Overview

• India Bullions Association pegged the national average at Rs 99,530 per 10 grams on Wednesday, with MCX October futures near Rs 98,710 and most city quotes hovering in the high-99,000 range.
• Prices fell for a second straight day after President Donald Trump’s meetings with Volodymyr Zelenskyy, Vladimir Putin and European leaders raised prospects of trilateral talks, reducing geopolitical risk pricing in gold.
• Globally, spot gold eased to about $3,313 an ounce as the dollar firmed, with traders eyeing freshly released Fed minutes and Powell’s upcoming Jackson Hole remarks for clues on the timing and scale of rate cuts.
• Silver showed sharper swings, with earlier local reports of Rs 1,15,000 per kg giving way to declines toward Rs 1,12,500 and softer MCX readings, reflecting broader volatility in precious metals.
• Despite the pullback, firms such as Ventura Securities and UBS reiterated bullish year-end views near $3,600 per ounce, citing persistent central bank buying and rising ETF holdings.