Gold, Silver Rate Today Live Updates: MCX Gold, MCX Silver prices drop; International gold prices move up as all eyes on US-Iran peace deal

Gold ended the session higher as easing US Treasury yields and renewed hopes of a potential US-Iran agreement supported bullion, although the market remained highly volatile amid fresh military escalations in the Middle East. Earlier in the session, gold was under pressure after renewed clashes between Washington and Tehran reignited fears of energy-driven inflation. Iran’s Islamic Revolutionary Guard Corps claimed responsibility for strikes on a US airbase in Kuwait in retaliation for American attacks on Bandar Abbas, while Kuwait confirmed missile and drone interceptions without naming the source.

The attacks marked another escalation despite repeated assertions from the US that a ceasefire remained intact. Sentiment later improved after reports suggested the US naval blockade on Iran could eventually be lifted as part of a broader peace framework, although President Donald Trump stated he was still not fully satisfied with the proposed agreement.

On the data front, US inflation readings remained elevated, with headline PCE rising 3.8% year-on-year in April and core PCE coming in at 3.3%, reinforcing concerns that the Federal Reserve may maintain a hawkish stance. Meanwhile, durable goods orders surprised positively at 7.9%, while GDP growth slowed to 1.6%, indicating a mixed economic backdrop, says Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd.