Gold, Silver Rate Today Live Updates: Gold, silver prices continue to climb after worst crash in over 40 years; what's the outlook?

Exchange-traded funds linked to gold and silver dropped by as much as 5% on Friday, despite a positive start for bullion prices on the MCX. The initial strength in metals was driven by a weaker US dollar and improving geopolitical sentiment following signs of progress in US-Iran negotiations, along with a temporary halt in attacks on energy assets.

Among silver ETFs, Nippon India Silver ETF declined up to 4.03%, touching an intraday low of Rs 211.43. SBI Silver ETF and ICICI Prudential Silver ETF also registered losses of around 4%, while Kotak Silver ETF fell 4.19%. DSP Silver ETF and Groww Silver ETF recorded steeper declines of 4.56% and 4.75%, respectively.

Gold ETFs also traded lower during the session. ICICI Prudential Gold ETF dropped 2.36%, while Nippon India ETF Gold BeES slipped 2.09%. SBI Gold ETF and Kotak Gold ETF were down 2.15% and 1.98%, respectively.

In overseas markets, gold futures for April delivery on Comex climbed USD 89.1, or 2.04 per cent, to USD 4,465.4 per ounce. The June contract also moved higher, rising USD 80.55, or 1.83 per cent, to USD 4,489.55 per ounce.

“Gold rose above USD 4,400 per ounce after a sharp decline in the previous session, as US President Donald Trump pushed back his deadline for Iran to secure a deal to end the war,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.

He further noted that Trump had committed to avoiding strikes on Iran’s energy infrastructure until April 6, which offered some respite to markets that had been unsettled by weeks of conflict.

Gold prices staged a recovery on Friday, rising by Rs 1,997 to Rs 1.41 lakh per 10 grams in the futures market, supported by strength in global cues and value buying following a steep fall in the previous session.

On the Multi Commodity Exchange, gold for April delivery climbed Rs 1,997, or 1.43 per cent, to Rs 1,41,490 per 10 grams. In the prior session, it had closed at Rs 1,39,493 per 10 grams after dropping Rs 4,604, or 3.2 per cent.

The June contract also moved higher, gaining Rs 1,811, or 1.27 per cent, to Rs 1,44,325 per 10 grams on the MCX. This followed a decline of Rs 4,926, or 3.34 per cent, in the previous session, when it had settled at Rs 1,42,514 per 10 grams.

Trading in the commodity market was suspended during the morning session on Thursday due to Ram Navami and resumed later in the evening session.

“Gold prices declined in previous session as mixed signals from US President Trump regarding Iran peace talks and a strengthening U.S. dollar weighed on bullion sentiment. Bullion had earlier attempted a recovery, climbing back above the $4,500 mark amid a softer dollar and initial optimism around potential diplomatic progress, but failed to sustain gains as uncertainty resurfaced.

Conflicting narratives persisted, with the US administration maintaining that negotiations were progressing, while Iranian officials continued to deny any formal talks, keeping markets on edge. Trump’s comments suggesting Iran was eager to strike a deal, followed by an extension of the pause on U.S. strikes against Iranian energy infrastructure, added to the volatility without providing clear direction.

Meanwhile, the dollar strengthened further as investors sought safety amid global uncertainty, making gold more expensive for international buyers. Rising concerns that an energy-driven inflation shock could push central banks toward a more hawkish stance also pressured gold, with markets now pricing in a growing probability of a Federal Reserve rate hike later this year.

Higher-for-longer interest rate expectations increased Japan as well as US Yields, keeping gold confined within a range despite intermittent geopolitical support,” says Manav Modi Commodities Analyst Motilal Oswal Financial services Ltd.

Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said gold recovered to above $4,400 per ounce following a steep fall in the previous session, aided by signs of easing geopolitical tensions. However, he noted that the metal had declined nearly 3% on Thursday due to continued uncertainty over the prospects of an immediate ceasefire.

He added that precious metals have been under pressure as the ongoing Middle East conflict and rising energy costs have heightened inflation concerns, reinforcing expectations that major central banks may raise interest rates this year. According to Trivedi, MCX gold futures for April delivery could move higher towards Rs 1,40,000 per 10 grams, in line with strength in global markets.

Among other precious metals, spot silver gained 1.1% to $68.80 per ounce. Platinum rose 2.1% to $1,865.13, while palladium advanced 2.7% to $1,389.80.

US President Donald Trump said he would extend the pause on strikes targeting Iran’s energy infrastructure into April and noted that discussions with Iran were progressing well. However, an Iranian official described the US proposal to end the conflict as “one-sided and unfair.”

Brent crude remained above $105 per barrel, fuelling inflation concerns as the conflict has severely disrupted shipments through the Strait of Hormuz, a key route for nearly one-fifth of global crude and LNG flows.

Elevated oil prices are likely to push up transportation and production costs, adding to inflationary pressures. While higher inflation can support gold’s role as a hedge, rising interest rates tend to dampen demand for the non-yielding asset. According to CME Group’s FedWatch Tool, markets have now ruled out any U.S. rate cuts in 2026, compared with earlier expectations of two cuts before the conflict escalated.

Gold has dropped about 17% since the US-Israeli conflict with Iran began on February 28, weighed down by a stronger dollar, which has gained more than 2% over the same period.

The weakening of the dollar made bullion, which is priced in the greenback, more affordable for investors using other currencies.

“For weeks, gold has been treated as a liquidity asset sold to cover volatility and margin calls elsewhere, but at current levels, it is now looking more like a value proposition for investors, which is why it's back in favour today,” said Tim Waterer, chief market analyst at KCM Trade.

“However, hawkish central banks wary of persistent oil-driven inflation, continue to act as a heavy lid on gold's ambitions to the upside, keeping any rally firmly in check.”

Gold prices advanced by more than 1% on Friday, supported by a softer U.S. dollar and buying at lower levels. Despite the uptick, the metal remained on course for a fourth consecutive weekly decline as rising energy costs heightened inflation concerns and reinforced expectations of tighter global monetary policy.

Spot gold climbed 1.1% to $4,428.30 per ounce as of 0228 GMT, although it has still declined around 1.3% so far this week. U.S. gold futures for April delivery also rose 1.1% to $4,423.40.