Gold price today: MCX gold rate trades flat below ₹1 lakh after Trump-Putin meet; silver price gains

Gold prices on Multi-Commodity Exchange of India (MCX) traded flat on Monday, tracking stable global bullion prices, amid signs of cooling geopolitical tensions as hopes of an end to the Russia-Ukraine war strengthened.

MCX gold prices opened 0.12% higher at ₹99,960 per 10 grams as against its previous close of ₹99,838. MCX silver prices opened at 1,13,951 per kg as compared to its previous close of ₹1,13,943.

At 9:15 AM, the MCX gold price was trading flat at ₹99,834 per 10 grams, while the MCX silver price was up 0.07% at ₹1,14,025 per kg.

In the international market, gold prices rose after hitting a two-week low, supported by lower US Treasury yields. Spot gold price gained 0.3% to $3,345.64 per ounce, after hitting its lowest level since August 1. US gold futures for December delivery rose 0.3% to $3,391.80. Spot silver rose 0.3% to $38.08 per ounce.

US President Donald Trump held a meeting with Russian President Vladimir Putin in Alaska on August 15, aimed at ending the war in Ukraine, decreasing the safe-haven appeal for the yellow metal.

“Gold prices stayed close to two-week lows, as prospects of easing geopolitical tensions dulled the metal’s safe-haven appeal. Markets will be closely watching Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole Symposium, along with the minutes from the Fed’s latest meeting, amid growing expectations for a September interest-rate cut,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

Investors now await Donald Trump’s meeting with Ukrainian President Volodymyr Zelenskiy and European leaders later today to discuss a peace deal with Russia.

Gold Price Outlook

Jigar Trivedi expects the MCX gold rate for October futures to stay range-bound in today’s trading session.

“MCX gold may face resistance at ₹100,000 per 10-gram level, while support for the yellow metal is seen at ₹99,500 level,” Trivedi said.

According to Rahul Kalantri, VP Commodities, Mehta Equities Ltd, gold prices have support at $3,320 - $3,300, and resistance at $3,362 - $3,380. Silver has support at $37.80 - $38.65, while resistance is at $38.24 - $38.45.

“MCX gold price has support at ₹99,410 - ₹99,150, while resistance at ₹1,00,150 - ₹1,00,480. Silver price has support at ₹1,13,380 - ₹1,12,550, while resistance is at ₹1,14,750 - ₹1,15,400,” Kalantri said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.