Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price| Comex Gold: Gold Price, Silver price update for10 May 2023, Wednesday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Market and Commodity Expert Sugandha Sachdeva, Ajay Kedia, Kedia Commodity and Anuj Gupta of IIFL Fin 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 Group and MCX.
Manoj Kumar Jain Commodity Research Head in Prithvi Finmart says ‘On Tuesday, gold and silver settled on a positive note in international markets. Gold June futures contract rose by 0.48%, settling at $2,042.90 per troy ounce, while silver July futures contract rose by 0.26%, settling at $25.90 per troy ounce.’
As the market awaits U.S. inflation data and President Biden meets with congressional leaders to discuss raising or suspending the U.S. debt ceiling, gold and silver remain steady. While precious metals are supported by the fear of U.S. debt defaults and economic recession, the recovery in the dollar index and the possibility of further Fed rate hikes may limit gains.
Keep track of gold and silver prices as they are expected to remain volatile in today’s session ahead of the U.S. inflation data. According to India Time US Inflation data to release around 6 PM. (8:30 AM USA Time).
Update: US CPI Inflation (YoY Apr) Headline: 4.9% v 5.0% exp. (prior 5.0%) Core: 5.5% v 5.5% exp. (prior 5.6%) US Inflation data is positive for gold and silver prices.
Jain said ‘Comex gold prices need to sustain above $2055 and silver prices above $26 per troy ounce levels to show further strength; otherwise, they will test their support levels again. Comex gold has support at $2028-2014 and resistance at $2054-2070 per troy ounce, while silver has support at $25.65-25.40 and resistance at $26.20-26.55 per troy ounce.
According to Nirmal Bang Securites report ‘Gold inched higher as investors awaited fresh US economic data that may offer clues on the interest-rate trajectory. The precious metal has been hovering around the $2,020-an-ounce mark this week. Bullion remains close to a record high — after rallying 1.4% last week — amid concerns over the state of the global economy as well as a US debt-ceiling standoff and the health of regional banks in the country. US economic data continues to paint a mixed picture and consumer inflation figures due Wednesday will add to the debate over the Federal Reserve’s monetary policy outlook.’
Report said ‘Yesterday we saw the gold prices are taking support around $ 2020 levels and bounced; it seems that the spike above $ 2020 can lead to $ 2050-60 levels; try to buy on dips around $ 2025-30 for the target of $ 2050-60. Silver looks positive for the day and likely to give extra boost to white metals and can see sharp rise till $ 25.70-26.00. Try to buy on dips around $ 25.30-40 for the target of $ 26-26.20.’
Data to Watch Today 10 May (India Time)
10th May -06:00 PM -United States CPI
10th May- 06:00 PM -United States CPI
10th May -06:00 PM -United States Core CPI
10th May -06:00 PM -United States Federal Budget Balance
Gold Ratio
Gold Silver Ratio- 78.88
Gold Crude Ratio- 27.72
Gold and Silver Fix
Gold London AM Fix($/oz) – 2025.60
Gold London PM Fix($/oz) – 2030.20
Silver London Fix($/oz) – 25.573
ETF Holdings as on Previous Close
SPDR Gold 931.77 (Long), 1.74 (Short)
iShares Silver 14,484.35 (Long)
Weekly CFTC Positions
Gold($/oz) -172032 (Long), 24216(Short), 147816 (Net)
Silver – 56195 (Long), 29064, (Short), 27131 (Net)
COMEX Futures Watch (Last Night Close)
Gold($/oz) JUN 23 – 2042.90 Dollar (Close), +9.70Dollar (Change)
Silver($/oz) JUL 23 – 25.90 Dollar (Close), +0.06 (Change)
Daily Commodity Calls Nirmal Bang Securities
BUY GOLD JUNE (MCX) AT 61200 SL 60900 TARGET 61550/61800
BUY SILVER JULY (MCX) AT 77000 SL 76400 TARGET 77800/78300
According to Jain ‘At MCX, gold is supported at 61150-60900 and has resistance at 61660-61845, while silver is supported at 76800-76220 and has resistance at 77950-78500.’ He recommend staying away from gold and silver in today’s session ahead of the U.S. inflation data.
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 10 May 2023
BUY MCX GOLD June at 61100, SL 60750, TARGET 61700
BUY MCX Silver July 76750, SL 76000, TARGET 77800
BUY MCX COPPER May AT 747, SL 742, TARGET 758
Buy MCX crudeoil May at 5950, SL 5780, TARGET 6200
KEDIA ADVISORY Daily morning calls as on Tuesday, May 10, 2023
SELL GOLD JUN 2023 at 61200, SL 61500, TGT 60800-60600.MCX
SELL SILVER JUL 2023 at 77500, SL 78500, TGT 76200-75500.MCX
SELL CRUDEOIL MAY 2023 at 6050, SL 6150, TGT 5950-5850.MCX
SELL NAT GAS MAY 2023 at 186.00, SL 190.00, TGT 181.00-178.00.MCX
SELL COPPER MAY 2023 at 755.00, SL 760.00, TGT 750.00-745.00.MCX
SELL ZINC MAY 2023 at 241.00, SL 244.00, TGT 238.00-235.00.MCX
SELL ALUMINIUM MAY 2023 at 210.00, SL 213.00, TGT 207.00-205.00.MCX
BUY LEAD MAY 2023 at 183.00, SL 182.00, TGT 184.00-185.00.MCX
Gold Price Today in Carats:
24 carat gold price today – 61533 rupees
23 carat gold price today – 61287 rupees
22 carat gold price today – 56364 rupees
18 carat gold price today – 446149 rupees
14 carat gold price today – 35996 rupees
Silver Price Today- Rs 76399
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.