Mumbai, April 8 – Gold and silver prices rose sharply on Wednesday due to demand for safe-haven assets, even after US President Donald Trump announced a two-week ceasefire plan.
On the Multi Commodity Exchange (MCX), gold futures (June 5) jumped as much as Rs 3,688 or 2.45 per cent, reaching a high of Rs 1,53,977 by 10:52 AM.
The yellow metal was trading at Rs 1,53,920, up Rs 3,631 or 2.42 per cent. It touched a low of Rs 1,53,301, a gain of 2 per cent from the previous close.
On the other hand, silver futures (May 5) climbed nearly 6 per cent or Rs 13,422, reaching a high of Rs 2,44,770.
At the last count, the white metal was trading at Rs 2,44,297, up Rs 12,949 or 5.6 per cent. It recorded a low of Rs 2,40,601, up 4 per cent from the previous close.
Analysts said the rise in precious metals was supported by demand for safe-haven assets, adding that buying interest at lower levels indicates strengthening momentum.
In the currency market, the Indian rupee strengthened by 40 paise to 92.61 against the dollar, compared to its previous close of 93.
Meanwhile, the Reserve Bank of India kept the repo rate unchanged at 5.25 per cent.
Oil prices also traded sharply lower, falling up to 20 per cent. Brent crude futures declined nearly 16 per cent or $17.39, reaching a low of $91.88, while US WTI crude plunged nearly 20 per cent or $21.90 to $91.05.
Equity benchmarks Sensex and Nifty also traded higher, jumping nearly 4 per cent after the RBI kept the repo rate unchanged and the ceasefire announcement.
This sentiment among traders and investors across markets follows US President Donald Trump’s announcement of a temporary ceasefire with Iran, easing geopolitical tensions.
Trump confirmed the decision in a post on his social media platform, Truth Social, stating that he had instructed US forces to stand down, just hours after issuing strong warnings that included references to the “death of a civilisation.”
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