gold and silver
An increase in the prices of gold and silver was seen in the country’s capital Delhi. The most tremendous jump was seen in the prices of silver. Due to which the price of silver has reached the level of Rs 2.50 lakh. Whereas no such increase has been seen in the prices of gold. But the prices have come down to the level of Rs 1.56 lakh. According to experts, no significant movement was seen in the currency market. On the other hand, talks of peace have once again come out from both Trump and Iran. Due to which minor support has been seen. Let us also tell you what the prices of gold and silver have become in Delhi.
Increase in gold and silver prices
On Monday, silver prices in the national capital rose by Rs 3,500 to Rs 2.50 lakh per kg, while gold prices also rose slightly to Rs 1.56 lakh per 10 grams due to fresh buying by jewelers and retailers. In the last session, this white metal had closed at Rs 2,47,000 per kg. According to All India Bullion Association, the price of gold of 99.9 per cent purity increased by Rs 200 and reached Rs 1,56,100 per 10 grams (including all taxes).
Investors are cautious
Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said gold traded steady on Monday and remained within the range of the previous session as markets moved ahead amid mixed global cues. He further said that the market trend remained cautious amid uncertainty regarding US-Iran relations. With limited progress in diplomatic efforts and no clear timeline for new talks, geopolitical risks remained at a premium in commodities and financial markets.
Situation in foreign markets
In the international markets, both spot gold and silver were trading marginally lower at US $ 4,704 and US $ 75.60 an ounce, respectively. Praveen Singh, head of commodities at Mirae Asset ShareKhan, said spot gold prices fell as US-Iran talks stalled. Due to this, oil prices increased and concerns about inflation increased. He further said that however, later the prices of this metal improved and it was trading stable at US $ 4,710 per ounce. This happened amid reports that Iran had made a new proposal to the US to reopen the Strait of Hormuz and end the conflict.
Eyes on Fed policy
This proposal also includes the suggestion to postpone nuclear talks. The US Dollar Index weakened slightly due to increased optimism regarding peace talks and improvement in risk appetite. Singh said that apart from the US-Iran talks, the Fed’s monetary policy decision on April 29 is the most important event that will impact financial markets; Investors are worried about the impact of the rise in oil prices on the prospects of interest rate cuts.
