Gold and silver prices shine after a decline, with prices jumping by ₹5,000 in a day
Suspense Crime, Digital Desk : After a softening in the last few days, both gold and silver prices gained sharply today. In the national capital, gold became dearer by Rs 2,500 while silver was up by Rs 5,000. According to market data, gold of 99.9 percent purity rose to 159,400 from 156,900 per 10 gram while silver, strengthened for the second day in a row, rose to 260,700 from 255,700 per kilogram. Why did gold and silver prices rally so sharply today? Experts believe a breakthrough in the talks between United States and Iran towards achieving peace between the two countries had sent a wave of optimism and investor confidence throughout the world. The two countries even announced a temporary peace agreement which would also include the reopening of the Strait of Hormuz, considered a key supply point in the world energy sector. The impact of the said accord can be clearly seen in the precious metals markets. The fall in Crude oil prices..According to Saumil Gandhi, Senior Commodity Analyst, HDFC Securities: "Gold price rallied on account of the strength in global market with spot gold crossing the 4325 dollars per ounce. Crude oil price fall after the accord with lesser inflation fears with falling bond yields and weaker dollar will support gold and silver prices." In the international market spot gold prices jumped nearly three percent at 4340.65 dollars per ounce, silver also gained 4.04 percent to trade at 70.74 dollars per ounce.
