29 May,2026 02:25 PM IST | Mumbai | mid-day online correspondent
Easing geopolitical tensions weigh on gold and silver prices. Representational pic
Gold and silver prices traded lower on Friday morning on the Multi Commodity Exchange (MCX), with both metals declining amid continued global uncertainty and easing geopolitical tensions.
Gold futures for June 5 delivery were trading at Rs 1,56,683 per 10 grams, down Rs 242 or 0.15 per cent from the previous close of Rs 1,56,925.
Gold slipped further to an intraday low of Rs 1,56,316, down Rs 609 or 0.38 per cent in early trade. During the session, the yellow metal also touched a high of Rs 1,57,197.
Silver futures for July 3 delivery were trading at Rs 2,68,381 per kg, lower by Rs 1,156 or 0.43 per cent from the previous close. The metal touched an intraday low of Rs 2,67,500 before recovering slightly.
In the global market, precious metals traded with modest gains. COMEX gold rose 0.17 per cent to around $4,540 per ounce, while COMEX silver gained 0.25 per cent to trade near USD 76 per ounce.
Despite the international uptick, domestic prices remained volatile due to changing investor sentiment linked to developments in West Asia.
According to reports, US and Iranian negotiators have reached a tentative agreement to extend the ceasefire in their ongoing conflict by another 60 days. The talks are also expected to include discussions on Iran's nuclear programme.
US Vice President JD Vance reportedly said that a tentative understanding had been reached, though it remains uncertain whether US President Donald Trump would approve the proposal.
The developments come days after tensions escalated following US strikes in southern Iran and Iran's retaliatory claims.
Market experts said easing tensions between the US and Iran have reduced concerns related to inflation, oil supply disruptions and interest rates, leading to lower safe-haven demand for gold and silver.
Analysts noted that discussions around unrestricted shipping through the Strait of Hormuz have further improved global risk sentiment. "Geopolitical developments and safe-haven demand are expected to remain key drivers for precious metal prices in the near term," analysts said, reported the news agency.
They added that silver continues to witness cautious trading amid ongoing volatility in global markets.
(With IANS Inputs)
