Gold futures opened marginally lower on India’s Multi Commodity Exchange (MCX) on Wednesday, while silver prices moved higher, taking cues from international markets where lower crude oil prices provided underlying support to precious metals.

Oil prices fell for a sixth straight session following comments from U.S. President Donald Trump regarding productive diplomatic engagements with Iranian officials, easing geopolitical risk premiums.

On Wednesday, precious metals on India’s Multi Commodity Exchange (MCX) posted mixed performance, with benchmark October gold futures opening Rs 141 lower at Rs 152,575 per 10 grams before easing further to trade at Rs 152,550 (down 0.11%), within an intraday range of Rs 152,549 to Rs 152,848 and remaining below its 52-week high of Rs 180,779. In contrast, December silver futures gained momentum, opening Rs 424 higher at Rs 240,312 per kg and rising to Rs 240,341 (up 0.19%) within a session range of Rs 240,092 to Rs 240,481, off its peak of Rs 420,048.

Gold and silver are consolidating as expectations of rates staying higher for longer keep sentiment in check, with markets awaiting fresh cues from Fed officials..

Meanwhile, global markets reflected modest gains on COMEX; gold futures opened at $4,394.70 per ounce before trimming gains to trade at $4,377.80 (up $1.40) against its 52-week peak of $5,586.20, while silver futures opened at $67.61 per ounce and settled near $67.07 (up $0.54), well below its 52-week high of $121.79.