Gold Rate today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 11 July 2022, Monday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart 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.
Comex gold and silver plunged last week as gold prices slipped below $1800 per troy ounce and silver prices also slipped below $20 per troy ounce. Strength in the dollar and sell-off in the euro pushed precious metals lower.
The dollar index settled at 20 year highs and the U.S. 10-year bond yields also gained last week. The euro plunged to its lowest levels in the last two decades due to higher inflation, recession fears and energy crisis in the European Union.
However, weakness in the rupee and recent hike in government import duty on gold supported prices in the domestic markets. On data point, the U.S. non-farm payroll beats the estimate and restricted gains of precious metals. The labour department in the U.S. said that nonfarm payrolls increased by 3,72,000 jobs last month against expectations of 2,68,000 jobs.
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Manoj Jain, Director of Commodity and currency in Prithvi Finmart expect both precious metals to remain volatile this week and could see some short coverings. Gold has support at $1728-1716, while resistance at $1750-1766 per troy ounce. Silver has support at $18.88-18.65, while resistance is at $19.55-19.80 per troy ounce.
Jain Said at MCX, gold is having support at 50600-50440 and resistance at 50950-51100 while silver is having support at 56660-56100 and resistance at 57700-58200.
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Anuj Gupta VP in IIFL Sec said strength in dollar fade out the safe haven demand if yellow metals. Dollar index touched 20 yr high level of 107.48 levels. Lower global growth projection and fear of recession put pressure on bullions as fresh investment demand not seeing for the yellow metals.
Gold platform Augmont said in its weekly blog ”… the gold market may be nearing its bottom. If there is an asset sell-off as investors scurry for cash to meet obligations and satisfy margin calls, the yellow metal might fall even further. However, once the crisis is passed, gold should shine. Rising interest rates may continue to put downward pressure on the yellow metal for some time, but when they do, gold will have a wide-open field to run in.”
For the this week Gupta expecting it may trade further with negative bias. Gold has strong support at 50200 ($1710) and than 49500 ($1650) levels. Resistance at 51400 ($1770) & 52000 ($1820) levels. Silver support at 55000 ($18) and than 52000 ($16) levels. Resistance at 59500 ($20) and 62000 ($22) levels
Gupta recommending sell on rise as it breached strong support levels on the chart and all technical and fundamental indicators are showing negative bias in the counter.
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Anuj Gupta said traders can go for sell in gold at 51000 With the stoploss of 51400 for the target of 50200 levels. They can also go for sell in silver at 58500 levels with the stoploss of 59500 levels for the target of 56000 and 55000 levels.
Jain suggest buying gold on dips around 50650 with a stop loss of 50440 on a daily closing basis for the target of 51050 and also buy silver around 56700 with a stop loss of 56100 on a daily closing basis for the target of 58000.
Kedia Commodity Daily morning calls as on Monday, July 11, 2022
BUY GOLD AUG 2022 @ 50600 SL 50300 TGT 50950-51200.MCX
BUY SILVER SEP 2022 @ 56600 SL 56000 TGT 57400-58000.MCX
SELL CRUDEOIL JUL 2022 @ 8400 SL 8550 TGT 8200-8100.MCX
BUY NAT GAS JUL 2022 @ 460.00 SL 440.00 TGT 495.00-515.00.MCX
BUY COPPER JUL 2022 @ 650.00 SL 645.00 TGT 662.00-670.00.MCX
BUY ZINC JUL 2022 @ 272.00 SL 268.00 TGT 278.00-282.00.MCX
BUY ALUMINIUM JUL 2022 @ 206.00 SL 200.00 TGT 214.00-220.00.MCX
BUY LEAD JUL 2022 @ 172.50 SL 171.00 TGT 174.50-176.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 10 July 2022 (Gold Price Today)
23 carat gold price – Rs 50700
22 carat gold price – Rs 49600
20 carat gold price – Rs 44900
18 carat gold price – Rs 40700
14 carat gold price – Rs 32300
Sone ki Ginni ka Bhav – Rs 40900/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 59200/per kg
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.