Gold, Silver Rate Today Live Updates: Gold prices set for weekly fall as crude oil prices remain elevated, US-Iran conflict uncertainty continues

“Gold prices edged higher yesterday’s session supported by a softer US dollar and a sharp decline in oil prices after Israel and Lebanon agreed to renew their fragile ceasefire, boosting hopes that broader diplomatic efforts could eventually lead to a resolution of the US-Iran conflict. The renewed truce, brokered through US-mediated discussions, is seen as an important step given that progress in US-Iran negotiations has been closely linked to a cessation of hostilities in Lebanon between Israeli forces and Iran-backed Hezbollah.

Sentiment improved further after President Donald Trump indicated that meaningful progress with Iran could emerge as early as this weekend, while Iranian officials confirmed that communication channels with US remain open. Reports also suggested President Trump is reluctant to authorize further military action unless US forces come under direct attack.

The easing in geopolitical tensions triggered a pullback in crude oil prices, helping alleviate concerns over energy-driven inflation that had recently pushed bond yields higher and strengthened expectations of tighter monetary policy. As inflation fears moderated, gold found support from lower oil prices and a weaker dollar. However, gains remained limited as investors continued to assess strong US economic data and its implications for Federal Reserve policy.

Market focus now shifts to the closely watched US Non-Farm Payrolls report, which is expected to provide important clues on the Fed’s interest rate outlook and near-term direction for bullion prices,” says Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd.