On the COMEX, gold futures were last seen at $4,620.60 per ounce, down $23.90 or 0.51%. Silver futures also declined, with prices at $76.060 per ounce, lower by 0.49%.
The dip in bullion prices comes even as broader market sentiment remained relatively steady. Asian equities inched higher, while crude oil prices held largely flat amid ongoing uncertainty around the West Asia situation, particularly developments linked to the Strait of Hormuz.
Gold, typically considered a safe-haven asset, showed limited movement and remained within a narrow range, suggesting investors are balancing geopolitical risks against expectations for monetary policy.
A modest pullback in prices also reflects some shift in investor preference towards riskier assets such as equities.
Market participants are now focused on a busy week of global economic indicators, including purchasing managers’ index (PMI) readings and the US non-farm payrolls report, which could provide further clarity on interest rate trajectories and inflation trends.
Recent commentary from analysts indicates that bullion may continue to see mixed and range-bound movement in the near term. Factors such as geopolitical tensions, central bank signals on inflation, and currency movements are expected to remain key drivers.
In the previous week, international gold prices had already declined over 2%, while silver also ended lower, reflecting cautious investor positioning.
Domestic trends in India mirrored the global tone, with gold easing on the Multi Commodity Exchange, even as silver showed relative resilience.
Going forward, traders are likely to track developments in the US-Iran situation, movements in crude oil prices, and global macroeconomic data for directional cues in the precious metals market.
–With agencies inputs
