3 weeks ago
Gold reclaims Rs 1.5 lakh mark, silver soars to high
Gold and silver are special shiny metals that many people buy to save money.
On Wednesday, gold became more expensive in New Delhi, India.
A small amount of gold weighing just 10 grams now costs 1,50,000 rupees.
That is 2,500 rupees more than the day before.
Silver also got pricier, going up by 6,200 rupees for one kilogram.
People felt hopeful because there might be a peace deal between the United States and Iran.
That deal could reopen an important water route called the Strait of Hormuz.
When this route is open, worries about costly oil and inflation go down.
Because of that, people think the Federal Reserve will not raise interest rates too much.
So buyers became more confident and pushed gold and silver prices up.
Gold prices rallied for a second straight session to hit a one-month high of Rs 1,50,000 per 10 grams in New Delhi on Wednesday, up Rs 2,500 or 1.7% from Tuesday's closing level of Rs 1,47,500.
The price for 99.9% purity gold includes all taxes, according to the All India Sarafa Association.
Silver surged by Rs 6,200 to almost a one-month high of Rs 2,32,700 per kilogram, after settling at Rs 2,26,500 per kg in the previous session.
Gold last traded near these levels on July 6 at Rs 1,50,650 per 10 grams, while silver last finished near these levels on July 9 at Rs 2,32,000 per kg.
The rally was driven by optimism over a potential US-Iran agreement to reopen the Strait of Hormuz, which eased energy-driven inflation concerns and reduced expectations of further Federal Reserve monetary tightening, per Saumil Gandhi of HDFC Securities.
- Who
- Buyers and sellers tracked by the All India Sarafa Association, with analysis from Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
- What
- Gold prices reclaimed the Rs 1.5 lakh per 10 grams mark in the national capital, while silver surged to almost a one-month high.
- Where
- New Delhi, India.
- When
- Wednesday, with gold last at these levels on July 6 and silver last near these levels on July 9.
- Why
- Growing optimism over a potential US-Iran agreement to reopen the Strait of Hormuz eased concerns over energy-driven inflation and reduced expectations of further Federal Reserve monetary tightening.
Key facts
- Gold price (99.9% purity, with taxes)
- Rs 1,50,000 per 10 grams
- Gold daily change
- +Rs 2,500 (+1.7%)
- Gold previous close
- Rs 1,47,500 per 10 grams
- Silver price (with taxes)
- Rs 2,32,700 per kg
- Silver daily change
- +Rs 6,200
- Data source
- All India Sarafa Association
- Market reference points
- Gold Rs 1,50,650 on July 6; silver Rs 2,32,000 on July 9
- Location
- New Delhi, India
Quotes
Saumil Gandhi
Senior Analyst - Commodities at HDFC Securities
“Gold prices climbed to a one-month high as growing optimism over a potential US-Iran agreement to reopen the Strait of Hormuz eased concerns over energy-driven inflation and reduced expectations of further monetary tightening by the Federal Reserve.”
thehansindia.com
Sources
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