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US President Donald Trump has refused to extend the ceasefire. On the other hand, the date of the second round of peace talks meeting has not been announced. However, investors hope that the ongoing war between Iran and the US is still in its final stages. Even after that, there has been no reduction in geopolitical tension. Due to which its effect was seen in the prices of gold and silver. On Tuesday, an increase in the prices of gold and silver was seen in the country’s capital Delhi. While the price of gold increased to more than Rs 1.57 lakh, on the other hand the price of silver reached Rs 2.58 lakh. Experts say that there may be fluctuations in the prices of gold and silver in the coming days. Let us also tell you what the prices of gold and silver have become in the country’s capital Delhi…
Increase in gold and silver prices
On Tuesday, silver prices rose by Rs 700 to Rs 2.58 lakh per kg in the national capital, while gold prices also saw a marginal rise amid geopolitical uncertainty and mixed global cues. According to the All India Bullion Association, the price of gold of 99.9 percent purity increased by Rs 300 to Rs 1,57,300 per 10 grams (including all taxes). Gaurav Garg, Research Analyst, Lemon Markets Desk, said that there was a slight rise in gold prices in the domestic markets, because geopolitical tension is continuously increasing in the Middle East, due to which investors are turning towards safe-haven assets.
Gold and silver became cheaper in foreign markets
However, global trends remained weak. Spot silver fell 1.29 percent to $ 78.69 an ounce, while gold fell almost 1 percent to $ 4,776.85 an ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said that due to the strengthening of the dollar and uncertainty regarding US-Iran talks, spot gold remained around the level of $ 4,780 an ounce. He added that despite the US signaling the possibility of talks with Iran—as President Donald Trump’s term expires on April 22—Tehran has given no clear indication of engaging in talks.
Will safe haven prices increase?
Reneesha Chainani, head of research at Augmont, said market participants are closely watching whether talks between the US and Iran will move forward, and whether it will lead to an extension of the ceasefire or a comprehensive peace deal. He said that the direction of gold prices will continue to be determined by developments related to the ongoing tensions in West Asia, and their impact on energy costs and inflation expectations.
