Gold prices increased by 0.19% over the week due to ongoing geopolitical uncertainties and significant movements in crude oil prices. MCX gold June futures saw a slight dip of 0.06% on Friday, while MCX silver May futures experienced a loss of 0.09%. Currently, gold futures are at Rs 1,58,588, and silver futures stand at Rs 2,71,600 per kg on the Multi Commodity Exchange (MCX).
The price of 10 grams of 24-carat gold rose to Rs 1,58,117 on Friday from Rs 1,57,821 at the beginning of the week, as reported by the India Bullion and Jewellers Association (IBJA). Gold prices showed a slight weakness towards the weekend as COMEX gold stabilized near $4535, with a strong rupee appreciation putting pressure on domestic bullion prices.
Reports on progress in US-Iran negotiations led to a decrease in precious metals buying, although tensions around the Strait of Hormuz continued to provide some support. Positive signals from the ongoing US-Iran proposal discussions are helping COMEX gold maintain support near the $4500 zone, despite lingering uncertainty about the final outcome.
