Gold Rate today | Silver price | Gold | Silver | MCX Gold price |: Gold and Silver price update for 23 March, 2023, Thursday. 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. US Fed rate hike to impact gold and silver know how.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart says gold and silver gained after the U.S. Federal Reserve increased interest rates by 25 basis points as per market expectations but concerns shown by the Fed Chairman about inflation and damages to the U.S. economy due to ongoing banking crisis supported safe-haven demand for precious metals.
The dollar index slipped to six week lows after the Fed meeting outcomes and the U.S. 10-year bond yields also slipped below 3.50% once again. The U.S. Fed Chairman said inflation is still a big concern and the Fed is committed to stabilize prices and bring inflation down to the Fed target rate of 2.0% and another 25 basis point rate hike is likely in this year.
US Federal Reserve Full Statement on Interest rate, Inflation and Banking Crisis
Jain expect gold and silver prices to show strength in today’s session as the concerns about inflation and economic crisis could support safe-haven demand for precious metals. Gold could test $1988 and silver could also test $23.20 per troy ounce levels in today’s session.
According to Jain gold has support at $1934-1922, while resistance at $1968-1988 per troy ounce. Silver has support at $22.50-22.20, while resistance is at $23.20-23.55 per troy ounce. At MCX, gold is having support at 58550-58280 and resistance at 58900-59300 while silver is having support at 68700-68210 and resistance at 69900-70450.
Commodity and Market expert Sugandha Sachdeva says gold and silver are likely to perk up in today’s opening trades. However, the US central bank has left the door open for further increases in borrowing costs and gave no indications about a rate cut later this year which the market participants were forecasting ahead of the meeting.
Sachdeva Says this can cap gold prices at higher levels where a near-term hurdle is visible at Rs.59200/10gm mark or $1980 per ounce mark, while silver prices will find resistance at Rs.70500/kg mark. Downside support for gold is seen at Rs.58500/10gm and then Rs.58000 per 10gm mark corresponding to $1910 per ounce.
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Jain suggest buying gold above 58850 with a stop loss of 58600 for the target of 59300 and also suggest buying silver above 69550 with a stop loss of 68900 for the target of 70450.
Anuj Gupta, IIFL Fin Sec, Daily Commodity Calls 23 March 2023
BUY MCX GOLD APR AT 58500 SL 58250 TARGET 59300
Buy MCX Silver may 69000 SL 68450 TARGET 70000
BUY MCX COPPER MAR AT 765 SL 757 TARGET 777
Buy MCX CRUDEOIL Mar AT 5750 SL 5580 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.
