Gold and silver prices opened slightly lower on Friday on the back of volatile global cues.
MCX gold slipped below the Rs 1.53 lakh mark, declining by around Rs 500–600 in early trade.
MCX silver also underperformed, falling over Rs 1,260 or 0.52 percent to hover near Rs 2,42,500.
The decline in domestic prices comes despite a steady trend in the global market.
Spot gold remained volatile but is on track for a third consecutive weekly gain, trading above $4,760 per ounce. Spot silver also rose 1 percent to trade near the $76 per ounce level.
The movement in bullion prices is largely influenced by softer crude oil prices. Both US WTI and Brent crude continued to remain range-bound between $96 and $97 per barrel.
Both gold and silver are poised for a third straight weekly gain after the US-Iran ceasefire eased concerns around inflation and reduced expectations of aggressive rate hikes in 2026.
The softer dollar, which had earlier acted as a key safe-haven during the crisis, also supported the metals.
Investor focus has now shifted to upcoming peace talks in Islamabad this weekend, where US Vice President JD Vance is expected to lead a delegation for discussions with Iranian officials, according to Trading Economics data.
At the same time, geopolitical tensions remain elevated. Israeli Prime Minister Benjamin Netanyahu reiterated that operations in Lebanon are outside the scope of the ceasefire, while Washington is planning further discussions involving Israel and Lebanon next week.
US President Donald Trump also warned Iran over imposing transit fees in the Strait of Hormuz, criticising its handling of oil shipments.
“Iran is doing a very poor job, dishonorable some would say, of allowing oil to go through the Strait of Hormuz. That is not the agreement we have!,” he said in a social media post.
These developments have left investors guessing. They remain cautious, awaiting clearer signals on the stability of the ceasefire deal.
