Gold and Silver: Amid the deepening crisis in West Asia, there was a huge rise in the prices of gold and silver on Monday due to investors turning towards safe assets. On Monday, the price of silver in the capital Delhi reached Rs 3,00,000 per kg, while gold reached close to Rs 1.73 lakh per 10 grams. According to All India Bullion Association, on Monday the price of silver rose by Rs 32,000 (11.94 percent) to Rs 3,00,000 per kg, which was Rs 2,68,000 per kg on Friday last week.
Gold price reached Rs 1,72,800 per 10 grams
Like silver, today the price of gold of 99.9 percent purity also increased by Rs 8100 (4.92 percent) to Rs 1,72,800 per 10 grams. Last week on Friday, the price of gold closed at Rs 1,64,700 per 10 grams. “Gold and silver prices witnessed a sharp rise on Monday as rising geopolitical tensions in West Asia triggered aggressive buying of safe-haven assets,” said Gaurav Garg, Research Analyst at Lemon Markets Desk.
Gold and silver became expensive in the international market also
In the international market, spot gold rose by $116.38, or 2.21 per cent, to $5,394.28 an ounce, while silver traded 1.43 per cent higher at $95.19 an ounce. Meanwhile, Iran launched retaliatory attacks targeting US military and strategic assets in several neighboring countries, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq and Syria. HDFC Securities Senior Analyst (Commodity) Saumil Gandhi said the growing geographical scope of the conflict has raised concerns about potential disruptions to regional stability, energy infrastructure and key global trade routes.
American figures will also affect prices
“The coming week will be a data-packed week for the US, including manufacturing and non-manufacturing PMI, ADP non-farm employment change and unemployment data,” said Jatin Trivedi, Research Analyst (Commodity and Currency), LKP Securities. He said the release of the data could bring more volatility in prices as participants are reevaluating the Federal Reserve’s policy expectations.
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