Gold price today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 30 May 2022, Monday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Anuj Gupta of IIFL Sec and Rahul Kalantri of Mehta Equities 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 second straight week amid weakness in the dollar and improving U.S. inflation and consumer spending. The dollar index slipped to one month lows last week after recovery in the U.S. equity markets and softens U.S. bond yields. The benchmark 10-year bond yields in the United States slipped below 2.75% after market and trader discounted Fed rate hikes. Improvement in the U.S. inflation and consumer spending also pushed the dollar index and bond yields lower and supported precious metals.
Gold and silver prices were also supported by downbeat U.S. economic data released last week. Gold prices crossed $1850 per troy ounce and silver prices also crossed $22 per troy ounce on a weekly closing basis. Looking to the support in the industrial metals Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expecting silver prices could show further strength in the upcoming sessions. Gold has support at $1838-1822, while resistance at $1864-1878 per troy ounce. Silver has support at $21.84-21.55, while resistance is at $22.55-22.80 per troy ounce.
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Jain said at MCX gold is having support at 50770-50600 and resistance at 51100-51330 while silver is having support at 61660-61200 and resistance at 62800-63300. We suggest buying silver around 61900 with a stop loss at 61200 on a daily closing basis for the target of 63200.
According to Kedia Advisory gold discounts widened in India as demand faltered due to rise in prices, while demand in top consumer China was yet to see a substantial pick-up as COVID-induced restrictions were being gradually eased. Dealers were offering a discount of up to $5 an ounce over official domestic prices, down from the last week’s discount of $2.
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Demand in China was muted with discounts hovering around $2 per ounce, the same as last week. In Hong Kong, gold was sold at a discount of about $2, while Singapore saw premiums between $1.20 and $1.70 an ounce.
Anuj Gupta, VP of Commodity and Currency in IIFL Fin says gold, silver were trading positive last week. Weakness in dollar and lower bond yield supports the gold and silver prices. Gupta said gold may test $1880 levels and Silver may test $22.50 levels soon.
Rahul Kalantri, VP Commodities, Mehta Equities says last two weeks have been bullish for Gold and Silver, a stark difference from the first week of May where bullions fell more than expected. This is partly due to the USD finally taking a breath in its first signs of weakness this year. If the U.S. Dollar continues to fall then we might see this as the beginning of another uptrend for gold.
Rahul Kalantri said gold and silver could be seen reversing their trends, with bullions trying to break into to the upside in morning trades by hovering above their resistance levels. In this week, the key to watch is will the gold ends above $1867 and silver closes above 22.40? Silver renews intraday top past $22.00, extending the previous two-day uptrend, as buyers cheer softer US dollar and technical signals to keep the reins during Monday’s sluggish session.
Kalantri said moving on, a light calendar and a bank holiday on monday in the US may restrict gold’s immediate moves. However, risk catalysts will be important to watch for fresh impulse, which in turn highlight headlines from Russia and China. Above all, this week’s US jobs report for April may also help in turn could weigh on gold and silver prices.
Kedia Advisory, Daily Commodity Calls 30 May 2022
BUY GOLD AUG 2022 @ 50700 SL 50450 TGT 51000-51200.MCX
BUY SILVER JUL 2022 @ 61500 SL 61000 TGT 62400-63000.MCX
SELL CRUDEOIL JUN 2022 @ 8950 SL 9120 TGT 8750-8650.MCX
BUY NAT GAS JUN 2022 @ 640.00 SL 620.00 TGT 670.00-690.00.MCX
BUY COPPER JUN 2022 @ 772.00 SL 767.00 TGT 780.00-785.00.MCX
BUY ZINC JUN 2022 @ 325.00 SL 320.00 TGT 334.00-338.00.MCX
BUY ALUMINIUM JUN 2022 @ 239.00 SL 235.00 TGT 245.00-248.00.MCX
BUY LEAD JUN 2022 @ 182.00 SL 180.00 TGT 185.00-187.00.MCX
Anuj Gupta, IIFL Sec, Daily Commodity Calls 30 May 2022
Buy Gold June at 50700, SL 50450, TARGET 51200
Buy Silver July at 62000, SL 61400, TARGET 62900
Buy MCX Copper June AT 772, SL764, TARGET 786
Buy MCX Crude Oil june at 8750, SL 8500, TARGET 9100
Sell Nse USDINR June @ 77.90, SL 78.20, TARGET 77.30
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 29 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 64500/per kg
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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.