New Delhi, May 2: Gold prices dipped 0.81 per cent during the week as negotiations between the United States and Iran stalled, denting hopes for near‑term interest‑rate cuts.
On Friday, MCX gold June futures gained 0.01 per cent while MCX silver May futures inched up 0.49 per cent. Currently, gold futures stand at Rs 1,51,363, while silver futures stand at Rs 2,47,500 per kg.
The price of 10 grams of 24-carat gold was at Rs 1,50,263 on Thursday, down from Rs 1,51,495 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).
In international markets, bullion dropped as much as 1.2 per cent on Friday after gaining 1.5 per cent in the previous session, weighed down by rising energy costs and firmer Treasury yields. Gold has fallen nearly 14 per cent since the US-Iran conflict began on February 28, 2026, traders said.
The Iranian administration maintained that the US blockade would have to end before the Strait of Hormuz could be reopened, according to multiple media reports. Iranian state media said that Tehran had delivered a fresh proposal for talks to Pakistani mediators, but both sides signalled they were waiting for the other to make the first move.
“While diplomatic engagements remained active, the absence of a decisive breakthrough kept the geopolitical risk premium firmly embedded in prices,” an analyst said.
US inflation data showed the headline PCE price index at 3.5 per cent in March, at its highest level in nearly three years, reinforcing the view that policy rates may stay higher for longer.
Analysts said that rising energy prices could lead to central banks maintaining interest rates higher for longer, which would pressure non-yielding assets like gold. (IANS)
