Today's Gold and Silver Prices: A Detailed Update on Market Trends for January 17, 2025

Gold and Silver Prices Update: Mixed Trends Cause Silver to Drop, February Gold Futures Open Lower

Gold futures for February on MCX opened at ₹79,160 per 10 grams, showing a slight dip of 0.08% or ₹66. Meanwhile, March silver futures were trading lower by 0.3% or ₹278 at ₹95,525 per kilogram.

This week, gold prices have risen by ₹700 per 10 grams, while silver prices have seen a modest increase of ₹19 per kilogram, with no major changes.

On Thursday, international markets showed a more optimistic trend, while domestic gold and silver prices displayed mixed movements. February gold futures closed at ₹79,226 per 10 grams, up by 0.66%, while March silver futures closed at ₹92,803 per kilogram, down by 0.06%.

Gold and silver continued their upward momentum in international markets, reaching a one-month high as U.S. bond yields and the dollar index dropped.

The demand for precious metals also rose amid concerns about the Trump administration's economic policies and uncertainties in the market.

The mixed U.S. economic data released on Thursday further supported precious metals. Last week, unemployment claimed in the U.S. rose to 217,000, and retail sales figures missed expectations, which provided additional support for gold and silver.

Manoj Kumar Jain from Prithvi Finmart Commodity Research said, "We expect fluctuations in gold and silver prices today due to dollar index movements and upcoming Chinese economic data."

Today, the U.S. Dollar Index (DXY) was up by 0.02 or 0.01%, trading around 108.97.

Gold and Silver Price Range (Manoj Kumar Jain’s Insights):

• Gold: Support at ₹79,000-78,720 and resistance at ₹79,500-79,770 on MCX.
• Silver: Support at ₹92,220-91,500 and resistance at ₹93,660-94,400.

Jain recommends buying gold around ₹78,900, with a target price of ₹79,500 and a stop loss at ₹79,660.

Gold Rates in Physical Markets:

• Delhi: Pure 24 carat gold is ₹61,040/8 grams, while standard 22 carat gold is ₹57,264/8 grams.
• Mumbai: Pure 24 carat gold is ₹61,632/8 grams, while standard 22 carat gold is ₹57,760/8 grams.
• Chennai: Pure 24 carat gold is ₹60,776/8 grams, while standard 22 carat gold is ₹57,064/8 grams.
• Hyderabad: Pure 24 carat gold is ₹60,672/8 grams, while standard 22 carat gold is ₹56,912/8 grams.

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