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Gold traded lower on MCX on August 17 amid a decline in the US dollar and weakening expectations for a US Fed interest rate hike in September. August gold futures rose 0.34% to Rs. 1,55,030, and September silver futures advanced 0.5% to Rs. 2,37,100.
Meanwhile, Brent crude futures rose 0.17% to $88.67 per barrel. US West Texas Intermediate (WTI) edged lower by 0.23% to $82.21 per barrel.
24K gold rose by Rs. 53 to Rs. 1,55,660 per 10 grams, while 22K gold also advanced by Rs. 50 to Rs. 1,42,700. By city, Mumbai and Kolkata mirrored prices at Rs. 1,55,660, while Delhi was at Rs. 1,55,810, and Chennai at Rs. 1,55,660.
US gold prices traded higher on Monday, supported by a weaker dollar. Spot gold rose 0.4% to $4,391.07 per ounce. Prices hit a more than two-month high last week.
US gold futures for December delivery edged up 0.3% to $4,448.10.
Spot silver rose 1.4% to $65.53 per ounce. Platinum climbed 0.3% to $1,752.36, while palladium gained 1.6% to $1,333.35.
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"Gold has taken the ball and run with it to start the week, with soft inflation numbers keeping the US dollar under pressure and giving gold extra headroom to push towards the $4,400 level," said Tim Waterer, chief market analyst at KCM Trade.
"A sustained move above $4,500 would likely need additional dollar weakness or a clearer pullback in energy prices," he added.
Internationally, gold has support at $4,400 and $4,364, while resistance is at $4,470 and $4,500 per troy ounce, and silver has support at $63.40 and $62.60, while resistance is at $65.80 and $67 per troy ounce.
On MCX, gold has support at Rs. 1,53,650 and Rs. 1,52,800, and resistance is at Rs. 1,55,500 and Rs. 1,56,100, while silver has support at Rs. 2,34,000 and Rs. 2,31,600 and resistance at Rs. 2,38,000 and Rs. 2,41,000.
