Meanwhile, Jigar Trivedi, Senior Research Analyst at Reliance Securities, expects the gold prices to stay range bound and the outlook remains mixed.

" Gold prices hold levels near a record high, as investors awaited a crucial US Federal Reserve policy decision later this week. Traders are pricing in a 25 bps Fed rate cut amid signs of labor market weakness, with some expecting that easing could extend into next year. Market participants are also closely watching the US-China negotiations in Madrid, which started on Sunday. MCX gold price for October futures may stay in a range from ₹108,000 to ₹110,000 per 10 grams," Trivedi said.