Gold Rate today | Silver price | Gold | Silver | MCX Gold price |: Gold and Silver price update for 22 March, 2023 Wednesday. 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 on gold and silver. Federal Reserve Meeting outcome will come today around 11-11.30 PM Indian Time.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart says gold and silver showed heavy profit taking from their highs on Tuesday amid looming Fed rate hike Fears. The U.S. Fed said that they will still be strong on controlling inflation. The dollar index and the U.S. bond yields also recovered from their lows and also pushed gold and silver lower.
The U.S. existing home sales numbers released on Tuesday were also better than expected as 4.58 million units were sold in the last month against expected sales of 4.19 million units. Markets are expecting 25 basis point rate hikes in this Fed meeting after upbeat U.S. data and an increase of 50 basis points by ECB in the last week. Global equity markets also recovered from their lows and ease safe-haven demand for precious metals.
Jain expect gold and silver prices to remain volatile in today’s session and lower levels of support are expected in gold and silver. Gold could hold $1914 and silver could hold $22.00 per troy ounce in today’s session. Gold has support at $1930-1914, while resistance at $1955-1972 per troy ounce. Silver has support at $22.10-21.88, while resistance is at $22.70-23.00 per troy ounce.
According to Jain at MCX, gold is having support at 58280-58080 and resistance at 58800-59050 while silver is having support at 67850-67300 and resistance at 68900-69350. We suggest buying gold above 58600 with a stop loss of 58380 for the target of 59000 and buying silver around 68200 with a stop loss of 67750 for the target of 69100.
Commodity and Market expert Sugandha Sachdeva says gold prices are likely to trade with a negative bias as concerns surrounding the US banking crisis are easing, which have reduced its safe haven demand. Furthermore, prices are seen facing pressure as the US Fed is anticipated to raise rates by 25bsp. Key support is seen at Rs.58500/10gm whereas a break of the same could lead to lower levels of around Rs.58000/10gm mark. Focus of the markets would be on Fed meeting’s outcome which shall provide further cues for gold prices
Jain said at MCX, gold is having support at 59220-58950 and resistance at 59800-60000 while silver is having support at 68200-67750 and resistance at 69350-69800. He suggest buying silver on dips around 68400 with a stop loss of 67750 for the target of 69,500 and wait for some corrective dips in gold for initiating fresh positions.
Anuj Gupta, IIFL Fin Sec, Daily Commodity Calls 22 March 2023
Buy MCX GOLD APR AT 58400, SL 58100, TARGET 58950
Buy MCX Silver may 67800, SL 67200, TARGET 68800
Buy MCX COPPER MAR AT 755, SL 749, TARGET 765
Buy MCX CRUDEOIL Mar AT 5650, SL 5450, TARGET 5950
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 22 March 2023 (Gold Price Today)
24 carat gold price – Rs 60100/10 gm
22 carat gold price – Rs 55600/10 gm
20 carat gold price – Rs 50600
18 carat gold price – Rs 47100
14 carat gold price – Rs 37000
Sone ki Ginni ka Bhav – Rs 46000/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 70500/per kg
Gold Rate Today in Dehradun (22 March 2023) (Sarafa Mandal Dehradun)
24 carat gold price (24 carat gold price) – Rs 60000 per 10 grams (Rs 350 Up)
23 carat gold price (958 Hallmark gold price) – 57480
22 carat gold price (916 Hallmark gold price) – 54860
20 carat gold price (833 Hallmark gold price) – 49980
18 carat gold price (750 Hallmark gold price) – 45600
14 carat gold price (583 Hallmark gold price) – 36000
Price of gold ginni (Sone ki Ginni ka Bhav 8 gram 916 Hallmark) – 46350
Silver Price – Rs 70000 per kg
Silver Coin Hallmarked – Rs 820 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.