New Delhi, May 2 : Gold prices dipped 0.81 per cent during the week as negotiations between the United States and Iran stalled, denting hopes for nearâ??term interestâ??rate cuts.

On Friday, MCX gold June futures gained 0.01 per cent while MCX silver May futures inched up 0.49 per cent. Currently, gold futures stand at Rs 1,51,363, while silver futures stand at Rs 2,47,500 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,50,263 on Thursday, down from Rs 1,51,495 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

In international markets, bullion dropped as much as 1.2 per cent on Friday after gaining 1.5 per cent in the previous session, weighed down by rising energy costs and firmer Treasury yields. Gold has fallen nearly 14 per cent since the US-Iran conflict began on February 28, 2026, traders said.

The Iranian administration maintained that the US blockade would have to end before the Strait of Hormuz could be reopened, according to multiple media reports. Iranian state media said that Tehran had delivered a fresh proposal for talks to Pakistani mediators, but both sides signalled they were waiting for the other to make the first move.

"While diplomatic engagements remained active, the absence of a decisive breakthrough kept the geopolitical risk premium firmly embedded in prices," an analyst said.

US inflation data showed the headline PCE price index at 3.5 per cent in March, at its highest level in nearly three years, reinforcing the view that policy rates may stay higher for longer.

Analysts said that rising energy prices could lead to central banks maintaining interest rates higher for longer, which would pressure non-yielding assets like gold.

Crude oil traded with heightened volatility through the week but retained a firm undertone, holding near elevated levels as concerns around potential supply disruptions persisted. The market continues to price in risks to global oil flows, limiting meaningful downside and providing support on dips.

Precious metals entered a phase of corrective consolidation following their recent safe-haven rally, analysts said.

Gold and silver witnessed intermittent profit booking at higher levels through the week, while selective buying interest emerged near key support zones. Safe-haven demand has eased marginally but continues to lend support on declines amid lingering uncertainty.

COMEX gold traded near the $4,620â??$4,650 zone, and a major resistance is seen at the $4,700â??$4,760 levels. Overall, the trend remains constructive with a cautious near-term bias, with strength dependent on a breakout above resistance.

COMEX Silver is currently trading above $76, and the broader trend remains constructive but with a cautious near-term bias, market participants said.

/IANS