Gold, Silver Rate Today Highlights: Gold prices on track for weekly decline as oil prices continue to rise

"Gold continued to face pressure, trading near a two-week low with a negative bias as ongoing geopolitical tensions in West Asia kept market sentiment cautious," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

The standoff in the Strait of Hormuz has kept energy prices elevated, reinforcing inflation concerns and limiting the upside in gold, he added. "A firm dollar and steady US Treasury bond yields have added to further the downside pressure. The dollar index is on track for its first weekly gain after three consecutive declines, reducing the appeal of non-yielding assets like gold," Gandhi said.

Gold prices slipped on Friday, following weak global cues as a stronger US dollar and rising crude oil prices weighed on sentiment. In futures trade, gold fell by Rs 462, or 0.3%, to Rs 1,51,299 per 10 grams for the June contract on the Multi Commodity Exchange, with a turnover of 8,310 lots. Market experts said that the decline in precious metals was driven by a firm dollar and elevated energy prices, which have also fuelled inflation worries among investors.

Gaurav Garg, Research Analyst at Lemonn Markets Desk, said gold remained under pressure due to the stronger dollar and higher crude prices, adding that inflation concerns have further dampened investor appetite. He noted that oil prices were hovering around $95.84 per barrel amid ongoing geopolitical tensions, especially around the Strait of Hormuz, adding to overall market uncertainty. In the global market, Comex gold futures for June delivery dropped by $33.54, or nearly %, to $4,690.46 per ounce in New York.

Spot gold, currently trading at $4691, is down by $3 for the day -- its third straight day of loss-- as the crude oil prices remain buoyant. As US maintains the Hormuz blokade and Iran-US talks remain a distant possibility, oil continues to draw support. Yesterday, oil spiked higher on US Trump ordered to shoot any boats laying mines in the Strait of Hormuz. Encouraging S&P US PMIs also pressurize the metal. S&P global US manufacturing PMI jumped from 52.30 to 54 in April, while the services PMI improved from 49.8 to 51.30 (forecast 50.60). Consequently, US 2-year and 10-year yields have edged up by 3-4 bps.

Today's US data include University of Michigan sentiment and inflation expectations.

Gold support at $4668/$4600 are likely to be tested. Resistance is at $4740/$4770, says Praveen Singh, Head of commodities at Mirae Asset ShareKhan.

Brent crude has surged more than 17 per cent this week, trading above $105 a barrel. Prices have remained elevated as the Strait of Hormuz continues to be largely inaccessible, despite an extension of the Iran ceasefire.

Kelvin Wong, senior market analyst at OANDA, said the continued risk of a prolonged disruption in the Strait of Hormuz is likely to keep oil prices high, which in turn is weighing on gold.

Rising crude prices can intensify inflation by increasing transportation and manufacturing costs, thereby strengthening the case for higher interest rates. Although gold is widely viewed as a hedge against inflation, a higher-rate environment tends to reduce its attractiveness because it does not offer any yield.

Wong told Reuters that gold is currently trading within a narrow range, with resistance near the 50-day moving average around $4,900 and support near the 20-day moving average at approximately $4,645. According to him, the direction of the metal will largely depend on developments in the Middle East.

Gold loan-focused fintech companies are increasingly moving beyond simply sourcing and distributing loans, and are now working towards creating and expanding their own lending portfolios. This strategic shift comes as the Reserve Bank of India steps up regulatory oversight of the sector.

Industry executives say that firms such as Indiagold and Oro, both of which have recently obtained NBFC licences, are now focused on growing their in-house lending operations. They are also evaluating co-lending arrangements with larger NBFCs and banks to broaden their reach.

This represents a notable evolution in their business models. Until now, these startups largely functioned as service providers or business correspondents for banks, leveraging technology to simplify loan distribution and customer acquisition, rather than extending credit directly from their own balance sheets.

Manoj Kumar Jain of Prithvi Finmart told ET that he expects gold and silver prices to remain highly volatile during today’s trading session. He attributes this to ongoing movement in the dollar index, fluctuations in crude oil prices, and lingering uncertainty surrounding a potential peace agreement between the United States and Iran.

For gold in international markets, Jain identifies immediate support in the $4,681-$4,640 per troy ounce range. On the upside, he sees resistance between $4,755 and $4,790 per troy ounce.

For silver, support is placed at $72-$68 per troy ounce, while resistance is expected in the $78-$80.40 range.

On the domestic front, gold on the Multi Commodity Exchange of India is likely to find support between Rs 1,55,000 and Rs 1,49,800. Resistance is seen in the Rs 1,52,350-Rs 1,53,100 zone.

Silver on MCX has support in the Rs 2,38,800-Rs 2,34,000 range, while resistance is pegged between Rs 2,45,000 and Rs 2,48,500.

