Gold rates and silver rates in India jumped driven by positive global trends as the Indian market is closed. Trading in commodities, including gold and silver, has resumed for the evening session on April 14 at MCX. On the other hand, spot gold price has climbed above $4,800 per ounce, recovering from its previous losses.
Meanwhile, spot silver has surged by nearly 5% to trade around $79 per ounce.
The performance is amidst a decline in crude oil prices with US WTI and Brent Crude struggling around $98 per barrel. The oil is down by 4% to 6%.
The surge in precious metals comes after the US and Iran signaled willingness to resume negotiations aimed at securing a longer-term ceasefire before the current two-week truce lapses. President Donald Trump said Tehran had reached out to Washington just hours after the US initiated a naval blockade on Iranian oil shipments in the Strait of Hormuz. Iranian President Masoud Pezeshkian also indicated readiness to continue peace discussions, provided they remain within the framework of international law and regulations, as per Trading Economics.