Gold traded higher on MCX on August 21 amid positive global cues and healthy spot market demand. August gold futures rose 0.52% to Rs. 1,60,250, and September silver futures declined 1.02% to Rs. 2,45,736.
Meanwhile, Brent crude futures fell 0.27% to $93.52 per barrel. US West Texas Intermediate (WTI) edged lower by 0.43% to $86.46 per barrel.
The CME FedWatch Tool indicates markets are currently pricing in a 64% probability that the Fed will keep rates unchanged and a 36% chance of a rate hike in September.
24K gold rose by Rs. 10 to Rs. 1,59,280 per 10 grams, while 22K gold also advanced by Rs. 10 to Rs. 1,46,010. By city, Mumbai and Kolkata mirrored prices at Rs. 1,59,280, while Delhi was at Rs. 1,59,430, and Chennai at Rs. 1,59,280.
US gold prices edged higher on Friday supported by a weaker dollar and US Treasury's bond buyback move. Spot gold was up 0.5% at $4,540.18 per ounce. US gold futures rose 0.6% to $4,596.60.
Spot silver was up 1.3% to $68.92 per ounce, platinum climbed 2.4% to $1,872.64, while palladium gained 1.3% to $1,351.28.
Also Read: Why Gold Could Stay a Key Part of Diversified Portfolios in 2026
"We've seen the dollar weakening and that has supported not just gold but all precious metals, along with a big change in yields," said Brian Lan, managing director of GoldSilver Central.
On MCX, gold has support at Rs. 1,58,000 and Rs. 1,56,650 and resistance is at Rs. 1,60,600 and Rs. 1,61,800, while silver has support at Rs. 2,41,000 and Rs. 2,38,800 and resistance is at Rs. 2,46,600 and Rs. 2,50,000.