Mumbai, May 29 : Gold and silver traded lower on Friday in the morning session amid continued global uncertainty, with precious metals declining by nearly 1 per cent.

On the Multi Commodity Exchange (MCX), gold futures (June 5) were trading at Rs 1,56,683 per 10 grams, down Rs 242 or 0.15 per cent from the previous close of Rs 1,56,925.

At around 11:20 am, the yellow metal declined as much as 0.38 per cent or Rs 609 to Rs 1,56,316, hitting an intraday low. So far during the session, it recorded an intraday high of Rs 1,57,197, up 0.17 per cent or Rs 272.

Meanwhile, silver futures (July 3) were trading at Rs 2,68,381 per kg, down Rs 1,156 or 0.43 per cent from the previous close of Rs 2,69,537.

During the session so far, the white metal touched an intraday low of Rs 2,67,500, down 0.75 per cent or Rs 2,037. It touched an intraday high of Rs 2,69,400, lower by 0.05 per cent or Rs 137.

In the international market, precious metals traded with mild gains. COMEX gold was up 0.17 per cent at $4,540 per ounce, while COMEX silver gained 0.25 per cent to trade near $76 per ounce.

Reports said -- citing a US official -- that US and Iranian negotiators have reached a tentative agreement to extend the ceasefire in the three-month-long conflict by another 60 days and begin a fresh round of talks on Tehranâ??s nuclear programme.

US Vice President JD Vance also said that a tentative understanding had been reached, but added that it remained unclear whether President Donald Trump would approve it.

Tensions between the two countries escalated in recent days after the US carried out strikes at certain locations in southern Iran, following which Iran also claimed retaliatory attacks.

According to market experts, gold remained near the $4,500 per ounce level after recovering in the previous session, as easing geopolitical tensions between the US and Iran reduced concerns around inflation and interest rates.

They noted that reports suggesting both countries may extend the ceasefire and begin discussions over Iranâ??s nuclear programme, along with talks around unrestricted shipping through the Strait of Hormuz, have improved risk sentiment and reduced safe-haven demand for precious metals.

Analysts further said silver continued to witness cautious trading amid ongoing volatility, adding that geopolitical developments and safe-haven demand are expected to remain key drivers for precious metal prices in the near term.

/IANS