New Delhi, March 13 (NationPress) Gold and silver prices began the day on a stable note but experienced a slight decline on Friday, influenced by profit-taking following recent record highs and a strengthening US dollar.

As of around 11:10 AM, MCX gold April futures dropped by 0.14%, settling at Rs 1,60,046 per 10 grams on an intraday basis. In comparison, MCX silver May futures fell by 0.19% to Rs 2,67,448 per kg.

However, the drop was moderated by safe-haven demand in the wake of the ongoing US-Iran conflict, along with high crude prices providing a cushion for the market.

Analysts highlighted that gold's performance today is largely influenced by developments in the US-Iran situation, fluctuations in the US dollar, and movements in oil prices. The bullish trend in crude oil, driven by disruptions in the Strait of Hormuz, is positively impacting the petro-dollar system, with gold prices inversely correlated to oil and dollar trends.

Ongoing tensions between the US and Iran have led to increased energy prices and inflation worries, which in turn have resulted in stronger investments in the US dollar and bond yields, as noted by Manav Modi, a Commodities Analyst at Motilal Oswal Financial Services Ltd.

Despite the persistent geopolitical uncertainties, gold struggled to maintain upward momentum due to a firmer dollar, rising yields, and ambiguity surrounding the Federal Reserve's policy direction, he added.

Ponmudi R, CEO of Enrich Money, remarked that gold has entered a short-term corrective phase after reaching recent record levels, though the overall bullish outlook remains. This consolidation phase has pushed prices below certain short-term moving averages, indicating a brief pause in upward momentum.

Wider weakness in global equity markets has also exerted pressure on gold, as investors liquidated assets to raise cash and meet margin obligations amid significant market fluctuations.

The US dollar gained 0.07% on an intraday basis, reaching 99.81 cents, making dollar-denominated bullion costlier for foreign currency holders.

Brent crude was trading at $99.99 per barrel, down 0.47%, while West Texas Intermediate (WTI) fell 0.67% to $95.09 per barrel.

US Treasury Secretary Scott Bessent stated on X that "To enhance the global availability of current supplies, @USTreasury is granting a temporary authorization for countries to acquire Russian oil that is currently stranded at sea."

According to analysts, "MCX Gold has support in the Rs 1,56,000 to Rs 1,57,000 range, with resistance at Rs 1,75,000 and Rs 1,80,000. MCX silver support is noted at Rs 2,58,000 and Rs 2,60,000, with resistance levels at Rs 2,78,000 and Rs 2,80,000."