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International gold and silver recovered from 3.5 month lows in a highly volatile session on Friday. Gold and silver prices recovered after profit taking in the dollar index and downbeat U.S. personal spending data. The U.S. personal spending in June month shows growth of 0.1% against expected growth of 0.2% and well below previous month’s growth of 0.6%. The U.S. core PCE price index in May month grew as per expectations and shows growth of 0.3% against previous month’s growth of 0.4%. Slightly cool off in the inflation also supported gold and silver prices at lower levels. However, gains in the U.S. 10-year bond yields and strength in the U.S. dollar against the Japanese Yen and Russian ruble could restrict gains of gold and silver.
Manoj Kumar Jain, Director, Prithvi Finmart
‘We expect gold and silver prices to remain shaky this week amid volatility in the dollar index and Fed rate hike fears and both sides move are expected. Gold has support at $1914-1904, while resistance at $1938-1950 per troy ounce. Silver has support at $22.50-22.30, while resistance is at $23.00-23.20 per troy ounce.’
Comex Gold and Silver Update by Nirmal Bang Securities 3 July 2023
Gold prices are supported at lower levels like 1940-44 and likely to test 1970-90. We are recommending to buy on dips around 1955-50 for a target of 1970-80.We recommend buying around 23.50-40 for a target of 24.60-80.
Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
‘Fed’s preferred PCE price gauges showed that inflation in the US economy is persistent, with the core PCE price index rising by 4.6% annually in May, underscoring the stickiness in inflation. A slew of Manufacturing PMIs from the western economies, US Labour data and FOMC meeting minutes will be in focus for the week, which might continue to weigh down on gold prices.’
Data to Watch Today 3 July 2023 (India Time)
03rd July 07:30 PM United States ISM Manufacturing PMI
03rd July 07:30 PM United States ISM Manufacturing Prices
03rd July 07:30 PM United States Construction Spending m/m
Gold Ratio
Gold Silver Ratio: 83.81
Gold Crude Ratio: 27.31
Gold London: Gold and Silver Fix
Gold London AM Fix($/oz): 1903.55
Gold London PM Fix($/oz): 1912.25
Silver London Fix($/oz): 22.47
ETF Holdings as on Previous Close
SPDR Gold: 924.50 (Long), -2.31 (Short)
iShares Silver: 14,560.82 (Long), 42.82 (Short)
Weekly CFTC Positions
Gold($/oz): 122450 (Long), 35978 (Short), 86472 (Net)
Silver: 33921 (Long), 22286 (Short), 11635 (Net)
COMEX Futures Watch (Last Close)
Gold($/oz) Aug 23: 1929.40 Dollar (Close), 11.50 (Change)
Silver($/oz) JUL 23: 23.02 Dollar (Close), 0.22 (Change)
Nirmal Bang Securities Gold Fundamental Outlook For 3 July 2023
Gold and silver prices are trading flat on international bourses. We expect gold to trade lower for the day with traders weighing a return of risk appetite against fresh signs the US economy is losing steam
SMC Global Securities Views on MCX Gold and Silver 3 July 2023
‘Gold may trade in the range of 57900-58400, Silver also trades in the range of 69500-70400 where selling near resistance is advised. Gold prices edged lower in early Asian trade on Monday, helped by a slightly stronger U.S. dollar, with chances of more interest rate hikes by the Federal Reserve weighing on bullion’s appeal.’
Daily Commodity Calls Nirmal Bang Securities 3 July 2023
BUY GOLD AUG (MCX) AT 58100 SL 57900 TARGET 58400/58600
BUY SILVER SEPT (MCX) AT 69700 SL 69000 TARGET 70700/71300
Manoj Kumar Jain, Director, Prithvi Finmart 3 July 2023 Views
‘At mcx, gold is having support at 58050-57880 and resistance at 58380-58600 while silver is having support at 69450-68800 and resistance at 70700-71200. We suggest buying gold on dips around 58000 with a stop loss of 57770 for the target of 58500 and also suggest buying silver around 69600 with a stop loss of 69100 for the target of 70800.’
Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 60050/10 Gram
22 carat gold price today (Purity 916) – Rs 55600/10 Gram
18 carat gold price today (Purity 750) – Rs 45700/10 Gram
14 carat gold price today (Purity 585) – Rs 35900/10 Gram
Silver Price Today (Purity 999) – Rs 71400 per kg
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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 jewellers add GST, making charges and hallmarking charges to the gold price. Many jewellers 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: The information presented in this article is i intended for informational purposes only and reflects the views of the expert. Prior to making any investment decisions, it is recommended that you seek the advice of a financial advisor. The individuals affiliated with Gold Price Today do not engage in the personal buying, selling, or trading of gold/silver. We cannot be held liable for any gains or losses incurred.