If you were planning to make jewelery this season or buy gold and silver from investment point of view, then you may have to re-check your budget. There has been such an earthquake in the bullion market today, which has raised the eyebrows of even the market experts. There has been a huge jump of Rs 11,000 in the prices of silver in a single day, so gold is also not far behind. But there is no national reason behind this stormy boom, rather there is a big ‘deal’ made between America and Iran across the seven seas.
Strong rise in prices, check today’s new rate
If we look at the spot price of bullion market, Wednesday has been heavy on the pockets of buyers. Breaking all records, silver jumped by Rs 11,000 (about 5 percent) in Delhi Bullion Market. Now to buy one kg of silver you will have to pay Rs 2,51,000. Just a day before on Tuesday, the same silver had fallen by Rs 2,000 and reached the price of Rs 2,40,000.
At the same time, if we talk about gold of 99.9 percent purity (Sone Ka Bhav Aaj Ka), it has also made a huge jump of Rs 3,200 (2.09 percent). The price of gold has now reached Rs 1,56,400 per 10 grams, whereas yesterday it had declined by Rs 600 and was trading at Rs 1,53,200.
America-Iran’s ‘agreement’ changed the mood of the market
Actually, the commodity market has a direct connection with global geo-politics. The clouds of war that were looming in West Asia are now beginning to dissipate. Just before the deadline given by US President Donald Trump, a 2-week ceasefire has been agreed between America and Iran.
Trump had set a condition for stopping military action that Iran would have to open the ‘Strait of Hormuz’ (a very important trade sea route). Iran has also given a positive indication that the movement of ships will be safe during this period. According to Saumil Gandhi, Senior Commodity Analyst of HDFC Securities, this news has brought a big relief to the financial markets around the world. The softening of dollar and crude oil prices supported precious metals, due to which investors once again started betting heavily on gold and silver.
Effect visible in global market also, know where the figures reached
Precious metals have also gained strong momentum in foreign markets. On Wednesday, the price of spot gold in the global market increased by an impressive $ 97.48 (2.07 percent) to reach $ 4,803.33 an ounce. At the same time, globally silver is trading at $ 77.33 per ounce with a big jump of 6 percent.