Gold Rate today | Silver price | Gold | Silver | MCX Gold price |: Gold and Silver price update for 8 March, 2023 Wednesday. Check 24, 22 carat gold, 18 carat gold rate, 14 carat 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 on gold and silver
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart says gold and silver prices crashed vertically on Tuesday after the U.S. Fed Chairman Jerome Powell said for larger rate hikes before the U.S. Senate Committee. His comments were more hawkish than expected and surprised global commodity markets. He said that the Fed will likely have higher interest rates for a longer period to win the war against problematic higher inflation. Jain expect gold and silver prices to remain volatile in today’s session ahead of the U.S. ADP non-farm payroll data and could face steep resistance at higher levels. Gold has support at $1804-1788, while resistance at $1834-1845 per troy ounce. Silver has support at $20.00-19.66, while resistance is at $20.50-20.84 per troy ounce. In Mumbai Spot Market gold price is down Rs 780 per 10 gram and Silver crashed Rs 2521 per KG.
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Gold Rate in Mumbai (8 March 2023)
Gold 999- Rs 55309 (Rs 780 Down)
Gold 995- Rs 55087
Gold 916- Rs 50663
Gold 750- Rs 41482
Gold Rs 585- Rs 32356
Silver 999- Rs 61745 (Rs 2521 down Per Kg)
Powell said the stronger U.S. economic data gives room to the U.S. Federal Reserve for higher interest rate hikes and to maintain at higher levels for a longer period to control inflation. The dollar index jumped again after his comments and hit three month highs. However, the U.S. 10-year bond yields did not react much to his comments but the U.S. equity markets plunged again. Global equity markets and crude oil prices also plunged due to strength in the dollar and pushed precious metals lower.
According to Jain at MCX, gold is having support at 54850-54660 and resistance at 55220-55440 while silver is having support at 61650-61100 and resistance at 62750-63300. He suggest selling gold on rise around 55250 with a stop loss of 55480 for the target of 54850.
Anuj Gupta, IIFL Fin Sec, Daily Commodity Calls 8 March 2023
SELL MCX GOLD Apr AT 55250, SL 55500, TARGET 54800
SELL MCX Silver May AT 62700, SL 63300, TARGET 61500
SELL MCX COPPER MAR AT 751, SL 757, TARGET 740
SELL MCX CRUDEOIL mar AT 6500, SL 6600, TARGET 6300
Kedia Advisory, Daily morning calls as on Wednesday, 8 March 2023
SELL GOLD APR 2023 at 55200, SL 55400, TGT 54950-54800.MCX
SELL SILVER MAY 2023 at 62500, SL 63000, TGT 61900-61500.MCX
SELL CRUDEOIL MAR 2023 at 6450, SL 6540, TGT 6360-6300.MCX
SELL NAT GAS MAR 2023 at 222.00, SL 227.00, TGT 215.00-210.00.MCX
SELL COPPER MAR 2023 at 748.00, SL 752.00, TGT 742.00-738.00.MCX
SELL ZINC MAR 2023 at 265.00, SL 268.00, TGT 260.00-257.00.MCX
SELL ALUMINIUM MAR 2023 at 208.00, SL 211.00, TGT 204.00-202.00.MCX
BUY LEAD MAR 2023 at 182.00, SL 181.00, TGT 183.00-184.00.MCX
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.