MUMBAI — Gold and silver prices traded lower Friday morning amid continued global uncertainty, with precious metals declining by nearly 1%.
On the Multi Commodity Exchange, gold futures for June 5 were trading at Rs 1,56,683 per 10 grams, down Rs 242, or 0.15%, from the previous close of Rs 1,56,925.
At about 11:20 a.m., gold had fallen as much as 0.38%, or Rs 609, to Rs 1,56,316, hitting an intraday low. During the session, it also touched an intraday high of Rs 1,57,197, up 0.17%, or Rs 272.
Silver futures for July 3 were trading at Rs 2,68,381 per kilogram, down Rs 1,156, or 0.43%, from the previous close of Rs 2,69,537.
Silver touched an intraday low of Rs 2,67,500, down 0.75%, or Rs 2,037. It also reached an intraday high of Rs 2,69,400, down 0.05%, or Rs 137.
In international markets, precious metals traded with mild gains. COMEX gold was up 0.17% at $4,540 per ounce, while COMEX silver gained 0.25% to trade near $76 per ounce.
Reports citing a U.S. official said U.S. and Iranian negotiators had reached a tentative agreement to extend the ceasefire in the three-month-long conflict by another 60 days and begin a new round of talks on Tehran’s nuclear program.
U.S. Vice President JD Vance also said a tentative understanding had been reached, though it remained unclear whether President Donald Trump would approve it.
Tensions between the two countries had escalated in recent days after the U.S. carried out strikes at certain locations in southern Iran. Iran later claimed retaliatory attacks.
Market experts said gold remained near the $4,500-per-ounce level after recovering in the previous session, as easing geopolitical tensions between the U.S. and Iran reduced concerns around inflation and interest rates.
Analysts said reports that both countries may extend the ceasefire and begin talks over Iran’s nuclear program, along with discussions about unrestricted shipping through the Strait of Hormuz, improved risk sentiment and reduced safe-haven demand for precious metals.
Silver continued to see cautious trading amid ongoing volatility. Analysts said geopolitical developments and safe-haven demand are likely to remain key drivers for precious metal prices in the near term. (Source: IANS)
