Gold and silver prices witnessed a mild correction on Friday in domestic futures trade, as easing geopolitical tensions between the United States and Iran tempered safe-haven demand, even as international gold prices edged higher on persistent inflation concerns.

On the Multi Commodity Exchange (MCX), gold futures for June 2026 delivery slipped Rs. 609 to Rs. 1,56,316 per 10 grams, while July silver futures declined Rs. 1,518 to Rs. 2,68,018 per kg during early trade. The pullback followed strong gains in the previous session, when both metals rallied nearly 2%.

Globally, bullion sentiment remained cautious yet resilient. International gold prices recovered after touching a two-month low, supported by a weaker US dollar and softer Treasury yields. Markets closely monitored reports suggesting progress toward a ceasefire extension between Washington and Tehran, including discussions around easing restrictions in the Strait of Hormuz.

However, uncertainty continued to keep volatility elevated. While reports pointed to diplomatic progress, official confirmation on a long-term peace framework remained pending, leaving investors cautious.

Analysts noted that inflationary pressures in the United States are likely to remain a key driver for precious metals. Elevated energy costs linked to Middle East tensions pushed inflation higher, strengthening expectations that the US Federal Reserve may maintain a restrictive interest rate stance for longer.

Silver and platinum also remained in focus globally, with spot silver posting gains, while platinum and palladium traded marginally higher amid broader industrial demand optimism.

Market experts expect gold and silver prices to remain range-bound with heightened volatility in the near term, driven by geopolitical headlines, inflation data, and signals from the US Federal Reserve on future rate decisions.