Supported by strong global trends,the national capital markets witnessed a sharp rally in precious metals on Wednesday, with silver climbing by Rs 11,250 to Rs 2.41 lakh per kilogram and gold rising to Rs 1.49 lakh per 10 gra ms.
According to the All India Sarafa Association, silver surged 4.89 per cent, gaining Rs 11,250 to close at Rs 2,41,250 per kg (inclusive of all taxes), up from Tuesday’s level of Rs 2,30,000 per kg.
Gold of 99.9 per cent purity also advanced by Rs 4,900, or 3.38 per cent, to Rs 1,49,700 per 10 grams (inclusive of all taxes), from Tuesday’s close of Rs 1,44,800 per 10 grams in the bullion market.
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“Gold prices rose sharply in domestic markets today, marking a strong recovery over recent sessions, supported by improved geopolitical sentiment and easing oil prices,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
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On the international front, spot gold rose USD 82.17, or nearly 2 per cent, to USD 4,556.55 per ounce, while silver gained around 2 per cent to trade at USD 72.67 per ounce.
“Spot gold extended gains for the second consecutive day at around USD 4,550 per ounce as investors grew hopeful of a possible Iran-US ceasefire, which has eased crude oil and dollar pressures,” said Praveen Singh, Research Analyst at Mirae Asset ShareKhan.
Reports indicate that Iran has received a 15-point ceasefire proposal from the U.S., with former President Donald Trump expressing optimism about a potential deal, citing negotiations involving Vice President JD Vance and Secretary of State Marco Rubio.
However, Tehran denied any ongoing talks, with a military spokesperson rejecting claims of negotiations. Meanwhile, Iran has started imposing transit fees on some commercial vessels passing through the Strait of Hormuz, adding further uncertainty to global markets.
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