Silver prices surged sharply on Monday in the national capital, jumping by ₹6,800 to ₹2.49 lakh per kilogram amid strong buying from jewellers and stockists, even as global cues remained weak.
In contrast, gold prices declined. The price of 99.9 per cent pure gold fell by ₹2,000, or 1.3 per cent, to ₹1,52,800 per 10 grams (inclusive of taxes), compared to the previous closing level of ₹1,54,800 per 10 grams, according to the All India Sarafa Association.
Market experts said gold came under pressure in a subdued trading session as investors weighed the impact of elevated energy prices and continued uncertainty surrounding US-Iran negotiations. Saumil Gandhi, Senior Analyst at HDFC Securities, said rising crude oil prices have strengthened expectations that interest rates could remain higher for longer, with the possibility of further tightening later in the year.
He added that this outlook has supported the US dollar and Treasury yields, both of which rose during the session, creating headwinds for precious metals like gold. According to the Sarafa Association, silver prices rose ₹6,800, or 2.8 per cent, to ₹2,49,500 per kg (inclusive of taxes), compared with ₹2,42,700 in the previous session.
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In global markets, spot silver dropped 2.55 per cent to USD 73.43 per ounce, while gold slipped by USD 49.27, or 1.07 per cent, to USD 4,565.68 per ounce.
Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said spot gold was trading lower around USD 4,560 per ounce as crude oil prices climbed amid continuing uncertainty over the Strait of Hormuz.
He noted that oil prices initially eased after US President Donald Trump announced ‘Project Freedom’ aimed at ensuring safe passage for vessels through the strategic waterway, but lack of clarity on implementation triggered renewed buying in crude.
Adding to geopolitical concerns, a senior Iranian lawmaker warned that US involvement in the Strait of Hormuz issue could violate a fragile ceasefire, keeping tensions elevated and investors cautious in commodity markets.
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