Gold, Silver Rate Today Live Updates: Gold prices dip in international trade; all eyes on US-Iran talks

Spot gold, following a weekly loss of 2% is currently trading nearly 0.75% lower at $4584 as crude oil, after wavering a bit in the overnight and Asian sessions, has climbed again as Hormuz uncertainty lingers.

Oil initially fell as US President Donald Trump announced a plan called Project Freedom to help vessels through the Strait of Hormuz; however, lack of details has seen buyers taking the hold of the counter.

In the meantime, the head of the Iranian parliament’s National Security Commission, has already called US interference in Hormuz a violation of a fragile ceasefire.

The US Dollar Index is currently hovering around 98.24, up by 0.1% for the day. Total known global gold ETF holdings stand at 98.66 MOz, down by 0.29MOz YTD. US yields are steady.

Unless oil prices fall on sustainable basis, gold rallies are likely to be fleeting.

In the present scenario, the metal may test the support at $4500. Resistance is at $4676/$4720, says Praveen Singh, Head of commodities at Mirae Asset ShareKhan.

Silver spot (in Rs per kilo): 244237.00

Standard gold(99.5) : 147763.00

Pure gold (99.9) : 148357.00

Gold prices trade lower continuing last week’s fall, hovering near one-month lows, as strength in the dollar and surging oil prices continued to weigh on sentiment. Spike in crude, driven by ongoing US-Iran tensions and supply disruptions through the Strait of Hormuz, has amplified concerns over energy-led inflation, prompting a wave of hawkish signals from major central banks. Federal Reserve kept interest rate unchanged and flagged rising inflation risks. Governor Powell delivered his last policy meeting last week and cautioned the market regarding higher inflationary risk however, he also shared optimism regarding resilient growth.

While ECB, BOE, and BOJ all hinted at potential rate hikes, reinforcing the higher-for-longer narrative weighing on bullion. Geopolitically, uncertainty remained elevated as US President Trump reviewed potential military actions even as Iran submitted a revised peace proposal via Pakistan, offering some hope for de-escalation. However, Trump expressed dissatisfaction with the proposal, keeping markets on edge. Iran also reiterated control over the Strait of Hormuz, sustaining risks to global oil flows. Focus this week will be on PMI data from major economies and US jobs market data, says Manav Modi Commodities Analyst, Motilal Oswal Financial Services Ltd.

Gold and silver began Monday’s session on a largely steady note on the Multi Commodity Exchange of India, as persistent inflation concerns continued to blur the outlook for US interest rates. At the same time, market participants kept a close watch on developments related to the ongoing US-Iran negotiations.

In a post on Truth Social on Sunday, Donald Trump introduced “Project Freedom,” an initiative designed to support cargo vessels that have been stranded since the onset of the Iran conflict. The effort is primarily aimed at helping civilian ships from neutral countries safely navigate out of the region and resume their operations.

On the domestic front, MCX silver futures for July 2026 delivery edged up by Rs 300, or 0.1 per cent, to Rs 2,51,237 per kilogram. Gold futures for June 2026 delivery remained almost unchanged at Rs 1,51,257 per 10 grams. In the previous session, silver had risen by about half a per cent, while gold closed largely flat.

Minneapolis Federal Reserve President Neel Kashkari warned that a prolonged Iran conflict could intensify inflationary pressures and inflict broader economic damage, limiting the central bank’s ability to provide clear forward guidance on interest rates.

Echoing similar concerns, Chicago Fed President Austan Goolsbee told Reuters that over the weekend that the latest inflation figures were disappointing and underscored the need for caution before considering any policy easing.

Recent data showed that US inflation accelerated in March, driven in part by higher gasoline prices linked to the Iran conflict. The Personal Consumption Expenditures Price Index rose 0.7 per cent during the month, marking its biggest monthly increase since June 2022.

Elevated crude prices could prompt central banks to keep borrowing costs higher for a longer period. Such a scenario tends to weigh on non-interest-bearing assets like gold, as investors may shift towards yield-generating alternatives such as US Treasuries.

Last week, the US Federal Reserve left benchmark interest rates unchanged while maintaining a hawkish stance, effectively dampening market expectations of any rate cuts this year.

In the futures market, gold speculators increased their net long positions by 3,924 contracts to 91,574 in the week ended April 28.

Among other precious metals, spot silver rose 0.1 per cent to $75.38 an ounce, platinum advanced 0.2 per cent to $1,991.85, while palladium declined 0.3 per cent to $1,519.66 an ounce.

US President Donald Trump said Washington would begin efforts on Monday to assist ships stranded in the Strait of Hormuz, describing the move as a humanitarian step aimed at helping neutral nations affected by the US-Israeli conflict with Iran.

According to Iranian state media, the United States has communicated its response to Tehran’s 14-point proposal through Pakistan, and Iranian authorities are currently evaluating it.

Oil prices retreated modestly but continued to remain above $100 a barrel, as uncertainty surrounding a possible US-Iran agreement persisted.

Gold slipped slightly on Monday as persistent inflation concerns continued to cloud the outlook for US interest rates, while investors remained focused on the latest developments in peace discussions between Washington and Tehran.

As of 0114 GMT, spot gold was trading 0.3 per cent lower at $4,599.45 an ounce. US gold futures for June delivery also weakened, falling 0.7 per cent to $4,611.40 an ounce.

Domestically, gold demand remains uneven as sharp price swings and a weaker rupee kept many buyers on the sidelines. Political developments at home, including upcoming state election results, may also influence the rupee and broader market sentiment, potentially adding to short-term volatility in precious metals.