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New Delhi: Chief negotiators of India and the US have commenced talks on the proposed trade agreement to iron out issues in the wake of steep tariffs that have created uncertainties for exporters, an official said on Tuesday. Brendan Lynch, the Assistant US Trade Representative for South and Central Asia, is leading the American team, while Rajesh Agrawal, Special Secretary in the Department of Commerce, is India's chief negotiator. Lynch arrived in India late Monday for a day-long talk with his Indian counterpart. This is the first visit by a high-ranking US trade official after the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market for buying Russian crude oil. "The trade talks have started," the official said. India has described the steep 50 per cent tariff as unfair and unreasonable. In February, the leaders of the two countries directed officials to negotiate a proposed Bilateral Trade Agreement ( BTA). It was planned to conclude the first tranche of the pact by the fall of 2025. So far, five rounds of negotiations have been held, and the talks for the sixth round, which were scheduled from August 25-29, were postponed following the imposition of the high import duties. A senior commerce ministry official had said the meeting between Lynch and Indian officials should not be viewed as the 6th round of negotiations, but a precursor to it. The official also said India and the US have been engaged in discussions through virtual mode on a weekly basis. The meeting is taking place within days, Prime Minister Narendra Modi warmly reacting to US President Donald Trump's positive assessment of trade ties between the two countries. Defending its purchase of Russian crude oil, India has been maintaining that its energy procurement is driven by national interest and market dynamics. The government has repeatedly emphasised that it will protect the interests of its farmers, dairy producers, and MSMEs in all trade deals.

Gold prices (October futures contracts at MCX) held firm at Rs 1,10,177 per 10 grams on the MCX October futures contract, staying near their lifetime high of Rs 1,10,330, hit in the previous trading session. The precious metal has been on a record-setting spree in recent sessions, supported by a weaker dollar, safe-haven demand, and rising expectations of a U.S. Federal Reserve rate cut this week.Mirroring a similar sentiment, silver December futures contracts on MCX opened at Rs 1,29,338/kg, sustaining near the peak of Rs 1,29,622, also hit in Monday’s session.In the international market, gold prices reached a record high on Tuesday, supported by a weaker dollar ahead of the Federal Reserve's policy meeting this week, where the central bank is widely expected to cut interest rates.Spot gold rose 0.1% to $3,680.17 per ounce as of 0109 GMT, after hitting a record high of $3,689.27 earlier in the session.On Tuesday, gold and silver settled on a positive note in the domestic market and international markets. Gold October futures contract settled at Rs 1,10,179 per 10 grams with a gain of 0.74% and silver December futures contract settled at Rs 1,29,429 per kilogram with a gain of 0.46%.Gold and silver extended their gains amid weakness in the dollar index and aggressive rate cut hopes from the U.S. Fed after disappointing U.S. economic data. Gold prices crossed $3,700 per troy ounce and hit a record high once again and silver prices also hit a fresh 14-year high in the international markets.“Both precious metals are trading at an all-time high in the domestic markets. Safe-haven buying, geopolitical tensions and upbeat investment demand continue to support gold and silver prices,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.“After crossing a $3,700 barrier, gold is poised to test $3,800 per troy ounce levels soon and silver is also heading for $44.50 per troy ounce levels,” he added.Further, recent tensions in the Middle East and escalation in the Russia-Ukraine war is also fueling precious metals prices. Today, the US Dollar Index, DXY, was hovering near the 97.24 mark, falling 0.06 or 0.06%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geopolitical tensions and FOMC meetings. Gold is expected to trade in the range of $3,534-3,800 per troy ounce and silver is expected to trade in the range of $41.40-44.50 per troy ounce this week,” Jain added.How to trade gold?Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Gold has support at Rs 1,09,850-1,09,500 and resistance at Rs 1,10,580-1,11,000 Silver has support at Rs 1,28,500-1,27,700 and resistance at Rs 1,30,300-1,31,500Jain suggests buying gold around Rs 1,09,800 with a stop loss of Rs 1,09,380 for a target of Rs 1,10,650 and also suggests buying silver around Rs 1,28,800 with a stop loss of Rs 1,27,700 for a target of Rs 1,30,300-1,31,500Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 57,208/8 grams while pure gold (24 carat) prices stand at Rs 61,032/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 57,376/8 grams while pure gold (24 carat) prices stand at Rs 61,136/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 57,064/8 grams while pure gold (24 carat) prices stand at Rs 60,792/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 57,240/8 grams while pure gold (24 carat) prices stand at Rs 60,992/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)