On Friday, gold prices in New Delhi experienced a decline of ₹600, settling at ₹1.64 lakh per 10 grams, marking the end of a three-day upward trend. This drop is attributed to tentative progress in negotiations between the United States and Iran, which has tempered market anxiety. However, unresolved tensions surrounding the Strait of Hormuz continue to create caution among traders. According to Gaurav Garg, a Research Analyst at Lemonn Markets Desk, the fluctuations in gold prices are influenced by geopolitical developments, the volatility of the Indian rupee, and crude oil price movements. In international markets, spot gold prices dipped to $4,522.32 per ounce, while silver prices fell to $75.87 per ounce. Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, noted that despite some diplomatic progress, contentious issues such as nuclear negotiations and control over the Strait of Hormuz remain significant concerns. The US has also cautioned that shipping through the Strait should remain toll-free, further affecting investor sentiment in the precious metals market.