Silver falls Rs 4,275 to Rs 2.75 lakh per kg, gold rises to Rs 1.65 lakh per 10 grams

New Delhi: Silver price declined by Rs 4,275 to Rs 2.75 lakh per kilogram on Wednesday, while gold gained Rs 900 to Rs 1.65 lakh per 10 grams amid geopolitical tensions in West Asia.

According to the All India Sarafa Association, the white metal plunged by Rs 4,275, or 1.53 per cent, to Rs 2,75,000 per kilogram from Tuesday’s closing level of Rs 2,79,275 per kg.

However, gold moved higher, with 99.9 per cent purity increasing by Rs 900, or 0.54 per cent, to Rs 1,65,600 per 10 grams. The yellow metal had settled at Rs 1,64,700 per 10 grams in the previous market session. Analysts said renewed safe-haven demand amid intensifying geopolitical tensions supported gold prices, even as silver came under pressure.

“Gold traded with a positive bias on Wednesday supported by renewed safe-haven demand amid escalating tensions in the Iran conflict and heightened geopolitical uncertainty,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. He added that the ongoing escalation will continue to act as a tailwind for traditional safe-haven assets like gold.

However, bullion was trading lower in the overseas trade. Spot gold was marginally down at $5,189.05 per ounce, and silver slipped $1.59, or 1.8 per cent, to $86.69 per ounce. PTI