Gold, silver rates today: COMEX gold down $52/oz, silver slips $1.60/oz on geopolitical uncertainty

Precious metals—gold and silver—were trading lower on Friday, 24 April, as traders awaited clarity on whether Iran would join the second round of peace talks, following Tehran’s recent actions in the Strait of Hormuz.

COMEX gold futures dropped $52 per troy ounce to an intraday low of $4,672, while silver futures fell $1.60 to $73.84. The week began with optimism around potential peace in the Middle East, but that sentiment faded as a US-Iran deadlock kept oil prices elevated and inflation concerns in focus.

While gold and silver remained under pressure, hopes emerged that Iran may participate in the peace negotiations. Iran’s top diplomat is expected to travel to Pakistan this weekend for talks, two Pakistani officials told The Associated Press on Friday.

The officials did not provide further details and spoke on condition of anonymity, as they were not authorised to speak to the media. Iran has not officially confirmed the reported visit.

Earlier, Iran had stated that it would not participate in negotiations while a US naval blockade on its ports remains in place. US President Donald Trump said he was in no rush to reach a peace agreement with Iran and wanted it to be “everlasting,” while maintaining that the US held a clear upper hand in the naval standoff in the Strait of Hormuz.

Both metals are now on track for their first weekly decline after a four-week winning streak as tensions escalated this week, as both the US and Iran sought to assert control over the Strait of Hormuz amid the extended ceasefire, heightening fears of supply disruptions.

Tracking the renewed tensions, crude oil prices have remained elevated throughout the week. Brent crude has risen about 18% so far and held above $106 per barrel. According to media reports, shipping through the strait remains largely stalled, which carries around one-fifth of the world’s oil and gas supply.

Shipping traffic has dropped sharply, with only nine vessels passing through on Wednesday compared with an average of 129 daily before the conflict, according to United Nations Trade and Development data.

Higher crude oil prices can stoke inflation, increasing the likelihood of prolonged elevated interest rates, which tend to make non-yielding assets like gold less attractive to investors.

MCX gold eases over ₹1,000; silver fell back to ₹2.38 lakh

In the domestic market, the near-month gold futures contract on MCX slipped ₹1,011 per 10 grams to hit the day’s low of ₹1,50,750, marking its lowest level since 09 April.

The silver futures contract fell even more sharply, declining by ₹3,222 per kilogram to ₹2,38,291. Silver was last seen around this level about two weeks ago.

(With inputs from agencies)

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