Gold-Silver: Amid uncertainty over US-Iran peace talks, gold prices fell by Rs 300 to Rs 1.57 lakh per 10 gram in the national capital on Wednesday, while silver fell by Rs 2,700 to Rs 2.55 lakh per kg. According to All India Bullion Association, gold of 99.9 per cent purity fell by Rs 300 to Rs 1,57,000 per 10 grams (including all taxes). Gold prices declined on Wednesday as plans for a second round of US-Iran peace talks failed to materialize even as President Donald Trump extended the ceasefire, Saumil Gandhi, senior analyst for commodities at HDFC Securities, said PTI.
carefully wait and see
Gandhi said uncertainty remained due to no progress in talks, which supported crude oil and US dollar prices, while proving to be a hindrance for precious metals. Market participants will continue to react to new information coming from both sides; The price fluctuations suggest that the market is adopting a ‘cautious wait and watch’ strategy until a clear signal emerges.
Price trends in international markets
In international markets, spot silver rose 1.46 per cent to USD 77.80 an ounce, while gold rose 0.48 per cent to USD 4,742.97 an ounce. Jatin Trivedi, VP Research Analyst, Commodity & Currency at LKP Securities, said gold traded higher after a ‘gap-up’ opening, supported by expectations of continued ceasefire; However, the market remained volatile due to contradictory statements by US President Donald Trump regarding extension of the ceasefire.
He said that due to mixed signals from geopolitical developments, there is an environment of uncertainty in various asset classes, due to which sharp but short-term fluctuations are being seen in gold prices. Trivedi said that the market’s attention has now shifted to the US Federal Reserve’s policy on April 29, which will play an important role in deciding the direction of the market.
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