Gold Rate today, Silver price, COMEX gold, MCX Gold price: Gold, Silver price update for 20 June 2022, Monday. 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.
On last Friday, gold and silver were settled on a weaker note in the international markets. Gold August futures contract were settled at $1,841.90 per troy ounce, down by 0.43% and silver July futures contract were settled at $21.63 per troy ounce, down by 1.17%.
Gold and silver showed very high price volatility last week after the U.S. Federal Reserve raised interest rates by 75 basis points and also raised target interest rates for the year 2022 t0 3.5%. The U.S. Fed also raised target inflation rates and revised down growth outlook for the year 2022-2023.
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The dollar index and the U.S. bond yields slipped from their highs but holding gains. However, downbeat U.S. economic data released last week and global recession fears supported precious metals at lower levels.
Gold holds $1800 and silver also holds $21 per troy ounce on a weekly closing basis. Gold and silver prices also recovered from their lows last week after heavy sell-off in the global equities and riskier assets. Despite its biggest interest rates hikes by the U.S. Federal Reserve since 1994 both precious metals holds its support levels
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities says ETF flows also show pick up in investor buying as price has managed to hold above $1800/oz level. Gold may remain choppy amid mixed factors however Fed’s tightening stance may keep US dollar supported and this may weigh on gold price..
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect downbeat global growth outlook and global recession fears could support safe haven buying in precious metals. He expect both precious metals to remain volatile this week and any dip in the prices would be buying opportunity at lower levels. According to Jain gold has support at $1828-1812, while resistance at $1858-1870 per troy ounce. Silver has support at $21.30-21.00, while resistance is at $21.94-22.30 per troy ounce.
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Jain said at MCX, gold is having support at 50600-50440 and resistance at 51050-51280 while silver is having support at 60440-60000 and resistance at 61550-62040. We suggest buying gold on dips around 50650 with a stop loss of 50440 on a closing basi for the target of 51050.
Anuj Gupta, VP, Commodity and Currency in IIFL Sec says says safe haven demand may be seen in yellow metals. For next week Gupta expecting that gold, silver may trade higher.
According Gupta gold is having strong support at 50400-50500 ($1810-$1805) levels and 49800 ($1770-1760) levels as a strong support zone. Gold is having resistance at 51600 -51700 on MCX (COMEX $1880-$1900) levels. Silver is having strong support at 59500-60000 levels and resistance at 62500 to 63000 levels
Anuj Gupta said buy gold on any dip near 50500 levels with the stoploss of 49800 levels for the target of 51500 to 51700 levels. Trading and closing above 51700 may lead the rally towards 52300 to 52500 levels ($1930-$1950).
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Gupta suggested buy in silver around 60000 levels with the stop loss of 58200 levels for the target of 62500-63000 levels ($22.20 to $22.50) In silver trading and closing above 63000 may lead the rally towards 65000 to 67000 levels on MCX
According to Ajay Kedia, Director of Kedia Commodity, rising inflation will support the price of gold, silver, but in future also due to increase in interest rates, there will be no big rally. According to him, the price of gold and silver will now trade in range only. The price of gold is likely to be between $1820 to $1870 and silver $21-22.20 on Comex. The range of gold price on MCX will be between 50000 to 51000 rupees. Silver prices are also bearish due to fall in base metal.
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 19 June 2022 (Gold Price Today)
23 carat gold price – Rs 50700
22 carat gold price – Rs 49600
20 carat gold price – Rs 44800
18 carat gold price – Rs 40600
14 carat gold price – Rs 32200
Sone ki Ginni ka Bhav – Rs 40900/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 63400/per kg
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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.
