Editor’s Note
This article reports on the continued rise in gold and silver prices in New Delhi, driven by global economic factors and a weaker US dollar.
Precious metals in the national capital continued their upward trend for the second consecutive day on Wednesday. During this period, silver prices reached ₹2.98 lakh per kilogram, while gold was trading at ₹1.65 lakh per 10 grams. According to market analysts, investors turned to safe-haven investments due to a strong global outlook and weakness in the US dollar.
According to the All India Sarafa Association, silver prices rose by ₹14,300 or 5.03 percent to ₹2,98,300 per kilogram, compared to its previous close of ₹2,84,000 per kilogram. Gold with 99.9 percent purity also surged by ₹7,400 or 4.69 percent to ₹1,65,100 per 10 grams, up from ₹1,57,700 on Tuesday.
In the international market, spot silver rose by $4.28 per ounce, or 5.03 percent, to $89.35 per ounce, while gold increased by $1,003, or 2.02 percent, to $5,047.07 per ounce. Saumil Gandhi, Senior Analyst at HDFC Securities, said that rising demand for safe-haven assets due to escalating geopolitical tensions between the US and Iran led to gains in both gold and silver. He added that expectations of a reduction in upcoming US-Iran nuclear talks and the potential for conflict could increase the risk premium on gold.