Gold Rate Rebounds, Silver Price Surges in Delhi After Two Days of Fall: Check 24K, 22K, 18K Prices On Jan 17

Gold prices in Delhi today, January 17, surged after the yellow metal saw a decline in the last two days. Although the current gold rate in India is still slightly below the all-time high recorded last week, any further upward movement could set a new record in the bullion market.

The last two days of dip of around Rs. 5500 per 10 grams allowed ritual and retail gold buyers, who rushed to make purchases. This rise in demand has significantly contributed to the rebound in gold prices in Delhi and across India.

Meanwhile, spot gold also surged in the international market before closing on Friday. Traders and investors are now eyeing the U.S. Federal Reserve meeting scheduled later this month.

Gold rate in Delhi today

On Saturday, January 17, gold rates in Delhi for 22-carat gold were priced at Rs. 131,950 per 10 grams after rising by Rs. 380. 100 grams of the same is available at Rs. 1,319,950.

Whereas the 24-carat gold rates in Delhi surged by Rs. 380 to cost Rs. 143,930 per 10 grams, while 100 grams of this premium variant are priced at Rs. 1,439,300.

The more affordable 18-carat gold also jumped by Rs. 290 per 10 grams and is currently priced at Rs. 107,990 per 10 grams, with 100 grams of the yellow metal available at Rs. 1,079,900.

MCX Gold and Silver Futures Update

At the end of trading on Friday, gold futures on the Multi Commodity Exchange (MCX), scheduled for delivery on February 5th, settled at Rs. 142,474 per 10 grams, declining by 0.03%. Similarly, silver futures, maturing on March 5th, have edged lower by 0.02% to end at Rs. 287,701 per kg.

Spot Gold and Spot Silver Rates

As per Trading Economics, "Gold prices dropped around 1% toward $4,560 per ounce on Friday, extending the previous session's losses as safe-haven demand cooled and expectations for near-term interest rate cuts by the Federal Reserve continued to fade."

Gold Price Target and Analysis

"Gold traded below $4,600 as profit-taking, strong US labour data, and easing political risk reduced near-term safe-haven demand, despite softer inflation data keeping expectations of multiple Fed rate cuts later this year intact. On the technical front, MCX Gold continues to remain in an uptrend on both the daily and weekly charts. The structure is bullish, and momentum remains strong. However, there are no signs of any major weakness on the daily chart. Currently, support is placed at 142,150, while resistance is seen at 144,350 and 147,600. Traders can buy MCX Gold at the current market price and on dips towards 142,150 for a target of 144,350-147,600. Any sustained weakness below 140,200 should be considered as a stop-loss for the current view." According to the Way To Wealth Commodity Report.

Silver Prices Today in Delhi

The white metal rates in Delhi stood at Rs. 295,000 per kg after rising to Rs. 3000. Meanwhile, 100 grams of silver in Delhi is currently priced at Rs 29,500, adding Rs 300.

Gold Rate Chart in other TOP cities in India

Cities	24 carat	22 carat
Bangalore	Rs. 1,43,930	Rs. 1,31,950
Mumbai	Rs. 1,43,930	Rs. 1,31,950
Chennai	Rs. 1,44,870	Rs. 1,32,800
Kolkata	Rs. 1,43,930	Rs. 1,31,950
Hyderbad	Rs. 1,43,930	Rs. 1,31,950

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