Gold and Silver price today (July 17, 2023): Precious metals trade weaker; is it a buying opportunity?

Gold and Silver price today (July 17, 2023): MCX gold futures (Aug 4) were down 0.21 per cent or Rs 126 at Rs 59,190 per 10 grams. Here's what analysts suggest.

In the international market, COMEX gold traded at $1,957.4 per ounce, image- PTI

Gold and Silver price today (July 17, 2023): Precious metal futures in the domestic market on Monday traded lower, with Gold above Rs 59,000 and Silver above Rs 75,000.

MCX gold futures (Aug 4) were down 0.21 per cent or Rs 126 at Rs 59,190 per 10 grams at the last count, having traded between Rs 59,130 and Rs 59,209 earlier in the day. Silver futures (Sept 5) were down 0.21 per cent or Rs 158 at Rs 75,810 per kg.

"Looking ahead, the outlook for Gold suggests that although it witnessed sharp gains in the previous week, signs of resilience in the US economy, as indicated by macroeconomic cues, may dampen safe-haven demand for the yellow metal in the near term. Additionally, concerns over a slowdown in the global economy, particularly influenced by weaker macro cues from China, could support gold prices on the downside for the current week. Gold is expected to trade range-bound for the day with a negative bias that may persist from a weekly perspective," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

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Qureshi recommends selling Gold August futures on rise at 59,200, keeping the stock loss at Rs 59,400 and a target price of Rs 58,800. For Silver July future she recommends sell on rise at Rs 75,700, with a stop loss of Rs 76,500 and a target of Rs 74,000.

In the international market, COMEX gold traded at $1,957.4 per ounce.

Spot gold was flat in the international market and stood at $1,953.2 per ounce.

"Dollar is slightly stronger today as two-year US yields are slightly up following a drop of nearly 19 bps to 4.768 per cent last week. Gold is expected to find good support into the dips on waning inflation and expectations that July rate hike could be the Fed's last cycle hike. Support is at $1950, followed by $1935. Resistance is at $1965/$1980," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, 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 (July 17, 2023)

City	Gold prices for 24k (10 grams)
Mumbai	Rs 60,960
Delhi	Rs 60,930
Chennai	Rs 61,190
Kolkata	Rs 61,225
Bengaluru	Rs 61,225
Hyderabad	Rs 61,140
Ahmedabad	Rs 61,150
Bhopal	Rs 60,860
Visakhapatnam	Rs 61,145
Jaipur	Rs 61,100
Lucknow	Rs 60,570
Coimbatore	Rs 61,280
Madurai	Rs 61,230

(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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