Given the current uncertainty, Jain recommends waiting for clearer price stability in the bullion market before initiating any fresh trades.

Gold and silver began Friday’s session on a weak note on the Multi Commodity Exchange of India, with prices declining sharply as crude oil rallied toward the $110-per-barrel mark. The jump in oil prices renewed concerns over inflation and strengthened expectations that interest rates could remain elevated for a longer period.

Market sentiment was further unsettled after Iran released video footage showing commandos boarding a cargo ship in the Strait of Hormuz. Reports that Iranian air defence systems had engaged what officials described as "hostile targets" added to the geopolitical tension.

In domestic trading, MCX silver futures for May 2026 delivery dropped by Rs 2,300, or 1 per cent, to Rs 2,39,200 per kilogram.

Gold futures for June 2026 delivery also moved lower, falling Rs 600, or 0.4 per cent, to Rs 1,51,159 per 10 grams.

In the previous trading session, both precious metals had ended with modest gains of 0.25 per cent each.

Gold prices were little changed on Friday, though the precious metal remained on course for a weekly decline as surging oil prices heightened concerns about inflation and the prospect of interest rates staying elevated for an extended period. The uncertainty has been amplified by stalled negotiations between the United States and Iran.

Spot gold edged down 0.1 per cent to $4,686.29 an ounce as of 0230 GMT. For the week so far, the metal has slipped about 3 per cent, ending a four-week streak of gains. US gold futures for June delivery were also lower, falling 0.5 per cent to $4,702 an ounce.

Gold and silver prices slipped weighed down by a firm US dollar, Yields and persistent uncertainty around the Middle East conflict, as markets remained cautious over the prospects of fresh US-Iran peace talks. Bullion struggled for direction after President Trump announced an indefinite ceasefire extension, but with no clear diplomatic progress, as Iran demanded the lifting of the US naval blockade while Washington continued to push for a full reopening of the Strait of Hormuz, keeping both sides at a stalemate. Meanwhile, oil prices surged back above $100 per barrel, highlighting ongoing supply disruptions through the Strait, and reigniting fears of an energy-driven inflation shock.

This has strengthened expectations that global central banks may keep interest rates higher for longer or even consider hikes. US dollar also gained, heading for its first weekly rise against its major crosses, this month on safe-haven demand, although domestic prices saw some support from a stronger USDINR.

Additionally, stronger-than-expected US preliminary PMI data added pressure on gold by reinforcing economic resilience and reducing immediate rate-cut expectations. Focus now shifts to Michigan consumer sentiment for further cues on the macro outlook, says Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd.

“Gold traded weak on Thursday, declining around ₹1150 to ₹151500, as macro pressures continued to outweigh safe-haven demand. The key drag remains rising crude prices, which are pushing inflation higher and reinforcing expectations of prolonged high interest rates, reducing the appeal of non-yielding assets like gold. At the same time, uncertainty around US–Iran talks is keeping volatility elevated, but without clear escalation, gold is witnessing profit booking rather than fresh buying. Technically, support is seen near ₹148000, while ₹155000 remains a strong resistance zone. Overall, gold is expected to stay under pressure with a volatile bias, reacting to crude, dollar, and geopolitical developments,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"Gold prices extended their decline as a stronger US dollar and rising oil prices weighed on sentiment," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

"Markets remain on edge due to limited progress in US-Iran negotiations and escalating tensions around the Strait of Hormuz. Adding to the downside, Treasury bond yields also edged higher, with the 10-year yield rising by around 3 basis points to 4.32 per cent, further reducing the appeal of safe-haven assets such as gold," Gandhi said.

Spot silver dropped 2.7 per cent to $75.55 an ounce. Platinum declined 3.2 per cent to $2,008.22 an ounce, while palladium tumbled 5 per cent to $1,465.23 an ounce. Both silver and platinum had earlier touched their lowest levels in more than a week.

According to independent metals trader Tai Wong, fears surrounding the fragile geopolitical situation have rattled broader financial markets.

“The US and Iran are engaged in a dangerous standoff, raising concerns that the ceasefire could collapse at any moment. That possibility has driven crude oil sharply higher, putting pressure on a range of assets, including gold,” Wong told Reuters.

He added that gold’s surge to nearly $4,900 last Friday now appears increasingly distant, as momentum in the precious metals rally has faded.

Gold prices dropped to their lowest level in more than a week on Thursday, as investors grew increasingly concerned that inflationary pressures stemming from the Middle East conflict could force interest rates to remain elevated for longer.

Spot gold declined 0.9 per cent to $4,697.06 an ounce by 3:05 p.m. EDT (1905 GMT). Earlier in the session, the precious metal had fallen more than 1 per cent, touching an intraday low of $4,663.69 an ounce — its weakest level since April 13.