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Gold prices dropped by ₹562 to ₹1.58 lakh per 10 grams successful futures trade, tracking losses successful the planetary markets aft fresh strikes were exchanged betwixt the U.S. and Iran, raising concerns implicit the prospects of a ceasefire agreement.
On the Multi Commodity Exchange, the August declaration of the metallic depreciated by ₹562, oregon 0.35%, to ₹1,58,784 per 10 grams successful a concern turnover of 8,266 lots.
Analysts said investors remained focused connected developments successful West Asia aft caller missiles and drone strikes betwixt the U.S. and Iran drove crude lipid prices higher and raised concerns implicit the prospects of a ceasefire arrangement.
The latest escalation came aft the United States Central Command (Centcom) successful a station connected X said it targeted an unladen tanker heading towards Iran's Kharg Island aft its unit ignored repeated warnings. The U.S. subject said it repelled Iranian reprisal strikes successful the portion and attacked sites connected Tehran's Qeshm Island.
Later, Iran retaliated with rocket strikes towards Kuwait and Bahrain. Tehran has repeatedly attacked targets successful some countries, wherever U.S. subject bases are located.
In the planetary markets, Comex golden futures for August transportation declined astir 1% to $4,482.30 per ounce successful New York.
"Gold prices edged little successful aboriginal greeting commercialized arsenic investors remained cautious amid ongoing geopolitical tensions successful the West Asia and up of a cardinal batch of U.S. economical information that could connection further clarity connected the Federal Reserve's argumentation outlook," Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd., said.
Earlier, the U.S. and Iran indicated advancement toward a model statement to extremity hostilities, but uncertainty persists: Iranian media reported that connection betwixt the 2 sides has stalled, portion President Donald Trump maintained that negotiations stay active.
"Elevated lipid prices proceed to substance ostentation concerns, limiting gold's safe-haven entreaty arsenic traders progressively terms successful the anticipation of tighter monetary policy," Mr. Modi said.
Meanwhile, U.S. occupation openings numbers unexpectedly roseate successful April, reinforcing expectations that the Federal Reserve could support involvement rates higher for longer. Brent crude, the planetary lipid benchmark, spurted by 2.22% to $98.13 per tube connected Wednesday (June 3, 2026).
