Gold prices remained weak in India today, tracking muted global rates. On MCX, prices of gold futures contracts were flat at ₹38,169 per 10 gram. Despite the recent uptick, gold still remains down about ₹1,800 per 10 gram from September highs of about ₹40,000 per 10 gram. Tracking gold, silver also remained flat, with prices on MCX up 0.01% to ₹44,825 per kg.

In global markets gold prices inched up on concerns that US-China trade deal could get delayed after US lawmakers passed legislation supporting Hong Kong protesters, which Beijing condemned. Spot gold rose 0.1% to $1,472 per ounce. The main driver in gold currently is the uncertainty about the trade deal, says an analyst.

Abhishek Bansal, chairman of ABans Group of Companies, said gold prices have come off recent lows after US President Donald Trump threatened to raise tariffs on Chinese imports if no deal is reached with China.

Also, helping gold is the rise in geopolitical tensions, after a bill was passed in the US to support the Hong Kong protesters, which might derail the progress in the trade talks, he added.

However, weighing on gold price also is weaker investor interest and Fed’s pause in interest rate cuts, Kotak Securities said in a recent note.

Gold holdings with SPDR ETF, the world’s biggest gold-backed exchange traded fund, were unchanged at 891.79 tonnes on Tuesday, the lowest since September, says the note. Gold faces resistance at $1480/ounce and unless this key level is broken upside could be limited, say analysts.

Silver tracked rangebound movement in gold and mixed trade in industrial metals, says Kotak Securities. Mixed cues from US and China on trade front has caused choppiness in commodities at large and this trend may persist unless there is more clarity, it added.