Gold, silver prices slip amid flare-up in West Asia tensions

Silver prices also eased due to profit-taking after a four-day rally, as the white metal traded at Rs 2,61,300 per kg, down from the last close of Rs 2,61,500 per kg, according to the association. Brent crude oil prices also traded above the USD 100 a barrel level after reports that US and Iranian forces exchanged fire on Thursday near the Strait of Hormuz.

Gold and silver prices eased in the local market here on Friday due to profit-taking by investors amid a flare-up in tensions in West Asia. Gold of 99.9 per cent purity declined by Rs 100 to Rs 1,55,900 per 10 grams from the previous close of Rs 1,56,000 per 10 grams (inclusive of all taxes) in Delhi, according to the All India Sarafa Association. Gold of 99.5 per cent purity slipped to Rs 1,55,100 per 10 grams from Rs 1,55,200 per 10 grams traded on Thursday. Silver prices also eased due to profit-taking after a four-day rally, as the white metal traded at Rs 2,61,300 per kg, down from the last close of Rs 2,61,500 per kg, according to the association. Silver prices jumped by Rs 7,000 per kg on Thursday, marking their fourth consecutive day of losses. ''Gold prices pared some gains after a sharp rally in the previous session, as the US dollar rebounded amid fading optimism over an immediate US-Iran peace agreement following mixed signals from Tehran,'' Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd, said. Sentiment turned cautious after reports indicated Iran was still reviewing a proposed US framework for peace talks, while some Iranian officials described the proposal as unrealistic, Modi said. The US dollar index was trading down 0.18 per cent at 97.89 on Friday. Brent crude oil prices also traded above the USD 100 a barrel level after reports that US and Iranian forces exchanged fire on Thursday near the Strait of Hormuz. Brent crude was trading up by 0.24 per cent at USD 100.30 a barrel. In global markets, spot gold gained 0.7 per cent to USD 4,721.00 per ounce while silver gained over 3 per cent to USD 81.14 per ounce.