New Delhi: Silver prices gained Rs 1,500 to Rs 2.76 lakh per kilogram in the national capital on Thursday amid firm global trends and intensifying West Asia crisis.
According to the All India Sarafa Association, the white metal climbed by Rs 1,500, or 0.54 per cent, to Rs 2,76,500 per kilogram (inclusive of all taxes). It had closed at Rs 2,75,000 per kg, down by Rs 4,275 on Wednesday.
Prices of gold of 99.9 per cent purity retreated Rs 400, ending a three-day rally, to Rs 1,65,200 per 10 grams (inclusive of all taxes) from the previous close of Rs 1,65,600 per 10 grams.
Analysts said gold and silver moved in opposite directions as investors weighed geopolitical developments and macroeconomic signals from the United States.
Gold prices slid slightly, reflecting a minor decline amid a firmer dollar and persistent inflation concerns, while silver showed resilience as traders reacted to potential buying opportunities amid geopolitical tensions related to the US-Iran situation, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
Meanwhile, in the international markets, spot silver gained $1.25 or 1.47 per cent to $86.99 per ounce, and gold traded marginally higher at $5,178.45 per ounce.
“Spot gold continues to trade inversely to crude oil prices. The metal is trading in the narrow band of $5,100-5,250 per ounce,” Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, investors are awaiting cues from the US Core Personal Consumption Expenditures (PCE) price index, along with GDP numbers to be released on Friday, which could influence expectations around the Federal Reserve’s rate outlook.