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Below the Quote on Gold and Crude 19th Aug 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities 

On Monday, spot gold closed flat as speculation grew over a potential ceasefire and peace deal between Russia and Ukraine. Following a high-level meeting with Ukrainian President Volodymyr Zelenskiy, U.S. President Donald Trump revealed on Truth Social that he had paused the talks to call Russian President Vladimir Putin, confirming plans for a trilateral summit. Gold also faced pressure from a stronger U.S. dollar, as expectations for a 50-basis-point rate hike faded after hotter-than-expected US Producer Price Index (PPI) data. Today, gold is trading above $3,340 per ounce as markets await the release of the FOMC meeting minutes and the start of the Jackson Hole Symposium later this week. However, optimism around U.S.-led peace efforts in Ukraine may limit sharp upside in gold prices.

WTI crude oil prices gained 1% yesterday, climbing to $63.80 per barrel, as markets focused on U.S. President Donald Trump’s meeting with Ukrainian President Volodymyr Zelenskiy, following an inconclusive U.S.-Russia summit in Alaska. The uptick was also supported by escalating geopolitical tensions, notably Ukraine's increased drone attacks on Russia. Adding to the friction, U.S. trade advisor Peter Navarro criticized India’s continued reliance on Russian oil, calling the practice “opportunistic” and labeling India a “clearinghouse for Russian oil”. Today, oil prices slipped below $63 per barrel, as investors assessed the potential impact of a possible trilateral meeting between Russia, Ukraine, and the U.S. aimed at negotiating an end to the war in Ukraine. A resolution could potentially lead to the lifting of sanctions on Russian crude, easing global supply concerns.