Gold prices experienced a 0.34% decline over the week due to corrective pressure from profit booking. MCX gold June futures saw a 0.61% increase, while MCX silver May futures rose by 1.39% on Friday. Currently, gold futures stand at Rs 1,52,683, and silver futures at Rs 2,44,877 per kg.
The price of 10 grams of 24-carat gold was Rs 1,51,479 on Friday, up from Rs 1,52,002 at the start of the week, as reported by the India Bullion and Jewellers Association (IBJA). Gold prices rose towards the end of the week on optimism surrounding US and Iran negotiations. Traders also considered the Federal Reserve’s interest-rate trajectory following the closure of a related probe by the Justice Department.
Bullion surpassed $4,700 an ounce as bond yields decreased, alleviating pressure on non-yielding assets. Analysts noted selective buying of precious metals at lower levels, although momentum remained cautious due to ongoing geopolitical uncertainties. Reports indicated diplomatic developments between the US and Iran, but Iranian officials denied plans for talks with US delegates.
Despite a slight reduction in safe-haven demand amid ongoing negotiations, underlying risks supported prices, with analysts suggesting that precious metals could face further consolidation without fresh safe-haven triggers. Market participants warned of potential volatility in domestic commodity prices on the MCX in response to geopolitical escalations or shifts in global dollar dynamics.
COMEX gold traded around $4,720–$4,750, marking a 3% increase weekly, with expectations of a strong bull run upon surpassing the $5,000 mark. COMEX Silver, currently trading near $75–$76, showed consolidation with a slight negative bias post recent highs, according to analysts.
