Silver rallies to hit fresh peak, gold gains Rs 540 as Israel-Iran conflict intensifies

On Friday, silver had revisited its previous all-time high of Rs 1,08,100 per kg.
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.
New Delhi, Jun 18 (PTI) 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.
'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.
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. PTI HG HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

News18

32 minutes ago

• News18

Indian Hockey Players To Get A Monthly Stipend From Sports Ministry

Last Updated: Indian hockey players selected for national camps will receive a Rs 25,000 monthly allowance. The decision, costing Rs 20 lakh per month, was approved by the sports ministry. For the first time, Indian hockey players selected for the men's and women's national camps will receive a Rs 25,000 monthly out-of-pocket allowance, a decision sanctioned by the sports ministry after consistent requests from the sport's governing body. Eighty players (40 men and 40 women) are set to benefit from this allowance, which is extended to athletes in the developmental group of the Target Olympic Podium Scheme. The decision was made during the Mission Olympic Cell's monthly meeting on Thursday. This allowance will cost the government Rs 20 lakh per month, while core group athletes receive Rs 50,000 per month. 'The allowance was being requested by Hockey India for some time, and we have decided to accept the demand. The players have performed reasonably well, and it is on merit," Sports Minister Mansukh Mandaviya informed reporters in an informal interaction. Hockey India will need to submit a list of players every month to facilitate the disbursement of funds. 'The list will consider form and fitness, and names might change depending on these factors," a sports ministry source explained. Currently, hockey players earn salaries from their respective departments and organisations, although a proposal for a graded contract system by Hockey India has been under consideration for the past few years. Their additional source of income comes from prize money for strong international performances in events like the Olympics and the Asian Games. The men's team has secured two consecutive bronze medals in the 2021 Tokyo Olympics and the subsequent Paris Games last year. The women's team finished fourth in Tokyo but did not qualify for the Paris event. Both teams are currently competing in the FIH Pro League's European leg, where the results have not been particularly encouraging so far. The MOC also approved financial proposals amounting to Rs 4.28 crore during the meeting. A significant portion of the funds — Rs 1.38 crore — will be allocated to tennis players such as Saketh Myneni, Jeevan Nedunchezhiyan, and three women players. 'Several proposals for assistance from para-athletes were also approved. Additionally, a few additions were made to the TOPS developmental group. The core group remains unchanged for now," a Sports Authority of India (SAI) official stated. The ministry has also decided to enhance its talent identification process with an app that will allow talented youngsters to upload their performances for evaluation by regional talent identification panels of the SAI. 'If found promising at first glance, the youngster will be invited to Khelo India Regional Centres where their potential will be assessed. This will broaden our talent identification mechanism, which is currently limited to age group competitions," Mandaviya said. 'It will ensure that we can reach the remotest corners of the country to find promising athletes. This is all part of the National Sports Repository System," he added. With PTI inputs.

Business Standard

33 minutes ago

• Business Standard

India's parboiled, raw rice exports dip for 4th month in a row in May

The dip in export has come despite India lifting almost all the restrictions on overseas shipments from September 2024 New Delhi Listen to This Article India's exports of parboiled rice and raw rice, the two major components in non-basmati rice exports, have dropped for the fourth month running in May 2025 due to tepid demand from African nations who have cut down on purchases due to surplus stocks. The dip in export has come despite India lifting almost all the restrictions on overseas shipments from September 2024. The dip in non basmati rice exports come amid concerns over Israel-Iran conflict impacting basmati rice exports as well.

Deccan Herald

44 minutes ago

• Deccan Herald

Samsung to launch Galaxy M36 5G next week in India

Thanks to deeper collaboration with Google and Samsung, the Galaxy M36 will support advanced versions of Gemini AI features. It will be priced under Rs 20,000 in India.