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Precious metals traded in positive territory on Friday as reports of potential diplomatic progress in West Asia encouraged fresh buying interest among investors.
Gold futures on the Multi-Commodity Exchange (MCX) for August delivery rose to an intraday peak of ₹1,50,600 per 10 grams before settling around ₹1,49,916 during late morning trade.
Silver futures for July delivery also registered gains, changing hands at ₹2,42,143 per kilogram after touching a session high of ₹2,44,817.
Market participants returned to precious metals after indications emerged that discussions between the United States and Iran could produce positive results in the near future.
Analysts observed that the prospect of reduced geopolitical tensions helped gold and silver recover from recent lows and improved overall sentiment across commodity markets.
Even so, traders remained cautious as conflicting statements from Iranian officials continued to cloud the outlook for any potential agreement.
Experts pointed out that inflationary pressures and uncertainty surrounding future US interest-rate decisions continue to influence bullion prices. These concerns have limited the extent of the recovery and kept precious metals vulnerable to fluctuations in broader financial markets.
Despite the latest rise, both gold and silver remain on track to record a second straight week of losses.
Investors are now watching developments in diplomatic discussions between Washington and Tehran, while also assessing upcoming remarks from Federal Reserve policymakers.
In overseas markets, COMEX gold climbed beyond $4,203 per ounce, while COMEX silver surged above $66 per ounce, reflecting strong investor demand.
At the same time, crude oil prices retreated as traders factored in the possibility of improved regional stability.
US benchmark WTI crude slipped towards $85 per barrel, while Brent crude traded below $89 per barrel.
The movement in energy markets added to broader risk appetite and provided additional support for gains in the precious metals segment.
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