Delhi. Amid a strong global trend, the prices of precious metals rose by up to five percent in the bullion market of the national capital on Wednesday. Due to this rise, silver rose by Rs 11,250 to Rs 2.41 lakh per kg, while gold remained at Rs 1.49 lakh per 10 grams.
According to All India Bullion Association, silver prices rose by Rs 11,250, or 4.89 per cent, to Rs 2,41,250 per kg (including all taxes), higher than Tuesday’s closing price of Rs 2,30,000 per kg. Gold of 99.9 per cent purity also rose by Rs 4,900, or 3.38 per cent, to Rs 1,49,700 per 10 grams (including all taxes).
The last closing price of gold in the bullion market was Rs 1,44,800 per 10 grams. Saumil Gandhi, senior analyst-commodities at HDFC Securities, said gold prices rose in the domestic markets on Wednesday, indicating a strong recovery in recent sessions. This was strengthened by the improved geopolitical environment.
In the international market, spot gold rose by $82.17, or nearly two per cent, to $4,556.55 an ounce, while silver traded at $72.67 an ounce, up two per cent.
Praveen Singh, research analyst at Mirae Asset Sharekhan, said that spot gold continued to rise for the second consecutive day and reached around $ 4,550 an ounce. This happened as investors are hopeful of Iran’s possible ceasefire with the US, due to which the prices of crude oil and dollar fell. According to reports, Iran has received a 15-point proposal from the US to reach a ceasefire in this conflict.
President Donald Trump has expressed optimism about a possible deal with Iran, and said that Vice President JD Vance and Secretary of State Marco Rubio are in talks in this regard.
However, Iran has denied any talks with the US, and a military spokesman dismissed claims of talks. Meanwhile, Iran has also started charging transit fees on some merchant ships passing through the Strait of Hormuz, further adding to the uncertainty in global markets.
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