Gold and Silver Witness Unprecedented One-Day Rise
Gold, Silver Hit Record Highs in One-Day Surge: Gold and silver prices witnessed a sharp surge in the Delhi bullion market on Wednesday, driven by positive global cues following a temporary ceasefire agreement between the United States and Iran.
Silver prices recorded a massive jump of nearly 5%, rising by ₹11,000 in a single day to reach ₹2,51,000 per kilogram. Gold prices also saw a strong upward movement, with 99.9% pure gold climbing ₹3,200 to settle at ₹1,56,400 per 10 grams.
Market experts attribute this sudden rally to easing geopolitical tensions in West Asia. As part of the agreement between US President Donald Trump and Iran, Tehran has agreed to reopen the Strait of Hormuz, ensuring safe passage for global oil shipments. This move has brought significant relief to global markets, particularly oil-importing countries like India.
The reopening of the crucial trade route has led to a decline in crude oil prices and boosted investor confidence worldwide. As a result, demand for safe-haven assets like gold and silver surged sharply.
In the international market, gold prices climbed to $4,803.33 per ounce, while silver reached $77.33 per ounce. The rally has pushed gold close to a three-week high, signaling renewed bullish sentiment among investors.
According to market analysts, including Augmont’s research head Renisha Chainani, the geopolitical stability and improved market outlook could further support precious metal prices. Experts suggest that if the current trend continues, gold may soon touch $5,000 per ounce globally and ₹1.59 lakh per 10 grams in the domestic market.
The bullion market is expected to remain highly sensitive to global developments, with investors closely watching further updates on the US-Iran negotiations and crude oil trends.
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