Silver prices rose by ₹11,000 in a single day, and gold prices also skyrocketed! Know today's price before heading to the goldsmith's shop
The bullion market saw a sharp surge today. Silver rose by ₹11,000 in a single day to reach ₹2,51,000 per kg. Gold also jumped by ₹3,200 to ₹1,56,400 per 10 grams. The primary reason for this meteoric rise is the ceasefire between the US and Iran and the easing of global tensions.
If you were planning to buy gold and silver for jewelry or investment purposes this season, you may need to re-examine your budget. The bullion market has seen a seismic shift today that has even raised eyebrows among market experts.
Silver prices have surged by a massive ₹11,000 in a single day, and gold is not far behind. But this meteoric rise isn't due to any domestic reason, but rather to a major deal struck across the seas between the United States and Iran.
Strong rise in prices, check today's new rates
Looking at the spot prices in the bullion market, Wednesday proved to be a tough day for buyers. Silver broke all records in the Delhi bullion market,
jumping by ₹11,000 (nearly 5%). Now, buying one kilogram of silver will cost ₹2,51,000. Just a day earlier, on Tuesday, the same price had fallen by ₹2,000 to ₹2,40,000.
Meanwhile, 99.9 percent pure gold (Sone Ka Bhav Aaj Ka) has also seen a significant jump of ₹3,200 (2.09 percent). The price of gold has now reached ₹1,56,400 per 10 grams, compared to a decline of ₹600 yesterday and was trading at ₹1,53,200.
US-Iran 'agreement' changed the market mood
In fact, the commodity market is directly linked to global geopolitics. The clouds of war that had been hovering over West Asia are now beginning to dissipate. Just before US President Donald Trump's deadline, the US and Iran have agreed to a two-week ceasefire.
Trump had stipulated that Iran must open the Strait of Hormuz (a vital trade sea route) as a condition for halting military action. Iran has also given positive signals, promising safe shipping during this period.
According to Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, this news has brought significant relief to financial markets worldwide.
The softening of the dollar and crude oil prices supported precious metals, leading investors to once again bet heavily on gold and silver.
The effect was also seen in the global market, know where the figures reached
Precious metals have also gained momentum in foreign markets. On Wednesday, spot gold prices rose by a staggering $97.48 (2.07%) to reach $4,803.33 per ounce. Meanwhile, silver is trading at $77.33 per ounce, up 6% globally.
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