Overview
- Gold hovered around $4,700–$4,740 per ounce on Friday, giving back part of a three‑day surge that began midweek.
- An Axios report that the White House was close to a memorandum with Iran spurred the earlier jump by softening the U.S. dollar and boosting demand for the metal.
- Trading turned cautious after reports of exchanges of fire near the Strait of Hormuz and mixed messages from Tehran on the proposal, which led to profit‑taking and a partial dollar rebound.
- Local moves tracked the global swings, with Indian retail 24K prices near Rs 1.52 lakh per 10 grams and Pakistan’s per tola rate down Rs 2,700 to Rs 494,062, according to the All‑Pakistan Gems and Jewellers Sarafa Association.
- Silver strengthened alongside gold, with spot near $80 per ounce and local quotes higher, as markets weigh oil’s rebound and what fresh U.S. data may mean for interest‑rate cuts.