Gold price today, March 17: Yellow metal surges on MCX as rupee reverses four-day losing streak; Check rates in Delhi, Mumbai, and other cities

Gold price today: Gold price on Friday surged on Multi Commodity Exchange (MCX) as rupee reversed its four-day losing streak, tracking positive global cues and easing concerns over banking sector woes in the US and Europe.

Gold Futures maturing in April quoted at Rs 58,239 per 10 grams, up Rs 233 or 0.40 per cent. Likewise, Silver May Futures gained 1 per cent to trade at 67,214 per kg.

Praveen Singh – AVP, Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas, said that the US banks' fiasco stoked systematic risk threat which led to a sharp decline in the yields as safe haven instruments including Gold rallied sharply in the last few days. 

He said that the announcement made by the Swiss National Bank to provide a 50 Billion Swiss Franc loan to Credit Suisse has assuaged investors' concerns to some extent. The US data of Producer Price Index (PPI) and retail sales came in short of the forecast, which is positive for the bullion. 

In the international market, Gold quoted $1,928 per ounce while Silver traded higher by 1.60 per cent at $22.02 per ounce. Praveen said that the support is at $1900/$1885/$1862 and resistance is at $1930/$1940.

Trade call by Motilal Oswal

Gold April Contract

Sell- Rs 58,350 

Stop Loss- Rs 58,550 

Target- Rs 58,000

Silver May Contract

Sell- Rs 67,500 

Stop Loss- Rs 68,100 

Target- Rs 66,700

Meanwhile, the rose 25 paise to 82.51 against the US dollar amid positive trends in the domestic as well as global equity markets. At the interbank foreign exchange, the domestic unit opened stronger at 82.50 against the US dollar and fell to 82.54. Later, it rose marginally to 82.51, registering a gain of 25 paise. On Thursday, the rupee settled at 82.76 against the US dollar, falling for the fourth day in a row.

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Gold Price City-wise In India as of March 17, 2023, for 22k

Chennai - Rs 54,500 

Mumbai - Rs 53,800

Delhi - Rs 53,950 

Kolkata - Rs 53,800 

Bangalore - Rs 53,850

Hyderabad - Rs 53,800

Kerala - Rs 53,800 

Pune - Rs 53,800

Vadodara - Rs 53,850 

Ahmedabad - Rs 53,850

Jaipur - Rs 53,950 

Lucknow - Rs 53,950 

Coimbatore - Rs 54,500 

Madurai - Rs 54,500

Vijayawada - Rs 53,800 

Patna - Rs 53,850 

Nagpur - Rs 53,800 

Chandigarh - Rs 53,950 

Surat - Rs 53,850 

Bhubaneswar - Rs 53,800

Mangalore - Rs 53,850

Visakhapatnam - Rs 53,800 

Nashik - Rs 53,830

(Disclaimer: These are indicative prices collected from trusted sources. Investors are recommended to check prices with their jeweller before investing/purchasing.)

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