Gold Rate today | Silver price | Gold | Silver | MCX Gold price |: Gold and Silver price update for 24 March, 2023, Friday. Check 24, 22 carat gold, 18 carat gold rate, 14 carat gold price, Hallmark gold price and silver price in various cities of India. Know outlook on gold and silver by India’s Big commodity experts like Manoj Jain, Prithvi Finmart and Anuj Gupta of IIFL Sec and Commodity Expert Sugandha Sachdeva on gold and silver.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart says Gold and silver extend its gain amid less hawkish comments from the US Fed and weakness in the dollar. Trend positive gold and silver extended its gain on Thursday amid less hawkish comments from the U.S. Fed in its policy meetings. The U.S. Federal Reserve increased interest rates by 25 basis points as per market expectations and comments of the Fed Chairman Jerome Powell in the Press Conference were less hawkish from the previous conversations. The dollar index slipped again and the U.S. 10-year bond yields also slipped below 3.50% and supported precious metals.
Gold is inching closer to $2,000 per troy ounce and trading at nearly one year highs, silver also hits seven week high and crossed $23.0 per troy ounce levels. Gold and silver are in solid bull-run and could continue its momentum in the upcoming sessions. Weakness in the dollar, lower U.S. bond yields, economic growth concerns, geo-political tensions could continue to support precious metals.
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Manoj Jain expect gold could test $2,024 per troy ounce and silver could also test $23.80 per troy ounce levels. Gold has support at $1978-1964, while resistance at $2010-2024 per troy ounce. Silver has support at $22.88-22.55, while resistance is at $23.55-23.80 per troy ounce.
According to Jain at MCX, gold is having support at 59200-58920 and resistance at 59800-60060 while silver is having support at 69550-69100 and resistance at 70800-71450. He suggest buying gold on dips around 59300 with a stop loss of 58950 for the target of 60000 and also suggest buying silver on dips around 69550 with a stop loss of 68900 for the target of 71000.
Commodity and Market expert Sugandha Sachdeva says the hawkish message from the BOE further weighed on the dollar index. The overall trend is positive for gold, but it would be difficult to surpass the ceiling of the $2000 per ounce mark for gold in a hurry, and only a weekly closing above the same would lead to further advances in the precious metal. Downside support rests at Rs.58500 per 10gm mark and then Rs.58000 per 10gm.
Sachdeva says in tandem, silver prices have a key hurdle around $23.5 per ounce or Rs.70500 per kg and further upside is likely only in case this level is breached on a weekly closing basis. Also, with the greenback witnessing some rebound from the 102-odd levels, one should brace for volatile moves as it can act as a headwind for the precious metals after the sharp upside momentum witnessed in recent days.
Jain suggest buying gold above 58850 with a stop loss of 58600 for the target of 59300 and also suggest buying silver above 69550 with a stop loss of 68900 for the target of 70450.
Anuj Gupta, IIFL Fin Sec, Daily Commodity Calls 24 March 2023
BUY MCX GOLD Apr AT 59300, SL 59050, TARGET 59900
BUY MCX Silver May AT 69800, SL 69250, TARGET 71000
BUY MCX COPPER MAR AT 777, SL 772, TARGET 788
Buy MCX CRUDEOIL Apr AT 5700, SL 5500, TARGET 5950
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 23 March 2023 (Gold Price Today)
24 carat gold price – Rs 60750/10 gm
22 carat gold price – Rs 56200/10 gm
20 carat gold price – Rs 51100
18 carat gold price – Rs 46100
14 carat gold price – Rs 37000
Sone ki Ginni ka Bhav – Rs 46400/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 70500/per kg
Gold Rate Today in Dehradun (23 March 2023) (Sarafa Mandal Dehradun)
24 carat gold price (24 carat gold price) – Rs 61000 per 10 grams (Rs 350 Up)
23 carat gold price (958 Hallmark gold price) – 58530
22 carat gold price (916 Hallmark gold price) – 55870
20 carat gold price (833 Hallmark gold price) – 40900
18 carat gold price (750 Hallmark gold price) – 46440
14 carat gold price (583 Hallmark gold price) – 36660
Price of gold ginni (Sone ki Ginni ka Bhav 8 gram 916 Hallmark) – 47200
Silver Price – Rs 71500 per kg
Silver Coin Hallmarked – Rs 835 per piece
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.
