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): MCX gold futures (Oct 5) were down by Rs 285 or 0.48 per cent at Rs 58,689 per 10 grams. Heres what analysts suggest.
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.
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