Comex gold and silver plunged after strong U.S. economic data and gains in the dollar index. Gold hit two-week lows and silver also plunged after the first estimate of U.S. second quarter GDP showed growth of 2.4% against expectations of 2.0%. The U.S. unemployment claims last week also fell to 2,21,000 against expected claims of 2,34,000. The U.S. core durable goods orders showed growth of 0.6%% in July against expected growth of 0.1% while durable goods orders showed growth of 4.7% against expected growth of 1.3%. Better than expected U.S. economic data supported the dollar index as a possibility of further interest rate hikes from the U.S. Fed in September policy meetings increased. The dollar index crossed 101.50 marks and the U.S. 10-year bond yields also crossed 3.90% levels.

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Manoj Kumar Jain, Director, Prithvi Finmart
We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and gold could face steep resistance around $1960 per troy ounce while silver could also face resistance around $25.00 per troy ounce levels. Gold has support at $1934-1922, while resistance at $1958-1972 per troy ounce. Silver has support at $24.10-23.84, while resistance is at $24.60-24.88 per troy ounce.

Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
Resilient US economy and elevated price pressures raised the odds of a September rate hike, increasing the opportunity cost to hold non-interest-bearing precious metals. Meanwhile, European Central Bank raised the interest rates by 25 basis points, a ninth consecutive rate hike, while Euro tumbled as investors perceived ECB press conference as dovish. US PCE price index and personal spending data will be in focus for the day. After yesterday’s sharp plunge, gold prices might see some recovery for the day.

Geojit Intraday Technical Outlook London Gold Spot Market
Gold LBMA Spot: A direct break below $1940 would extend liquidation pressure. Lese, a mild recovery upturn expected the day.
Silver LBMA Spot: Choppy with mild negative momentum expected initially. However, it needs to clear above $25.20 to strengthen the momentum

Data To Watch Today 28 July 2023
28th July 6:00 PM United States Core PCE Price Index m/m -Impact on gold prices is High
28th July 6:00 PM United States Employment Cost Index q/q -Impact on gold prices is High
28th July 6:00 PM United States Personal Income m/m -Impact on gold prices is High
28th July 6:00 PM United States Personal Spending m/m -Impact on gold prices is High
28th July 7:30 PM United States Revised UoM Consumer Sentiment -Impact on gold prices is High
28th July 7:30 PM United States Revised UoM Inflation Expectations -Impact on gold prices is Low

Nirmal Bang Securities Gold Fundamental Outlook For 27 July 2023
Gold and silver prices are trading lower on international bourses. We expect gold to trade lower for the day as traders weighed strong US economic data that suggested the Federal Reserve has further to go in its battle against inflation. SELL GOLD AUG (MCX) AT 59100 SL 59400 TARGET 58750/58500. SELL SILVER SEPT (MCX) AT 74200 SL 74750 TARGET 73250/72800

Rahul Kalantri, VP Commodities, Mehta Equities Ltd
Gold has support at $1942-1930 while resistance is at $1964-1976. Silver has support at $24.00-23.88, while resistance is at $24.35-24.52. In INR terms gold has support at Rs58,790, 58,680. while resistance is at Rs 59,180, 59,370. Silver has support at Rs73,480-72,820, while resistance is at Rs74,440–74,920.

Ajay Kedia, Director, Kedia Commodity
Gold price dropped downwards strongly to reach 58800 level direct, and it tests this key support now, while it is important to monitor the price behavior according to this level, as breaking it represents negative factor that will push the price to suffer additional losses and head towards 58500 followed by 58200 levels, while consolidating above it will push the price to rise and visit 59200 again.
MCX Gold expected range for the day is 58600 – 59350
Gold expected range for the day is 1932-1968

Geojit MCX Technical Commentary
Gold KG Aug: If unable to move past Rs 59600 there are chances of corrective selling.
Silver KG Sep: Inability to break the resistance of Rs 77000 would extend selling pressure. Major support is placed at Rs 70000.

Manoj Kumar Jain, Director, Prithvi Finmart
At MCX, gold is having support at 58770-58580 and resistance at 59100-59330 while silver is having support at 73300-72650 and resistance at 74100-74750. We suggest selling gold on rise around 59150 with a stop loss of 59380 for the target of 58770.

Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 61100/10 Gram
22 carat gold price today (Purity 916) – Rs 56500/10 Gram
18 carat gold price today (Purity 750) – Rs 46400/10 Gram
14 carat gold price today (Purity 585) – Rs 36400/10 Gram
Silver Price Today (Purity 999) – Rs 76000 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.

Manoj Jain, Director in Prithvi Finmart says ”gold and silver recovered from their lows on Monday after the dollar index and the U.S. 10-year bond yields dips. The dollar index slipped below 101 marks during the session and the U.S. 10-year bond yields also slipped below 3.50% and supported gold and silver prices.

