Gold prices held steady on Friday and were on track for a fourth consecutive weekly gain, as hopes for a US-Iran peace deal eased fears of higher inflation and elevated US interest rates. According to The Economic Times, spot gold was up 0.1% at $4,794.47 per ounce as of 0053 GMT, with the metal having gained about 1% so far this week. US gold futures for June delivery rose 0.2% to $4,816.40, while spot silver rose 0.5% to $78.76 per ounce, platinum gained 0.3% to $2,091.45, and palladium was up 0.3% at $1,555. The precious metals recovery comes as a 10-day ceasefire between Lebanon and Israel went into effect on Thursday, with US President Donald Trump saying the next meeting between the United States and Iran may take place over the weekend, adding to optimism that the Iran war could be nearing an end.
Global gold and silver prices rebounded on Tuesday after a two-day decline, rising up to 2% amid easing concerns over inflation, following signs of a potential diplomatic resolution to the ongoing US-Iran conflict. In the international market, COMEX gold rose as much as 0.74% (₹35.4) to hit an intra-day high of $4,802.80 at 9:30 am local time, recovering most of the losses seen in the previous two sessions. COMEX silver gained 2% to trade at $77.16 per ounce, hitting an intra-day high as diplomatic talks signal potential resolution to the US-Iran conflict. The recovery came even as geopolitical tensions remained elevated, with the US having initiated a naval blockade of the Strait of Hormuz. Iranian President Masoud Pezeshkian indicated that Tehran remains open to continuing peace talks within the framework of international law, signalling willingness to negotiate a deal.
US President Donald Trump warned Iran that it "better stop" any effort to charge fees on ships transiting the Strait of Hormuz, after agreeing to open the critical waterway as part of a ceasefire agreement earlier this week, according to Bloomberg. Trump ordered US military forces to begin blockading the Strait of Hormuz, escalating tensions in the Middle East and adding another layer of uncertainty to the negotiations. Negotiations for a long-term peace deal are set to begin Saturday in Islamabad, where control of the passage represents Iran's strongest point of leverage. Trump is reportedly preparing military options if peace talks fail, making the Strait of Hormuz a critical chokepoint for global oil flows and key bargaining chip in the ongoing diplomatic standoff. The latest developments show Iran-linked oil tankers crossing Hormuz as US warships move to begin blockade, with maritime activity reported in the strategic waterway.
The recovery in bullion prices came even as geopolitical tensions remained elevated, with the US having initiated a naval blockade of the Strait of Hormuz. Global crude oil prices slipped below the $100 per barrel mark, with Brent crude futures trading at $96.6 per barrel, down 2.77%, while US WTI crude fell more than 3% to $95.69. Wall Street witnessed strong gains, with both the S&P 500 and Nasdaq ending more than 1% higher, while in Asian markets, Japan's Nikkei, Hong Kong's Hang Seng and South Korea's KOSPI rose as much as 2.6%, 1.3% and 3.5% respectively. However, analysts remain cautious as the US blockade of the Strait of Hormuz continues to raise fears of supply disruptions and broader economic stress. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 958.65 metric tons on Wednesday, reflecting continued investor interest in the precious metal.
As per The Times of India, gold prices showed mixed trends across major Indian cities on April 13, 2026. In Delhi, 24K gold declined to ₹15,261 per gram (down ₹38) while 22K gold fell to ₹13,990 per gram (down ₹35), reflecting the broader market weakness. Mumbai maintained steady prices with 24K gold at ₹15,246 per gram and 22K gold at ₹13,975 per gram. Chennai recorded declines with 24K gold at ₹15,338 per gram (down ₹44) and 22K gold at ₹14,060 per gram (down ₹40), while Kolkata saw prices edge lower with 24K gold at ₹15,246 per gram (down ₹38) and 22K gold at ₹13,975 per gram (down ₹35). Hyderabad remained unchanged with 24K gold at ₹15,246 per gram and 22K gold at ₹13,975 per gram, and Ahmedabad saw no change with 24K gold at ₹15,289 per gram and 22K gold at ₹14,015 per gram. Bengaluru and Jaipur also declined with 24K gold at ₹15,246 per gram (down ₹38) and 22K gold at ₹13,975 per gram (down ₹35), while Lucknow and Chandigarh recorded steady prices.
On the economic front, the latest US data on Friday showed consumer prices jumped the most since 2022, though core inflation — which is closely watched by the Federal Reserve — was relatively tame, as reported by Bloomberg. Higher crude oil prices and CPI inflation above Fed target rates are fading chances of interest rate cuts, said Manoj Kumar Jain from Prithvi Finmart. Federal Reserve Governor Stephen Miran, by far the US central bank's most aggressive advocate for fast and immediate interest rate cuts, said on Thursday he may again scale back the pace at which he thinks rates should fall because inflation is proving more persistent than expected. Meanwhile, US Democratic Senator Elizabeth Warren said she believes the holes in Fed chair nominee Kevin Warsh's financial disclosures do not pass muster with Senate ethics rules and add to reasons his confirmation hearing set for Tuesday should be delayed. Bond yields edged up while the dollar barely moved, but traders kept betting on a rate cut this year. Lower rates typically benefit bullion as it pays no interest. The recent run of weaker-than-expected US data—including unemployment, CPI, and GDP figures—signals a slowing economy, which should help limit any sharp downside and provide underlying support to prices.
