Gold price today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 18 May 2022, Wednesday. 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.
Gold and silver showed very high volatility and extended its gain amid weakness in the dollar index. Due to strength in the rupee both precious metals were settled on a mixed note in the domestic markets. Gold and silver showed solid strength in the early trading sessions on Tuesday amid weakness in the dollar index.
The dollar index plunged below 103.50 marks and supported both precious metals. However, upbeat U.S. retail sales and industrial production data triggered profit taking in both precious metals at higher levels. The U.S. retail sales report for April showed a rise of 0.9%, which was close to market expectations.
However, March retail sales were revised up to 1.4%. April U.S. industrial production data also came up at up 1.1% versus expectations for a rise of 0.5%. After upbeat U.S. economic data both precious metals slipped from their highs. The U.S. Federal Reserve Chairman’s comment on controlling inflation also restricted gains of precious metals. He said that there could be some economic pain involved in bringing inflation down and the Federal Reserve will keep pushing to tighten monetary policy.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect both precious metals to remain volatile in today’s session and could hold its support levels. Gold is having support at $1804-1792 per troy ounce and resistance at $1830-1844 per troy ounce while silver is having support at $21.55-21.20 per troy ounce and resistance at $22.00-22.30 per troy ounce.
He said at MCX gold is having support at 50000-49850 and resistance at 50400-50580 while silver is having support at 60660-60100 and resistance at 61750-62200. We suggest buying silver on dips around 60700 with a stop loss of 60100 on a closing basis for the target of 62000.
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 18 May 2022
Buy Gold June at 50000, SL 49750, TARGET 50600
Buy Silver july at 60500, SL 60000, TARGET 61500
Buy MCX COPPER May AT 760, SL 754, TARGET 769
Buy MCX Crude Oil May at 8700, SL 8500, TARGET 9000
Sell Nse USDINR May @ 77.70, SL 77.90, TARGET 77.20
Kedia Advisory, Daily Commodity Calls 18 May 2022
BUY GOLD Jun 2022 @50000 SL 49800 TGT 50350-50500. MCX
BUY SILVER May 2022 @61000 SL 60400 TGT 61800-62400. MCX
BUY CRUDEOIL May 2022 @8750 SL 8600 TGT 8900-9000. MCX
BUY COPPER May 2022 @760 SL 755 TGT 767-772. MCX
SELL COTTON May 2022 @49400 SL 49900 TGT 48200-47500. MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 17 May 2022 (Gold Price Today)
23 carat gold price – Rs 50400
22 carat gold price – Rs 49400
20 carat gold price – Rs 44700
18 carat gold price – Rs 40500
14 carat gold price – Rs 32100
Sone ki Ginni ka Bhav – Rs 40700/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 62900/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.