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Gold and silver prices traded lower on Friday morning as easing geopolitical tensions between the United States and Iran reduced demand for safe-haven assets in global markets.
On the Multi Commodity Exchange (MCX), gold futures for June 5 delivery traded at Rs 1,56,683 per 10 grams, down Rs 242 from the previous close.
During intraday trade, the yellow metal slipped further to touch a low of Rs 1,56,316 before recovering slightly.
Silver futures for July 3 delivery also declined, trading at Rs 2,68,381 per kilogram, down Rs 1,156 compared to the previous session. The white metal touched an intraday low of Rs 2,67,500 amid continued volatility in commodity markets.
In the international market, however, precious metals witnessed marginal gains. COMEX gold traded slightly higher near $4,540 per ounce, while COMEX silver rose close to $76 per ounce.
Market sentiment improved after reports suggested that US and Iranian negotiators had reached a tentative agreement to extend the ceasefire in the ongoing conflict by another 60 days.
Reports also indicated that both countries may begin fresh discussions regarding Tehran’s nuclear programme.
US Vice President JD Vance stated that a tentative understanding had been reached, though uncertainty remained over whether President Donald Trump would formally approve the agreement.
Iran has also not officially confirmed the proposed arrangement.
Recent US-Iran tensions had boosted demand for safe-haven assets like gold and silver.
Easing geopolitical concerns and expectations of stable shipping through the Strait of Hormuz improved market sentiment, leading to cautious trading in precious metals.
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