New Delhi, Feb 19: Precious metal prices jumped over 7 per cent in the national capital on Thursday, with silver rising to Rs 2.6 lakh per kilogram, while gold advancing to Rs 1.58 lakh per 10 grams, tracking firm global trends and a surge in safe-haven assets amid escalating tensions between the US and Iran.
According to the local marketmen, the white metal surged by Rs 18,000, or 7.32 per cent, to Rs 2,64,000 per kg (inclusive of all taxes) from Wednesday’s closing level of Rs 2,46,000 per kg.
Gold of 99.9 per cent purity also advanced by Rs 1,950, or 1.24 per cent, to Rs 1,58,650 per 10 grams (inclusive of all taxes). It had settled at Rs 1,56,700 per 10 grams in the previous session. In the international market, spot silver was trading 1.03 per cent higher at USD 77.97 per ounce, while gold was quoted marginally higher at USD 4,991.24 per ounce.
“Gold prices rose to around USD 5,000 per ounce on Thursday, supported by a renewed wave of safe-haven demand amid rising speculation over potential US military action against Iran, which has elevated geopolitical risk,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
He added that the collapse of renewed Russia-Ukraine negotiations has also revived global uncertainty, prompting investors to increase allocations toward safe-haven assets.
“With geopolitical flashpoints intensifying, capital is rotating out of risk-sensitive assets and into traditional safe-haven assets, providing sustained support to gold prices,” Gandhi said.
