Gold price today 17 August 2021: Yellow metal up by Rs 445/10 gm; check rates in Delhi, Mumbai and Chennai

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Gold and silver prices rose on August 17 with the 24 carat version opening at Rs 47,484/10 gm, up by Rs 445 from its previous close. It had closed at Rs 47,039/10 gm on August 16, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). On August 16, 22 carat gold traded at Rs 43,088/10 gm and today it traded at Rs 43,495/10 gm, up by Rs 407/10 gm.

On the other hand, silver was trading at a higher level today, up by Rs 930/kg after a period of almost 15 days. Between August 4 and August 16, silver was under great stress. But in past two days, price of silver has gone up by almost Rs 1,600/kg.

Expert views

“The precious metal has again reached its key resistance zone of $1,790/oz, the levels it was holding before the sharp selloff. Gold has managed to recover from $1,700/oz level with some strong price action amid mild anxiety in the marketplace. Central banks’ demand especially in India and Brazil is growing which will work as additional price support. Crypto buzz will hold precious metal to take big moves and keep it within the range of $1,760-$1,835,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

“Sentiments of both gold and silver on MCX are positive and expected to remain within 47,000-48,000 and 63,000-64,000 range in the short run. Participants who have strategic position are advised to hedge it while tactical positions taken from lower levels can be pocketed,” added Matta.

“Gold prices were moderately up in midday US trade on Monday. The bulls have momentum on their side and stepped in to do some bargain hunting on the overnight/early-morning dip in prices. The yellow metal has made a solid recovery from the August lows and the bulls and bears are now back on a level overall near-term technical playing field. More gains this week would put the bulls back in control of the charts,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.

Silver recovering well

Probably this is the first time in the last one month where silver is up on back-to-back days and that also by a considerable margin. After yesterday’s jump of more than Rs 630/kg, silver again rose by Rs 930/kg on August 17 in early trade.

On August 17, silver was trading at Rs 63,977/kg. It had closed at Rs 63,047/kg on August 16.

“Gold and silver showed a small up movement on Monday and now on Tuesday it has witnessed a jump. After long time Indian bullion market grew on back-to-back days. We are seeing short covering rally in gold and silver since the last 3 trading sessions, which may continue for next two-three trading sessions, so traders are advised to create fresh longs positions in gold and silver both,” added Khare.