New Delhi: Gold prices retreated by Rs 600 to Rs 1.64 lakh per 10 grams in the national capital as tentative progress in US-Iran negotiations reduced precious metals buying, though unresolved tensions around the Strait of Hormuz kept traders cautious. Snapping a three-day winning streak, the yellow metal of 99.9 per cent purity depreciated by Rs 600 to Rs 1,64,900 per 10 grams, according to local marketmen. However, silver prices remained flat at Rs 2,71,000 per kilogram in the bullion market. In the international markets, spot gold fell marginally lower to $4,522.32 per ounce, while silver slipped 1 per cent to $75.87 per ounce. Gold prices witnessed a slight decline on Friday. The recent fluctuations in the bullion market are largely influenced by ongoing geopolitical tensions, particularly concerning US-Iran relations, alongside the volatility of the Indian rupee and movements in crude oil prices, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said. “Spot gold trading lower to $4522 per ounce on Friday as despite narrowing differences between Iran and the US, nuclear and Hormuz control remain contentious issues,” Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.

Bullion futures fall on weak cues

Goldprices dropped Rs 521 to Rs 1,59,085 per 10 grams in futures trade amid a fall in spot demand. Gold contracts for the June delivery traded lower by 0.33 per cent in 790 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold futures declined by 0.55 per cent to $4,517.94 per ounce in New York. Silver prices fell by Rs 1,883 to Rs 2,73,000 per kilogram as participants reduced their bets. Silver contracts for the July delivery declined 0.69 per cent in 1,492 lots. Analysts said a sell-off by participants mainly weighed on silver prices. Globally, silver was trading 0.53 per cent lower at $76.26 per ounce in New York.

Brent crude trade lower at $105.11/$

Crudeoil prices rose by Rs 108 to Rs 9,450 per barrel in futures trade, as participants increased their positions following firm spot demand. Crude oil for June delivery traded higher by 1.16 per cent in 5,906 lots. Analysts said the rise of bets by participants kept crude oil prices higher in futures trade. However, globally West Texas Intermediate crude was trading 2 per cent higher at $98.28 per barrel, while Brent crude fell 2.47 per cent to $105.11 per barrel in New York.