Gold price outlook

Gold prices on Multi Commodity Exchange (MCX) fell sharply on Friday, tracking losses in the global bullion market, as signs of easing geopolitical tensions in the Middle East with the Israel-Iran ceasefire holding up, and global trade optimism dampened safe-haven demand for the precious metal. MCX gold rate for August futures ended lower by ₹1,563, or 1.61%, at ₹95,524 per 10 grams. During the session, gold prices hit a low of 94,951, falling by ₹2,136, or 2.2%, from its previous close of ₹97,087. For the week, MCX gold price slumped 3.61%. MCX silver prices for September futures also declined. The white metal ended down by ₹1,468, or 1.36%, at ₹1,06,429 per kg. It touched a low of ₹1,05,380 during the session.