Gold, Silver Rate Today: Silver prices climbed sharply in India on Wednesday, with the industrial metal rising by more than Rs 6,000 per kilogram. In the domestic market, silver now trades around Rs 2,65,000 per kg. On a per gram basis, silver was up by Rs 10.
Gold also saw a solid upward move across all categories. The price of 24-carat gold rose by over Rs 2,000 per 10 grams. At the same time, 22K and 18K gold also posted healthy gains. Traders said demand for bullion remained strong and sentiment was positive. Follow Markets Live Update
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Market participants pointed to strong global cues for the rally. International gold prices climbed more than 1 per cent on Wednesday. A weaker US dollar made dollar-priced metals cheaper for buyers holding other currencies. This encouraged foreign and domestic buyers alike to increase purchases.
Another supporting factor was easing oil prices. Softer crude costs eased worries about inflation and the threat of long-term high interest rates. With inflation fears cooling, traders grew more confident in gold and silver.
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Data from Good Returns website
Geopolitical developments added further support to bullion prices. Comments from US officials about a possible reduction in tensions in the Middle East helped brighten risk sentiment. Gold is often seen as a safe-haven asset, and any hint of peace tends to lift its appeal.
Silver also benefited from the global uptick. Spot silver prices jumped sharply, outperforming many other commodities. Other precious metals such as platinum and palladium also saw gains on worldwide markets.