Aug at 58200 SL 58000 TARGET 58700
Buy MCX SILVER 70500 SL 69600 TARGET 72000
BUY MCX COPPER JULY AT 715 SL 709 TARGET 725
BUY NSE NIFTY AT 19350 SL 19250 TARGET 19580
BUY BANKNIFTY AT 44800 SL 44500 TARGET 45400
BUY SENSEX AT 65100 SL 64700 TARGET 65700
BUY USDINR AT 82.10 SL 81.90 TARGET 82.30
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 55600/10 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 73300 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.
