Gold prices slipped 0.81% this week, pressured by stalled US‑Iran negotiations and fading expectations of near‑term Federal Reserve rate cuts. On Friday, MCX gold June futures edged up 0.01% to ₹1,51,363, while silver May futures rose 0.49% to ₹2,47,500 per kg. The price of 10 grams of 24‑carat gold stood at ₹1,50,263 on Thursday, down from ₹1,51,495 at Monday’s opening. Internationally, bullion dropped as much as 1.2% after a prior session’s 1.5% gain, weighed by rising energy costs and firmer Treasury yields. Traders noted gold has fallen nearly 14% since the US‑Iran conflict began on February 28, with Tehran insisting the US blockade must end before reopening the Strait of Hormuz. Analysts said the absence of a breakthrough kept geopolitical risk premiums embedded in prices, while US inflation data showing the PCE index at 3.5% reinforced expectations of higher policy rates for longer.
Precious metals entered corrective consolidation after recent safe‑haven rallies, with profit‑booking at higher levels and selective buying near support zones. Crude oil retained a firm undertone amid supply concerns, adding pressure on central banks to maintain elevated interest rates, which weigh on non‑yielding assets like gold. COMEX gold traded near the $4,620–$4,650 zone, facing resistance at $4,700–$4,760, while COMEX silver held above $76. Analysts described the broader trend as constructive but with a cautious near‑term bias, noting that strength depends on a breakout above resistance. Despite easing safe‑haven demand, lingering uncertainty continues to lend support on declines, keeping investor sentiment watchful as global markets balance geopolitical risks with inflationary pressures.