Gold-Silver Price Today: Gold At One-Week High, Prices May Rise Further

Gold prices in the international market are close to its one-week high. Spot gold prices rose marginally to $1,787.90 per ounce and silver rose 0.3 percent to $23.89 per ounce.

Gold-Silver Price Today: Gold At One-Week High, Prices May Rise Further

Gold-Silver Price, 17 August: The price of gold in the country remained stable today. October's gold contract on the Multi Commodity Exchange (MCX) was trading flat at Rs 47,230 per 10 grams at 09.15 pm today.

Gold prices recovered after a volatile session earlier last week. However, after the last trading session, silver prices saw a jump on Tuesday. Its price rose today by 0.26 percent to Rs 62,620.

Gold prices remained flat in the international market as well. The price of gold remained around the week's high. Spot Gold rose marginally to US$ 1,787.90 per ounce. U.S. gold futures fell 0.1 percent to US$ 1,788.40 per ounce. Silver, on the other hand, rose 0.3 percent to US$ 23.89 per ounce

US Federal Reserve's July Meeting

The US dollar remained stronger than its competitors. Investors are eagerly awaiting minutes of the US Federal Reserve's July meeting, which would be released on Wednesday. The World's largest gold-backed exchange-traded fund, SPDR Gold Trust, declared that its holding fell by 0.1 percent to 1,020.63 tonnes on Monday.

Prices May Rise

According to Sriram Iyer, senior analyst at Reliance Securities, international spot and futures gold and silver prices have marginally weakened in Asian trade on Tuesday morning. However, due to rising delta variant cases coupled with the aim to offset pressure from the strong dollar, safe investment options are being recommended. Technically, LBMA Gold will continue its boom up to US$1792-US$1805 levels. Support is at the level of US$1774-US$1765. LBMA silver could go up from US$23 levels to US$24.10 - US$25.22.

On the other hand, according to Amit Khare of Ganganagar Commodities Limited, we have been witnessing short-covering rallies in gold and silver for the last three trading sessions which may continue for the next few trading sessions. The gold perception on MCX is positive and is expected to be in the range of Rs. 47,000 to Rs. 48,000 in the short term.