Gold, Silver Rate Today Live Updates: Gold prices set for second straight week of decline

Spot silver dropped 0.5% to $76.32 per ounce, platinum declined 0.3% to $1,959.20, while palladium remained largely unchanged at $1,377.89 per ounce.

Thomas Barkin, President of the Richmond Federal Reserve, said on Thursday that the response of businesses and consumers to continuing economic disruptions would determine whether the US Federal Reserve can overlook current inflation levels or may need to raise interest rates further.

Fresh economic data showed that new unemployment benefit claims in the United States declined last week, reflecting continued strength in the labor market and allowing the Federal Reserve more flexibility to focus on rising inflation pressures linked to the conflict with Iran.

According to CME Group’s FedWatch tool, markets are currently factoring in the possibility of a Federal Reserve rate hike before the end of the year, with a 60% probability of an increase by December.

US Secretary of State Marco Rubio stated that negotiations with Iran had shown “some good signs,” although disagreements continued over Tehran’s uranium reserves and authority over the Strait of Hormuz.

US crude oil futures jumped by more than $1 in early Friday trading as investors remained doubtful about the chances of a major breakthrough in the ongoing peace discussions.

Gold prices moved lower on Friday and were set to record a second straight weekly decline, as stronger crude oil prices and growing worries over inflation and tighter interest rates weakened investor interest in the precious metal.

Spot gold slipped 0.2% to $4,534.29 per ounce by 0047 GMT. So far this week, the metal has declined around 0.1%.

US gold futures for June delivery eased 0.1% to $4,535.60 per ounce.

Gold and silver prices moved slightly higher in the spot market on Thursday as traders maintained a cautiously positive outlook amid ongoing tensions between the US and Iran, while elevated global crude oil prices continued to fuel inflation concerns.

In Delhi’s spot market, gold with 99.9% purity extended its gains for a third consecutive session, increasing by Rs 600 to reach Rs 1,65,500 per 10 grams, inclusive of all taxes, according to local traders.

Saumil Gandhi said gold remained firm on Thursday after recovering from recent lows, supported by improving optimism surrounding diplomatic discussions between the US and Iran, which helped strengthen sentiment in the bullion market.

He further noted that investor sentiment improved as expectations rose that ongoing negotiations between the two countries could ease geopolitical tensions in the Middle East.

Silver prices also rebounded after falling for two straight sessions, rising Rs 5,000 to Rs 2,71,000 per kilogram as investors returned to the metal following the recent sharp decline, according to market participants. Additional support for silver came from softer US Treasury bond yields.