New Delhi, June 28 -- Gold prices on Multi Commodity Exchange (MCX) fell sharply on Friday, tracking losses in the global bullion market, as signs of easing geopolitical tensions in the Middle East with the Israel-Iran ceasefire holding up, and global trade optimism dampened safe-haven demand for the precious metal.

MCX gold rate for August futures ended lower by Rs.1,563, or 1.61%, at Rs.95,524 per 10 grams. During the session, gold prices hit a low of 94,951, falling by Rs.2,136, or 2.2%, from its previous close of Rs.97,087. For the week, MCX gold price slumped 3.61%.

MCX silver prices for September futures also declined. The white metal ended down by Rs.1,468, or 1.36%, at Rs.1,06,429 per kg. It touched a low of Rs.1,05,380 during t...