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