On Tuesday, silver prices in the national capital fell by Rs 2,000 to Rs 2.40 lakh per kg, while gold fell to Rs 1.53 lakh per 10 grams. This happened because investors became cautious ahead of the deadline given by US President Donald Trump to Iran to reopen the Strait of Hormuz. If experts are to be believed, further fluctuations may be seen in the prices of gold and silver in the coming days. Similar movements are being seen in the futures markets of India and abroad. An increase in the prices of gold and silver has been seen in the futures market of New York. Let us also tell you what the prices of gold and silver have become in the country’s capital Delhi.
How much did gold and silver become cheaper in Delhi?
According to the All India Bullion Association, the price of the white metal declined by Rs 2,000, or about 1 per cent, to Rs 2,40,000 per kg (including all taxes) from Monday’s closing price of Rs 2,42,000 per kg. In the bullion market, gold of 99.9 per cent purity also fell by Rs 600, or 0.4 per cent, to Rs 1,53,200 per 10 grams (including all taxes). In the last trading session it had closed at Rs 1,53,800 per 10 grams.
Trump had given warning
Saumil Gandhi, senior analyst of commodities at HDFC Securities, said that gold prices came under pressure when Trump issued a new ultimatum to Iran. He warned that if the Strait of Hormuz was not reopened, there would be new military attacks on power plants and other civilian infrastructure; For this he had set a deadline of Tuesday. Tehran rejected this ultimatum and continued its attacks on energy assets throughout the Middle East.
Gold and silver in foreign markets
Globally, spot gold rose slightly to $4,659.16 an ounce, while silver fell nearly 1 per cent to $72.14 an ounce, reflecting a cautious trend in foreign trade. Meanwhile, geopolitical tensions escalated when President Trump warned in a post on Truth Social that if Iran does not make a deal, “an entire civilization will be destroyed tonight.” The warning sparked concerns of a possible military confrontation.
Increase in crude oil prices
These comments led to a surge in crude oil prices. West Texas Intermediate (WTI) rose 3.08 percent to $115.87 a barrel in New York, and Brent crude rose 1 percent to $110.80 a barrel. According to analysts, bullion markets are expected to remain volatile as investors closely monitor developments in West Asia, changes in crude oil prices and upcoming US macroeconomic data for fresh signals.