Overview
- Following Monday's rejection by President Trump of Iran's reply to a U.S.-backed proposal, spot gold fell roughly 1% to about $4,660–$4,700 an ounce, giving back part of last week's advance.
- Crude prices jumped as the Strait of Hormuz stayed closed, which pushed up inflation expectations and the dollar and made non‑yielding gold less attractive versus interest‑bearing assets.
- In India, MCX gold hovered near Rs 1.52 lakh per 10 grams and turned softer after Prime Minister Narendra Modi urged people to avoid non‑essential gold purchases for a year to conserve foreign exchange.
- Pakistan’s 24‑karat price slid by around Rs5,300 per tola as local markets tracked a roughly $53 drop in the international rate to near $4,660, offering short‑term relief to buyers after record highs.
- Silver moved more sharply than gold, with spikes reported toward $85–$86 an ounce, while analysts flag a range‑bound path as traders watch U.S. inflation data and Trump's planned talks in China.