New Delhi, March 25 Precious metals rallied by up to 5%, with silver soaring by Rs 11,250 to Rs 2.41 lakh per kilogram, while gold climbed to Rs 1.49 lakh per 10 grams in the national capital on Wednesday amid strong global trends.
According to the All India Sarafa Association, the white metal surged by Rs 11,250, or 4.89%, to Rs 2,41,250 per kg (inclusive of all taxes) from Tuesday's closing level of Rs 2,30,000 per kg.
Gold of 99.9% purity also increased by Rs 4,900, or 3.38%, to Rs 1,49,700 per 10 grams (inclusive of all taxes). The yellow metal had settled at Rs 1,44,800 per 10 grams in the bullion market.
Gold prices rose in the domestic markets on Wednesday, marking a strong recovery in recent sessions, bolstered by improved geopolitical sentiment that contributed to a decline in oil prices, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the international market, spot gold gained USD 82.17, or nearly 2%, to USD 4,556.55 per ounce, while silver was trading 2% higher at USD 72.67 per ounce.
Spot gold extended gains for the second straight day at around USD 4,550 per ounce as investors turned hopeful about a possible Iran ceasefire with the US, which has brought crude oil and dollar down, Praveen Singh, Research Analyst at Mirae Asset ShareKhan, said.
According to reports, Iran has received a 15-point proposal from the U.S. to reach a ceasefire in the conflict. President Donald Trump has expressed optimism over a potential deal with Iran, stating that Vice President JD Vance and Secretary of State Marco Rubio were engaged in negotiations.
However, Tehran denied any ongoing talks with Washington, with a military spokesperson rejecting claims of negotiations.
Meanwhile, Iran has also started charging transit fees on some commercial vessels passing through the Strait of Hormuz, adding to uncertainty in global markets.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.