Gold prices remained steady despite the major geopolitical breakthrough, as Russia and Ukraine agreed to a ceasefire. The yellow metal showed minimal reaction, falling just $20 on COMEX and continuing to trade above the $3,200 per ounce level. Silver also held firm above $32. In India, gold on MCX hovered near ₹93,000, while spot prices dipped 0.5% but remained above $3,200.
China Trims Loan Rates to Boost Economy
In an effort to support its slowing economy, the People’s Bank of China cut its one-year loan prime rate from 3.1% to 3.0% and reduced the five-year LPR from 3.6% to 3.5%. Earlier in the day, several major state-owned banks lowered deposit rates by up to 25 basis points. The offshore yuan also regained strength, aided by a softer U.S. dollar.
Putin, Trump Discuss Peace Framework
Following a nearly two-hour conversation with U.S. President Donald Trump, Russian President Vladimir Putin announced Moscow’s readiness to work with Ukraine on drafting a memorandum for future peace negotiations. Speaking near Sochi, Putin said, “We have agreed with the president of the United States that Russia will propose and is ready to work with the Ukrainian side on a memorandum on a possible future peace accord.” Ukrainian President Volodymyr Zelenskiy has also called for high-level talks involving Russia and Western nations. Trump noted that the Vatican has expressed interest in hosting potential peace discussions. Kremlin spokesman Dmitry Peskov confirmed that “complex contacts” are underway with Kyiv and emphasized, “There are no deadlines and there cannot be any. It is clear that everyone wants to do this as quickly as possible, but, of course, the devil is in the details.”
Western Allies Warn Israel Over Gaza Offensive
Meanwhile, tensions in the Middle East continue to escalate. Leaders of the UK, France, and Canada warned on Monday of “concrete actions,” including targeted sanctions, if Israel does not halt its renewed ground assault in Gaza and continues to block humanitarian aid. The warning followed Israel’s intensified offensive launched over the weekend, shortly after President Trump departed the region without finalizing a ceasefire or hostage deal.
Register for 24 May 2025 Gold Price Today and Kedia Commodity Event in Mumbai
Market Outlook: Volatility Ahead for Precious Metals
Manoj Kumar Jain of Prithvi Finmart expects gold and silver to remain volatile this week amid movements in the dollar index and developments in the Russia-Ukraine peace process. “Gold prices could hold its support level of $3,120 per troy ounce and silver prices could also hold $31.40,” Jain said. Gold support lies at $3,210–3,184 with resistance at $3,250–3,264 per troy ounce. Silver has support at $32.20–31.88 and resistance at $32.74–33.00.
On the MCX, gold is seen with support at ₹92,750–₹92,200 and resistance at ₹93,850–₹94,400. Silver support lies at ₹94,800–₹94,000, with resistance at ₹96,000–₹96,650.
Manoj Kumar Jain on Currency Outlook
As per the daily technical chart a pair is having support at 85.2200-84.8000 while resistance is placed at 85.8500-86.0800. A pair is trading above its support level of 85.2900 and expected to trade in the range of 84.8000-86.4500 this week. We have suggested buying in the pair on Monday around 85.3500 and a buying was not initiated. We suggest wait for some more corrective dips for initiating fresh positions in the pair.
Technical View: Kedia Commodity
According to Kedia Commodity, gold finds key support at ₹92,720, and a drop below could extend losses to ₹92,145. On the upside, resistance is at ₹93,950, with potential to test ₹94,605 if momentum builds. For silver, support is at ₹95,090, with further downside likely to ₹94,735. Resistance stands at ₹96,025, and a break higher could take prices to ₹96,605.
Kedia Commodity Currency Update as on Tuesday, 20 May 2025
- USDINR trading range for the day is 85.23-85.79.
- EURINR trading range for the day is 95.38-97.
- GBPINR trading range for the day is 113.46-115.02.
- JPYINR trading range for the day is 58.86-59.28.
Augmont bullion daily report by Dr. Renisha Chainani, Head – Research, Augmont
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Big Events of the Week (May 19–23, 2025)Monday, May 19
2:30 PM (EA) – Euro Area: Core Inflation Rate YoY Final (April)
7:30 PM (US) – President Trump’s call with President Putin
2:50 AM (US) – Fed Williams Speech
6:00 PM (US) – Fed Bostic Speech
6:15 PM (US) – Fed Jefferson and Williams Speeches
Tuesday, May 20
6:30 PM (US) – Fed Barkin Speech
6:30 PM (US) – Fed Bostic Speech
Wednesday, May 21
2:30 AM (US) – Fed Kugler Speech
11:30 AM (UK) – UK: Inflation Rate YoY (April)
9:30 PM (US) – Fed Barkin Speech
Thursday, May 22
6:00 PM (US) – Initial Jobless Claims (May week)
6:00 PM (US) – Continuing Jobless Claims (as of May 10)
7:15 PM (US) – S&P Global Services PMI Flash (May)
7:30 PM (US) – Existing Home Sales (April)
Friday, May 23
5:00 AM (JP) – Japan: Inflation Rate YoY (April)
Gold Price Today News India Sarafa Market 20-05-2025
99.50~95800 (-300)
23 KT~93400
22 KT~89500
20 KT~81600
18 KT~73600
14 KT~58700
99 SILVER:~98000 (-500)
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
