Gold Rate today | Silver price | Gold | Silver | MCX Gold price : Gold Price, Silver price update for 3 April Monday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Market and Commodity Expert Sugandha Sachdeva, Ajay Kedia, 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.
According to Manoj Kumar Jain Director of Commodity and Currency in Prithvi Finmart gold prices unable to sustain above $2,000 per troy ounce amid rebound in the dollar index. Silver outperforms gold amid improved demand for industrial metals from China and easing banking crises in the United States and European Union.
Silver prices crossed $24 per troy ounce and hit two month highs. Prices also crossed 72,000 marks on a monthly closing basis in the domestic markets. The U.S. economic data released last week were mixed and expectation of cooling off inflation could further support prices of precious metals. The dollar index is also facing steep resistance amid possibilities of pause in the U.S. Fed interest rate hike cycle. The U.S. 10-year bond yields also slipped below 3.50% once again and supported gold and silver prices.
Manoj Jain said we expect gold and silver prices to remain volatile this week ahead of the U.S. non-farm employment data and could hold its respective support levels. Gold has support at $1972-1958, while resistance at $2000-2014 per troy ounce. Silver has support at $24.00-23.70, while resistance is at $24.50-24.80 per troy ounce.
Jain said at mcx, gold is having support at 59400-59180 and resistance at 59800-60060 while silver is having support at 71700-71220 and resistance at 72700-73300. We suggest buying silver on dips around 71750 with a stop loss of 71200 for the target of 73200 and wait for some corrective dips for initiating fresh positions in gold.
Commodity Market expert Sugandha Sachdeva said ‘gold prices witnessed a remarkable advance in March and remained one of the best-performing assets in the first quarter of this year, gaining by around 8 percent. It was the second consecutive quarter where prices remained in the positive territory, reflecting buying exuberance.’
According to Sachdeva ‘expectations of a dovish pilot by the US Fed, persistent inflation worries, concerns of a slowdown in global growth momentum, and strong buying by the central banks have buoyed the prices of the metal considered to be a safe-haven. Concerns about the contagion from the US banking sector crisis and volatility in financial markets further accentuated interest in gold deemed as a hedge against any economic or geopolitical uncertainty. Weakness in the dollar index wherein it softened for the second consecutive quarter further prompted the continuation of a move on the upwards incline.’
Sachdeva said ‘the overall price setup still indicates further room for upside in the precious metal in the long term given that the rates are likely to peak out very soon which could be a boon for gold prices, but buying on some declines would be the apt strategy. While considering the near-term outlook, prices seem prone to the risks of profit booking where the level of $2000 per ounce mark is acting as a major barrier in the international markets, while the Rs.60600 per 10gm mark remains near-term resistance in the June contract.’
She said ‘only a convincing move past these key levels would further lead to a flare-up in prices. With concerns about the US financial sector receding and revival of “risk on” trade in the global markets, gold prices may give way to some selling pressure in the coming days, where support is seen at Rs.58000 per 10gm mark and then Rs.56700 per 10gm mark.’
According to Anuj Gupta, VP of Commodity and Currency in IIFL Fin Sec ‘technically the trend of precious metals is positive and we are recommending buy in gold and silver on lower levels for the next week. Gold has an immediate support at 59300 ($1960 and then 58800 ($1945) while resistance at 60300 ($1990) and then 60800 ($2010) levels. Silver has an immediate support at 70500 and then 69000 levels while resistance at 73000 and then 75000 levels.’
Weekly Outlook by Augmont says ‘Furthermore, credit availability is dwindling, inflation remains high, and the United States is on the verge of a recession. When the banking crisis resurfaces in coming weeks, the price of gold will rise above $2100/oz (Rs 62000/10 gm) as people seek safety.
According to Augmont outlook ‘Silver, which is called poor cousin of gold has been rising continously from in March. Silver demand should benefit from the adoption of 5G technologies, electric vehicles, and the solar energy sector. Silver is expected to touch Rs 73000 and Rs 75000 very soon.’
Anuj Gupta, IIFL Fin Sec, Daily Commodity Calls 3 April 2023
BUY MCX GOLD June AT 59500, SL 59250, TARGET 60100
BUY MCX SILVER MAY AT 71500, SL 71000, TARGET 72800
BUY MCX COPPER APRIL AT 774, SL 768, TARGET 784
Buy mcx crudeoil April at 6150, SL 6000, TARGET 6500
Kedia Advisory, Daily morning calls as on Wednesday, 3 April 2023
SELL GOLD JUN 2023 at 59800, SL 60000 TGT 59600-59400.MCX
SELL SILVER MAY 2023 at 72500, SL 73200, TGT 71600-71000.MCX
BUY CRUDEOIL APR 2023 at 6250, SL 6150, TGT 6350-6450.MCX
SELL NAT GAS APR 2023 at 182.00, SL 188.00, TGT 175.00-172.00.MCX
SELL COPPER APR 2023 at 782.00, SL 786.00,TGT 775.00-770.00.MCX
SELL ZINC APR 2023 at 258.00, SL 261.00, TGT 255.00-252.00.MCX
SELL ALUMINIUM APR 2023 at 212.00, SL 214.00, TGT 209.00-207.00.MCX
SELL LEAD APR 2023 at 183.00, SL 184.00, TGT 182.00-181.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 3 April 2023 (Gold Price Today)
23 carat gold price – Rs 58600/10 gm
22 carat gold price – Rs 56200
20 carat gold price – Rs 51100
18 carat gold price – Rs 46200
14 carat gold price – Rs 36300
Sone ki Ginni ka Bhav – Rs 46400/ per 8 grams
Silver Price – 73500
Gold Rate Today in Dehradun (3 April) (Sarafa Mandal Dehradun)
24 carat gold price (24 carat gold price) – Rs 60750 per 10 grams
23 carat gold price (958 Hallmark gold price) – 58200
22 carat gold price (916 Hallmark gold price) – 55550
20 carat gold price (833 Hallmark gold price) – 50600
18 carat gold price (750 Hallmark gold price) – 46170
14 carat gold price (583 Hallmark gold price) – 36450
Price of gold gin (Sone ki Ginni ka Bhav 8 gram 916 Hallmark) – 46930
Silver Price – Rs 74000 per kg
Silver Coin Hallmarked – Rs 860 per piece
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 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 in gold/silver.
