Gold price today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 11 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 crashed on Tuesday after the U.S. Federal Reserve member said for aggressive interest rate hikes to control inflation. Both precious metals were settled on a weaker note in the international markets. Gold June futures contract were settled at $1841 per troy ounce with a loss of 0.95% and silver July futures contract were settled at $21.42 per troy ounce with a loss of 1.81%.
Gold prices slipped to three month lows and silver prices also dipped to eight month lows after the U.S. Federal Reserve member said for 75 basis points hike in the next policy meeting to control inflation. The Federal Reserve member Williams said that the inflation is at unacceptable levels and we will take all necessary steps to tame inflation.
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The U.S. President also said that the independent Federal Reserve will do its job to control inflation. The dollar index is in solid uptrend and U.S. bond yields are also trading near four year highs. Gold and silver breached their important support levels of $1850 per troy ounce and $21.84 per troy ounce respectively on a daily closing basis and further weakness in both precious metals cannot be ruled out.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect gold could test $1800 per troy ounce while silver could also test $20.80 per troy ounce levels in the upcoming sessions. Gold is having support at $1828-1814 per troy ounce and resistance at $1855-1868 per troy ounce while silver is having support at $21.14-20.80 per troy ounce and resistance at $21.70-22.00 per troy ounce levels.
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He said at MCX, gold is having support at 50380-50200 and resistance at 50800-51050 while silver is having support at 60220-59800 and resistance at 61000-61440. He suggest avoiding buying in both precious metals ahead of today’s U.S. inflation data.
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 11 May 2022
Sell Gold June at 50800, SL 51150, TARGET 50000
Sell Silver july at 61100, SL 61800, TARGET 59800
Sell MCX Copper May AT 760, SL 766, TARGET 745
Sell MCX Crude Oil May at 7900, SL 8150, TARGET 7500
Buy USDINR May AT 77.30, SL 77.00, TARGET 77.80
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 10 May 2022 (Gold Price Today)
23 carat gold price – Rs 51000
22 carat gold price – Rs 50000
20 carat gold price – Rs 45100
18 carat gold price – Rs 40900
14 carat gold price – Rs 32400
Sone ki Ginni ka Bhav – Rs 41100/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 64200/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. Gold Price Today will not be responsible for any loss caused to you.
