Gold prices decreased by 0.81% over the week due to stalled negotiations between the United States and Iran, impacting hopes for immediate interest-rate cuts. MCX gold June futures saw a marginal 0.01% increase, while MCX silver May futures rose by 0.49% on Friday. Currently, gold futures are at Rs 1,51,363, and silver futures stand at Rs 2,47,500 per kg.
The price of 10 grams of 24-carat gold dropped to Rs 1,50,263 on Thursday from Rs 1,51,495 at the market opening on Monday, as reported by the India Bullion and Jewellers Association (IBJA). In global markets, bullion prices fell by up to 1.2% on Friday after a 1.5% gain in the previous session, influenced by increased energy costs and stronger Treasury yields. Traders noted a nearly 14% decline in gold since the US-Iran conflict began on February 28, 2026.
Amidst ongoing diplomatic efforts, the absence of a breakthrough in negotiations has kept geopolitical risks high, impacting prices. US inflation data revealed the headline PCE price index at 3.5% in March, the highest in almost three years, suggesting that policy rates might remain elevated for an extended period. Analysts warned that elevated energy prices could lead central banks to maintain higher interest rates, potentially affecting non-yielding assets like gold.
Precious metals experienced a phase of corrective consolidation post a safe-haven rally, with intermittent profit booking observed at higher levels. Safe-haven demand slightly eased but continued to provide support during declines amid persistent uncertainty. COMEX gold traded within the $4,620–$4,650 range, facing significant resistance at $4,700–$4,760 levels, while COMEX Silver traded above $76, maintaining a constructive trend with a cautious near-term bias.
