Mumbai: Gold and silver traded in a narrow range on Thursday, with gold prices holding above the Rs 1 lakh mark per 10 grams, while silver slipped below Rs 1.15 lakh per kg.
According to data released by the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold declined by Rs 74 to Rs 1,00,023 per 10 grams from Rs 1,00,097 per 10 grams a day earlier. Prices of 22-carat and 18-carat gold fell to Rs 91,621 and Rs 75,017 per 10 grams, respectively.
Analysts said investors are awaiting the outcome of the scheduled meeting between the US and Russia on August 15, keeping gold prices range-bound. Weakness in the US dollar, however, is providing some support to the yellow metal.
Silver prices also saw a drop, with rates falling Rs 342 to Rs 1,14,933 per kg over the past 24 hours. IBJA releases spot market prices for gold and silver twice a day.
On the Multi Commodity Exchange (MCX), gold’s October 3, 2025, contract edged up 0.04 per cent to Rs 1,00,227, while silver’s September 5, 2025, contract settled 0.22 per cent lower at Rs 1,14,772.
In the international market, prices on Comex were also under pressure, with gold down 0.12 per cent at $3,404 per ounce and silver falling 0.61 per cent to $38.36 per ounce.
“Gold traded sideways near $3,355 on Comex and Rs 1,00,280 on MCX as market participants awaited the crucial US–Russia meeting on August 15 over Russia-Ukraine peace talks, a war that has persisted for years,” said Jateen Trivedi of LKP Securities.
Dollar weakness has lent support to gold, while ongoing tariffs on various countries have also underpinned its strength. Overall, gold remains positive as long as $3,280 is held. The range for gold is seen between Rs 99,000–Rs 1,01,500, Trivedi added.
(IANS)
