Gold and Silver price today (August 17, 2023): Yellow metal trades under pressure as dollar strengthens on prospects of the hawkish Fed

Gold and Silver price today (August 17, 2023): Yellow metal futures on Thursday traded under pressure due to rising yields and strengthening the dollar on prospects of the hawkish Fed.

Last seen, MCX gold futures (Oct 5) were down by Rs 285 or 0.48 per cent at Rs 58,689 per 10 grams at the last count, having traded between Rs 58,665 and Rs 58,903 earlier in the day. Silver futures (Sept 5) were down Rs 233 or 0.33 per cent at Rs 69,722 per kg.

"At MCX, gold has support at 58550-58380 and resistance at 58800-58950 while silver has support at 69330-68850 and resistance at 70100-70550. We suggest selling gold below 58800 with a stop loss of 58970 for the target of 58400," said Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart.

"Bullion daily charts are trading near the oversold zone, any time we can see short covering rally in bullion. Traders are advised to make fresh buy positions in Gold and Silver near the given support level," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

He sees support for Gold October futures at 58600/58400 and resistance at 59000/59200. For Silver September futures he sees support at 69500/69000 and resistance at 70500/71000.

In the international market, COMEX gold was down 0.28 per cent at $1,923 per ounce.

"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and could show further weakness if the dollar index remains firm. Gold has support at $1918-1904, while resistance at $1938-1950 per troy ounce," said Jain.

"Gold prices could see some buying interest on haven appeal if the US lends are being downgraded by the rating agencies, but the overall trend remains bearish in the yellow metal.  Spot gold support is $1885/ $1875 and resistance at $1915/$1930," said Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (August 17, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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