Gold price today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 23 May 2022, Friday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart , Ajay Kedia of Kedia Commodity 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 recovered from their lows last week amid profit taking in the dollar index and downbeat U.S. economic data. The dollar index slipped from 20 year highs and the U.S. 10-year bond yields also cooled off and slipped below 2.80%. Unemployment claims also rises again and existing home sales and the Philly Fed manufacturing index also disappointed.
Gold prices gained around 2% last week and it was the first weekly gain in five weeks. Silver prices also recovered around 6% from their lows amid easing covid-19 restrictions in China. Recovery in industrial metals and lower productions of silver supported prices at lower levels. However, hawkish comments of the U.S. Federal Reserve for aggressive interest rate hikes restricted gains.
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Manoj Jain, Director of Commodity and Currency in Prithvi Finmart says he expect both precious metals to remain volatile this week and continue to hold their respective support levels. Weakness in global equity markets and fear of slower economic growth could support safe haven buying of precious metals. Gold has support at $1832-1818, while resistance at $1858-1870 per troy ounce. Silver has support at $21.55-21.20, while resistance is at $22.00-22.35 per troy ounce.
Jain Said at MCX, gold is having support at 50600-50440 and resistance at 51000-51220 while silver is having support at 60900-60220 and resistance at 61800-62440. We suggest buying gold on dips around 50550 with a stop loss of 50330 on a daily closing basis for the target of 51100 and silver around 61100 with a stop loss of 60600 on daily closing basis for the target of 62400.
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According to Anuj Gupta, Director of Commodity and Currency at India Infoline, the price of gold can touch the level of $1860 on Comex next week. The price of silver can go up to $22.20 in the international market. According to Gupta, the price of gold on MCX can show a level of Rs 51,400 and silver at Rs 63000 per kg on MCX.
According to Ajay Kedia of Kedia Commodity, the price of gold will trade in a big range this week. If the price of gold on MCX breaks the level of Rs 51200, then the price can touch Rs 51800. If the price of silver on MCX goes above 62500, then it can go up to Rs 64000. On the other hand, the price has support at Rs 60000 in the bottom.
Rahul Kalantri, VP Commodities at Mehta Equities said this week investors’ focus will remain on the release of the Fed Open Market Committee (FOMC) report, which is due on Friday. Gold has support at $1832-1820, while resistance is at $1858-1870. Silver has support at $21.48-21.20, while resistance is at $22.10-22.38. In INR terms gold has support at Rs 50,640–50,410, while resistance is at Rs51,140–51,350. Silver has support at Rs61,010-60,750, while resistance is at Rs62,350–62,610.
Kedia Advisory says gold prices remained supported as dollar weakened, while growing economic concerns put bullion on track for its best week since at least late-March. Recession fears have grown more recently and because of the volatility in equity markets there will be more interest in gold.
Kedia Advisory, Daily Commodity Calls 23 May 2022
BUY GOLD JUN 2022 @ 50600 SL 50400 TGT 51000-51200.MCX
BUY SILVER JUL 2022 @ 61000 SL 60400 TGT 61800-62400.MCX
SELL CRUDEOIL JUN 2022 @ 8750 SL 8900 TGT 8580-8450.MCX
BUY NAT GAS MAY 2022 @ 610.00 SL 590.00 TGT 645.00-660.00.MCX
BUY COPPER MAY 2022 @ 765.00 SL 760.00 TGT 772.00-778.00.MCX
BUY ZINC MAY 2022 @ 317.00 SL 315.00 TGT 322.00-324.00.MCX
BUY ALUMINIUM MAY 2022 @ 245.00 SL 242.00 TGT 249.00-252.00.MCX
BUY LEAD MAY 2022 @ 182.50 SL 181.00 TGT 184.50-186.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 21 May 2022 (Gold Price Today)
23 carat gold price – Rs 50700
22 carat gold price – Rs 49700
20 carat gold price – Rs 44900
18 carat gold price – Rs 40700
14 carat gold price – Rs 32200
Sone ki Ginni ka Bhav – Rs 40900/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 64000/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.