Gold price today, Silver price, Comex Gold price: Gold prices crossed $2000 per troy ounce first time since August 2020 on the Comex division. Record gains in the crude oil prices and safe-haven demand supported yellow metal. Know 24, 22 carat gold, 18 carat gold rate, 14 carat gold price and silver price for 8 March 2022, Tuesday. Know Views of India’s Big commodity experts like Ajay Kedia of Kedia Commodity, Manoj Jain of Prithvi Finmart and Anuj Gupta of IIFL Sec on gold and silver.
Silver prices also hit eight month highs during the session and tested $26.35 per troy ounce levels, before settling down to $25.72 per troy ounce.
Despite gains in the dollar index precious metals are showing strength due to escalating war between Russia-Ukraine. Record energy prices will also fuel global inflation and supporting precious metals. Global equity markets plunged again as investors are looking cautious and exiting from the riskier assets.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart says geo-political tensions and higher inflation continue to support precious metal prices. Gold is expected to test $2055 per troy ounce and silver could also test $26.80 per troy ounce in the upcoming sessions. Gold is having support at $1984-1978 per troy ounce and resistance at $2010-2022 per troy ounce while silver is having support at $25.55-25.20 per troy ounce and resistance at $26.00-26.35 per troy ounce.
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According to Jain at MCX, gold is having support at 53100-52770 and resistance at 53850-54200 and silver is having support at 69200-68500 and resistance at 70700-71800 levels. He suggest buying gold around 53300 with a stop loss below 52900 on a closing basis for the target of 54000 and silver around 69600 with a stop loss below 69000 on a closing basis for the target of 71200.
Anuj Gupta, VP of Commodity and Currency in IIFL Sec says for today traders can buy gold around 53100 to 53200 levels with the stop loss of 52700 levels for the target of 53800 levels. They can also go for buy silver around 69300 ti 69500 levels with the stop loss of 68000 for the possible target of 71500 levels.
Gold may test $2020 and silver may test $27 very soon. According to Gupta geopolitical tension coupled with higher crude prices are the major factor for safe haven demand of precious metals.
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Manoj Jain of Prithvi Finmart expect the dollar index to remain firm and if its able to cross 99.40 levels could show further strength towards 100-101.20 levels in the upcoming sessions. On the other hand, the rupee extended its fall against the dollar. Unstoppable sell-off of the FII’s in the domestic equity markets pushing a rupee lower.
Record gains in the global energy and commodity prices are also pushed a rupee lower. India imports its major portion of crude and edible oils for domestic consumption. Higher crude oil and edible oil prices could continue to put pressure on the rupee and the domestic economy. Jain expect a rupee could show further weakness in this week and expected to test 78.0000-78.5000 levels.
Anuj Gupta, IIFL Sec, Daily Commodity Calls- 8 March 2022
BUY MCX COPPER Mar AT 830 sl 815 target 855
Buy crude oil Mar at 9000 Sl 8700 target 9500
Buy USDINR FEB AT 77.00 SL 76.60 TARGET 77.50
Ajay Kedia, Kedia Commodity, Daily Calls 8 March 2022
BUY GOLD Apr 2022 AT 53100 SL 52700 TGT 53550-53850. MCX
BUY SILVER Mar 2022 AT 69000 SL 68500 TGT 70500-71800. MCX
BUY CRUDEOIL Mar 2022 AT 9100 SL 8950 TGT 9350-9500. MCX
Hallmarked Gold Jewellery Price per 10 gm in Chandigarh 7 March 2022
23 carat gold price – Rs 53200
22 carat gold price- Rs 51500
20 carat gold price – Rs 47100
18 carat gold price – Rs 42800
14 carat gold price – Rs 33400
Gold Ginni Price – Rs.42400 per 8 grams
Silver Price 999.9)- Rs 71500/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. Gold Price Today will not be responsible for any loss caused to you.