GOLD AND SILVER EXTEND WEEKLY LOSSES OF 3% AND 7%

Gold and silver futures slipped below $4,700 and $74 per ounce respectively on Friday, as escalating US-Iran tensions over the Strait of Hormuz pushed energy prices higher and intensified inflation concerns. The surge in oil prices has strengthened expectations of tighter monetary policy, reducing the appeal of non-yielding assets. Silver, with its dual industrial and investment demand, underperformed gold, registering sharper losses. Both metals are on track for notable weekly declines, with gold down by nearly 3% and silver falling nearly 7%. Meanwhile, geopolitical risks remain elevated despite an extended ceasefire, keeping markets volatile. On the domestic front, MCX June gold futures edged 0.11% lower to ₹1,51,594 per 10 grams, while silver futures dropped over 0.6%, slipping below the ₹2,40,000 mark.