Indian precious metals edged lower on Wednesday as domestic traders pulled back ahead of a pivotal Federal Reserve policy meeting and evolving geopolitical cues from a potential U.S.-Iran peace deal. On the MCX, gold for August delivery slipped below the milestone Rs. 1.53 lakh threshold, opening down 0.19% at Rs. 1,52,800 per 10 grams. By 9:05 a.m. local time, the contract had extended losses, trading down 0.24% at Rs. 1,52,720.

Silver prices displayed intraday volatility. The July contract initially opened 0.18% higher but quickly reversed course, trading down a muted 0.02% at Rs. 2,50,051 per kilogram.

The domestic slide contrasts with international spot markets, where gold futures for August delivery rose 0.2% to $4,361.10 an ounce, marking a fifth consecutive session of gains. Global bullion has found support on optimism that a U.S.-Iran diplomatic breakthrough could cool regional tensions and diminish the need for aggressive central bank tightening.

However, local market participants in India appear to be prioritizing caution, squaring off positions as they await the Fed’s interest rate trajectory and formal details of the diplomatic accord.