Silver rallies to hit fresh peak, gold gains Rs 540 as Israel-Iran conflict intensifies
Silver prices rallied Rs 1,000 to hit a record high of Rs 1,08,200 per kilogram while gold gained Rs 540 to stay above Rs 1 lakh per 10 grams in the national
capital
on Wednesday as the Israel-Iran conflict intensified on its sixth day, driving investors to safe-haven assets.
According to the All India Sarafa Association, the white metal had closed at Rs 1,07,200 per kg in the preceding session on Tuesday.
On Friday, silver had revisited its previous all-time high of Rs 1,08,100 per kg.
"Silver prices extended gains and crossed
USD
37 per ounce level in the international
markets
for the first time since February 2012. Weakness in the rupee is supporting bullion prices in the domestic markets," Rahul Kalantri, Vice-President - Commodities, Mehta Equities, said.
As per the Sarafa Association, the precious metal of 99.9 per cent purity climbed by Rs 540 to Rs 1,00,710 per 10 grams (inclusive of all taxes) on Wednesday.
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Gold of 99.5 per cent purity appreciated by Rs 500 to Rs 99,950 per 10 grams (inclusive of all taxes).
On the Multi Commodity Exchange, the most traded August contract for gold futures was trading at Rs 99,411 per 10 grams, lower by Rs 130 per 10 grams.
Additionally, silver futures for July contract jumped by Rs 753 to hit a lifetime high of Rs 1,09,748 per kg.
Spot gold fell 0.23 per cent to USD 3,380.97 in the global markets.
According to Kotak Securities, gold prices are holding below USD 3,400 per ounce, as dollar strengthened with traders focussing on escalating Middle East tensions.
The brokerage firm said US President
Donald Trump
's call for Iran's unconditional surrender and discussions of potential strikes against Iranian leader Ayatollah Ali Khamenei have "heightened fears of direct US
involvement
in the conflict", fuelling safe-haven
demand
among investors.
In the international markets, spot silver rose 0.15 per cent to USD 37.18 per ounce.
"Market participants stay cautiously bullish in near term awaiting more cues from US FOMC (Federal Open Market Committee) meeting with
interest rate
decision due later tonight," Maneesh Sharma, AVP - Commodities & Currencies at Anand Rathi
Shares
and Stock Brokers, said.
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