Jain said ”gold prices test $2,000 per troy ounce and silver also tested $25.50 per troy ounce levels. The dollar index and U.S. bond yields slipped ahead of the U.S. quarterly GDP data scheduled to be out later this week. Despite possible rate hikes from the U.S. Fed, dollar index plunged again and supported precious metals. Market is fearing a U.S. economic slowdown and higher inflation and supporting safe-haven demand for precious metals.

Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities said ”still, elevated core CPI and hawkish speeches from policymakers prompted bets for another quarter point rate hike during the May FOMC meeting. The prospect of further hikes and higher rates for longer theme has been keeping a lid on non-yielding bullions.”

Rao said ”investors now await crucial economic data from US, including the US GDP on Thursday and the PCE price index on Friday, for more cues on Fed’s future policy. Central banks from the Fed to ECB are all expected to raise interest rates when they meet next week, in a move to curb the inflation, which might act as a short term headwind for gold prices”

Jain expect ”gold and silver prices to remain volatile this week amid volatility in the dollar index and uncertainty over Fed rate hikes; the U.S. GDP data could give more clarity on Fed rate hikes. Gold is expected to hold $1984 per troy ounce and silver could hold $25 per troy ounce levels in today’s session. Gold has support at $1984-1972, while resistance at $2014-2022 per troy ounce. Silver has support at $25.24-25.00, while resistance is at $25.84-26.00 per troy ounce.”

He said ”at MCX, gold is having support at 59800-59580 and resistance at 60220-60500 while silver is having support at 74450-73900 and resistance at 75500-76100. We suggest buying gold on dips around 59800 with a stop loss of 59580 for the target of 60400 and also suggest buying silver around 74550 with a stop loss of 73900 for the target of 75750.”

Rahul Kalantri, VP Commodities, Mehta Equities said ”gold has support at $1982-1970 while resistance is at $2005-2014. Silver has support at $25.08-24.82, while resistance is at $25.38-25.55. In INR terms gold has support at Rs 59,780-59,650, while resistance is at Rs60,240, 60,490. Silver has support at Rs74,520-73,980, while resistance is at Rs75,550–75,910.”

Anuj Gupta, VP, IlFL Fin, Daily Morning Calls 25 Apil, 2023
BUY MCX GOLD June at 59700, SL 59450, TARGET 60200
Sell MCX Silver may 74500, SL 73850, TARGET 75500
Buy MCX Crudeoil May at 6400, SL 6250, TARGET 6650
Buy MCX COPPER APR AT 754, SL 750, TARGET 765

Kedia Advisory Daily Morning Calls, Tuesday, April 25, 2023
SELL GOLD JUN 2023 at 60350, SL 60550, TGT 60000-59800.MCX
SELL SILVER MAY 2023 at 75500, SL 76200, TGT 74700-74000.MCX
SELL CRUDEOIL MAY 2023 at 6550, SL 6650, TGT 6450-6350.MCX
SELL NAT GAS MAY 2023 at 208.00, SL 214.00, TGT 202.00-196.00.MCX
BUY COPPER MAY 2023 at 753.00, SL 748.00, TGT 758.00-762.00.MCX
BUY ZINC MAY 2023 at 237.00, SL 234.00, TGT 241.00-243.00.MCX
SELL ALUMINIUM MAY 2023 at 214.00, SL 218.00, TGT 210.00-208.00.MCX
SELL LEAD MAY 2023 at 185.00, SL 186.00, TGT 184.00-183.00.MCX

Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 25 April 2023 (Gold Price Today)
23 carat gold price – Rs 59900/10 gm
22 carat gold price – Rs 57400
20 carat gold price – Rs 52100
18 carat gold price – Rs 47200
14 carat gold price – Rs 37100
Sone ki Ginni ka Bhav – Rs 47400/ per 8 grams
Silver Price – Rs 76600 Per KG

Gold Rate Today in Dehradun (25 April 2023) (Sarafa Mandal Dehradun)
24 carat gold price (24 carat gold price) – Rs 62000 per 10 grams
23 carat gold price (958 Hallmark gold price) – 59400
22 carat gold price (916 Hallmark gold price) – 56690
20 carat gold price (833 Hallmark gold price) – 51560
18 carat gold price (750 Hallmark gold price) – 47120
14 carat gold price (583 Hallmark gold price) – 37200
Price of gold gin (Sone ki Ginni ka Bhav 8 gram 916 Hallmark) – 47900
Silver Price – Rs 77000 per kg
Silver Coin Hallmarked – Rs 890 per piece

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 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 in gold/silver.