MUMBAI — Gold and silver prices surged on Wednesday, driven by continued safe-haven demand, even after a temporary ceasefire between the United States and Iran eased some geopolitical tensions.
On the Multi Commodity Exchange, gold futures for June delivery rose as much as Rs 3,688, or 2.45 percent, to an intraday high of Rs 1,53,977. The metal was last trading at Rs 1,53,920, up Rs 3,631, or 2.42 percent, after touching a low of Rs 1,53,301 earlier in the session.
Silver prices posted even stronger gains. Futures for May delivery climbed nearly 6 percent, or Rs 13,422, to hit an intraday high of Rs 2,44,770. The contract was trading at Rs 2,44,297, up Rs 12,949, or 5.6 percent, after an earlier low of Rs 2,40,601.
Analysts said the rally reflects persistent demand for safe-haven assets, with investors continuing to seek protection amid lingering uncertainty despite the ceasefire announcement. Buying interest at lower levels also signaled strengthening momentum in precious metals.
In currency markets, the Indian rupee strengthened by 40 paise to 92.61 against the U.S. dollar, supported by improved global sentiment.
At the same time, oil prices dropped sharply. Brent crude fell nearly 16 percent, or $17.39, to an intraday low of $91.88 per barrel, while U.S. West Texas Intermediate crude declined almost 20 percent, or $21.90, to $91.05.
Indian equity benchmarks also rallied, with the Sensex and Nifty rising close to 4 percent, buoyed by the Reserve Bank of India’s decision to keep its benchmark repo rate unchanged at 5.25 percent and the easing of geopolitical risks.
The cross-market moves followed U.S. President Donald Trump’s announcement of a two-week ceasefire with Iran, including instructions for U.S. forces to stand down, which helped calm global markets after weeks of volatility. (Source: IANS)
