‘Earthquake’ in silver! Silver became expensive by ₹ 3500 in one stroke, price crossed ₹ 2.50 lakh

New Delhi: If you are planning to buy gold or silver, then this news may blow your senses. On Monday, silver prices soared in the bullion market of the country’s capital Delhi that it surprised investors. Silver has hit a new high with a huge gain of ₹3,500, while gold prices also witnessed an upward trend. This big reversal has been seen in the domestic market amidst the ongoing tension in the international market and global signals.

The shine of silver surprised everyone

Silver prices rose sharply by ₹3,500 per kg in Delhi on Monday. With this increase, silver has now reached the level of ₹ 2,50,000 per kg. Let us tell you that in the last trading session this white metal had closed at ₹ 2,47,000. According to All India Bullion Association, industrial demand for silver and new purchases by investors have taken the prices to this high.

gold also became expensive

Along with silver, gold prices also increased. The price of gold of 99.9 per cent purity has increased by ₹ 200 to ₹ 1,56,100 per 10 grams (including taxes). Although the price of gold remained a little slow compared to silver, the concern of jewelry makers has increased as soon as it crossed ₹ 1.56 lakh. Experts say that prices are getting support due to wedding season and cautious attitude of investors.

Uncertainty in the market

According to Saumil Gandhi, Senior Analyst, HDFC Securities, gold trading remained in a limited range due to mixed signals from the global market. The ongoing uncertainty between America and Iran has made investors cautious. Despite diplomatic efforts, due to lack of any clear time frame, ‘geopolitical risk premium’ remains in the markets, whose direct impact is visible on the prices of precious metals.

International market and hope for peace talks

Talking about foreign markets, internationally spot gold was trading at $4,704 and silver at $75.60 an ounce. According to reports, Iran has made a new proposal to America to open the Strait of Hormuz and end the conflict. This proposal also includes the suggestion to postpone nuclear talks. A slight improvement has been seen in the market due to increasing expectations of peace and slight weakening of the dollar index.

All eyes are on Fed policy

Now all eyes are on the monetary policy decision of the US Federal Reserve on April 29. Experts believe that this decision will decide the direction of the financial markets. Investors are worried about whether the Fed will cut interest rates due to the surge in crude oil prices. Market fluctuations are likely to continue before this big decision.