India, May 23 -- Gold prices retreated by Rs 600 to Rs 1.64 lakh per 10 grams in the national capital on Friday as tentative progress in US-Iran negotiations reduced precious metals buying, though unresolved tensions around the Strait of Hormuz kept traders cautious.

Snapping a three-day winning streak, the yellow metal of 99.9 per cent purity depreciated by Rs 600 to Rs 1,64,900 per 10 grams (inclusive of all taxes), according to local marketmen.

Gold prices witnessed a slight decline on Friday. The recent fluctuations in the bullion market are largely influenced by ongoing geopolitical tensions, particularly concerning US-Iran relations, alongside the volatility of the Indian rupee and movements in crude oil prices, Gaurav Garg, Resea...