Gold and silver prices opened lower on Wednesday following the ongoing conflict in West Asia and recent statements by US officials. The increasing instability in the energy market is also impacting precious metals. Silver prices fell by ₹1,560 to ₹2.75 lakh per kg, while gold prices fell by ₹560 to ₹1.63 lakh per 10 grams.
Gold and silver prices in the domestic market
Gold prices in the capital Delhi, registered a slight increase today. 24-carat gold became costlier by ₹10 per 10 grams, while 22-carat gold also increased by ₹10 per 10 grams.
Gold prices have seen a sharp rise in the past two days. 24-carat gold has become more expensive by a total of ₹710 per 10 grams in two days, while the price of 22-carat gold has also increased by ₹660 per 10 grams in two days.
Silver prices are also continuing their upward trend. One kilogram of silver has become more expensive for the second consecutive day in the capital. After a one-day decline, the price of silver has risen to ₹10,100 per kilogram in the last two days, indicating renewed strength in the market.
Gold and Silver Prices in Global Markets
During Asian trading hours, spot gold prices fell slightly, down 0.34%, to $5224 per ounce, although it remains above the $5200 level. Spot silver prices also fell 0.32%, reaching $89.35 per ounce.
What does this report say?
According to a Bloomberg report, the White House clarified that the US did not escort any oil tankers passing through the Strait of Hormuz. This statement came after a social media post that was later removed. The clarification prompted oil prices to rebound after Tuesday's sharp decline. Meanwhile, the ongoing conflict in West Asia has now entered its 12th day and is impacting crude oil production and refining activities in the region.
According to Bloomberg, the US Department of Defense (Pentagon) stated that the US and Israel have carried out the most intense strikes against Iran to date and will continue until Iran is defeated. Donald Trump had previously hinted that the conflict could end soon, but recent statements reflect a more aggressive stance.
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