Gold, Silver Rate Today Live Updates: International gold prices edge down on renewed US-Iran tensions

Gold prices in India climbed sharply on June 3, crossing Rs 1.61 lakh per 10 grams for 99.9% purity, according to the All India Sarafa Association. The metal rose by Rs 1,050 to Rs 1,61,450 per 10 grams, up from Rs 1,60,400 the previous session, while silver advanced Rs 1,300 to Rs 2,71,000 per kilogram. The rally was fueled by softer crude oil prices and a weaker US dollar, boosting demand for precious metals. Internationally, gold prices edged down amid renewed tensions between the United States and Iran, though investors remain cautious about potential diplomatic progress. Attention is now focused on upcoming US economic indicators, including the non-farm payrolls report and Federal Reserve commentary, which could influence monetary policy expectations. Swiss customs data revealed a 20% drop in gold exports in April, with reduced shipments to Britain and China offsetting increased exports to India and Hong Kong. Meanwhile, India tightened silver import regulations, requiring prior authorization for grain and powder forms to curb inflows and stabilize the rupee. Spot silver fell 0.5% to $74.73 per ounce globally, while platinum and palladium also declined slightly, reflecting broader market caution. The Indian government’s move on silver imports aims to control speculative trading and ease pressure on the domestic currency. Industry experts, including Surendra Mehta of the India Bullion & Jewellers Association, have warned of rising smuggling risks due to stricter import norms. The combination of geopolitical tensions, US economic data, and regulatory changes continues to shape volatile price movements in the precious metals market.