Gold and Silver Price: Gold and silver prices witnessed a bumper rise today amid strong global cues after the US and Iran agreed on a 2-week ceasefire. On Wednesday, the price of silver in Delhi’s bullion market rose by Rs 11,000 (about 5 percent) to Rs 2,51,000 per kg. On Tuesday, the price of silver fell by Rs 2,000 (about 1 percent) to Rs 2,40,000 per kg. Today, the price of gold of 99.9 per cent purity also rose by a big Rs 3,200 (2.09 per cent) to Rs 1,56,400 per 10 grams. On Tuesday, gold prices fell by Rs 600 (0.4 percent) to Rs 1,53,200 per 10 grams.
Bullion prices rise as geopolitical tensions ease
Experts said that due to reduction in geopolitical tension in West Asia, bullion prices have strengthened, due to which there was widespread relief in the global financial markets. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said gold maintained its strong gains on Wednesday and moved close to 3-week high. Improved global risk sentiment along with softening of the US dollar and crude oil prices boosted demand for the precious metals.
Iran will have to open Hormuz Strait
This positive trend was seen after an agreement reached just before the deadline set by US President Donald Trump himself. Trump confirmed stopping the military action, but placed the condition that in return Iran would have to open the Strait of Hormuz. Iran also indicated that safe transit through the Strait of Hormuz would be possible during the ceasefire period, further alleviating supply concerns.
Where did the price of gold and silver reach in the international market?
In international markets on Wednesday, spot gold prices rose by $97.48 (2.07 percent) to $4,803.33 an ounce. Whereas the price of silver was trading 6 percent higher at $ 77.33 an ounce.
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