Gold and silver prices continued to shine brightly in Delhi’s bullion market despite easing geopolitical tensions between the United States and Iran and growing concerns over a potential global economic slowdown.
While hopes surrounding renewed US-Iran negotiations initially reduced panic across international markets, rising crude oil prices and persistent inflation fears have kept investor demand for precious metals exceptionally strong. As a result, both gold and silver maintained impressive momentum in India’s domestic bullion market.
Gold Prices Rise for Third Consecutive Day in Delhi
According to local bullion traders, pure gold (99.9%) prices in Delhi climbed by ₹600 on Thursday, reaching ₹1,65,500 per 10 grams, inclusive of taxes.
This marks the third straight day of gains for gold in the national capital, highlighting the sustained appetite for safe-haven investments amid global uncertainty.
The recent rally follows the Indian government’s decision to increase import duty on gold and silver to 15% last week. Immediately after the duty hike, gold prices reportedly jumped by ₹8,550 in a single day, triggering heightened volatility in the bullion market.
Market experts believe inflation concerns, geopolitical tensions, and uncertainty regarding global interest rates are continuing to support gold prices despite temporary corrections in overseas markets.
Silver Prices Make a Stunning Comeback
Silver also staged a sharp rebound in Delhi after witnessing declines over the previous two sessions.
Fresh buying by investors and traders pushed silver prices higher by ₹5,000, taking the metal to ₹2,71,000 per kilogram.
Analysts noted that softer US bond yields and renewed industrial demand contributed significantly to silver’s recovery.
The precious white metal has remained highly volatile in recent weeks as investors balance recession fears with expectations of long-term industrial demand growth.
Donald Trump’s Iran Remarks Trigger Market Volatility
Investor sentiment was further influenced by recent remarks from Donald Trump regarding ongoing negotiations with Iran.
Trump reportedly stated that discussions with Iran were moving in a positive direction and nearing a crucial final phase. However, he also warned that military action could still become necessary if negotiations failed.
This mixed messaging created caution in global financial markets, encouraging investors to continue allocating funds toward safe-haven assets such as gold and silver.
MCX Futures Market Shows Opposite Trend
Interestingly, while Delhi’s physical bullion market witnessed strong gains, the trend in India’s futures market remained largely negative.
On the Multi Commodity Exchange of India (MCX):
June gold futures declined by ₹896 to settle at ₹1,59,110 per 10 grams
July silver futures fell nearly 2%, dropping ₹4,965 to ₹2,69,300 per kilogram
Experts attributed the decline in futures prices primarily to the strengthening of the Indian rupee against the US dollar, which reduced domestic import costs for precious metals.
Global Precious Metals Market Remains Under Pressure
Unlike the domestic Indian market, international bullion prices witnessed moderate weakness.
On New York’s COMEX exchange:
June gold futures fell nearly 1% to $4,512 per ounce
July silver futures slipped close to 3% to $75.35 per ounce
In the global spot market:
Gold traded at approximately $4,534.54 per ounce
Silver traded near $75.39 per ounce
Analysts believe that continued strength in the US economy has reduced expectations of aggressive interest rate cuts by the Federal Reserve. Higher interest rates generally reduce the attractiveness of non-yielding assets like gold, thereby placing pressure on international bullion prices.
Why Are Indian Investors Still Buying Gold and Silver?
Despite global weakness, Indian investors continue to aggressively accumulate precious metals for several reasons:
Rising inflation fears linked to crude oil prices
Geopolitical uncertainty involving the US and Iran
Volatility in equity markets
Concerns over global recession risks
Long-term safe-haven demand
Gold and silver traditionally perform well during periods of economic and political uncertainty, making them preferred investment choices during volatile times.
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