Silver prices rose by Rs 11,800 to Rs 2.57 lakh per kg while gold advanced by Rs 3,000 to Rs 1.58 lakh per 10 grams in the national capital on Wednesday ahead of Akshaya Tritiya
New Delhi: In a significant development, the gold prices have fallen by 10.6 percent since the beginning of the Iran conflict. As per the HDFC Bank report, gold and the US dollar show a strong negative correlation over the last 5 decades. On Wednesday, the closing bullion rates highlited a mixed trend across key markets. In Bengaluru, 1 gram of 22K gold was priced at Rs 14,660, while 24K gold stood at Rs 16,000. Silver was quoted at Rs 2,68,800 per kg. In Mumbai bullion markets, silver spot was at Rs 2,49,019 per kg. Standard gold (99.5) was priced at Rs 1,52,253, while pure gold (99.9) stood at Rs 1,52,865, according to PTI. Spot silver held steady at USD 79.58 per ounce, reflecting little movement even as other precious metals witnessed mixed trends in the market. Gold drifted lower on Wednesday after hitting a one-month peak, as investors assessed fresh signals on the US–Iran situation and their implications for the interest rate outlook. Spot gold fell 0.7 percent to $4,807.34 per ounce as of 11:22 a.m. ET (1522 GMT), after touching its highest level since March 18 earlier in the session. U.S. gold futures were down 0.4 percent at USD 4,830.60.
Silver prices rose by Rs 11,800 to Rs 2.57 lakh per kg while gold advanced by Rs 3,000 to Rs 1.58 lakh per 10 grams in the national capital on Wednesday, driven by fresh buying from jewellers and stockists ahead of Akshaya Tritiya. Akshaya Tritiya, considered an auspicious day to buy precious metals, will be celebrated on April 19 this year.