Gold, silver jump in Delhi as rupee slides to record low
New Delhi (PTI): Gold prices climbed Rs 1,500 to Rs 1.56 lakh per 10 grams in the national capital on Tuesday, and silver soared more than 4 per cent to Rs 2.77 lakh per kilogram, mainly due to a sharp fall in the rupee against the US dollar and firm domestic sentiment amid persistent geopolitical tensions.
According to the All India Sarafa Association, gold of 99.9 per cent purity increased by Rs 1,500, or nearly 1 per cent, to Rs 1,56,800 per 10 grams (inclusive of all taxes) from Monday's closing level of Rs 1,55,300 per 10 grams.
"Gold traded with gains in the domestic market, supported by a weaker Indian rupee and steady sentiment," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
The rupee depreciated 35 paise to close at an all-time low of 95.63 (provisional) against the US dollar on Tuesday, continuing to provide strong support to domestic gold prices, he added.
Silver prices also advanced by Rs 12,000, or 4.53 per cent, to Rs 2,77,000 per kg (inclusive of all taxes). The white metal had settled at Rs 2,65,000 per kg in the preceding session, as per the association.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, said gold and silver prices experienced an uptick on Tuesday as investors navigated the complex landscape of Washington and Tehran relations while awaiting key US inflation data.
Meanwhile, spot gold slipped USD 42.33, or 1 per cent, to USD 4,692.64 per ounce while silver fell 3.04 per cent to USD 83.49 per ounce in the overseas markets.
Brokerage firm Kotak Securities said spot gold retreated from a three-week high to trade near USD 4,700 per ounce in international markets, and spot silver slipped below USD 85, pressured by a firm dollar and rising Treasury bond yields.
Bullion market sentiment turned cautious after US President Donald Trump said the Iran ceasefire was "on life support," following Tehran's rejection of Washington's latest peace proposal, keeping geopolitical tensions elevated and crude oil prices higher.
"Going forward, persistent geopolitical risks and inflation uncertainty remain supportive for bullion, while elevated bond yields, stronger dollar momentum, and hawkish Federal Reserve expectations continue to cap upside potential in the near term," the brokerage firm said.
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Hijab decision taken out of fear of Karnataka Muslim convention, alleges Kumaraswamy
Bengaluru: Union Minister H. D. Kumaraswamy has alleged that the Karnataka government announced its decision on the hijab issue out of fear of the ‘Karnataka Muslim Convention’ scheduled to be held in Bengaluru on May 16 organized by Federation of Karnataka Muslim Organisations.
Addressing a press conference at the JD(S) state office, GP Bhavan, in Bengaluru on Thursday, Kumaraswamy said he respects all religions and has expressed his views on the issue on several public platforms in the past.
Questioning the timing of the government’s move, he said the Congress has been in power for three years and had taken no decision on the hijab issue during that period.
He alleged that the decision was taken only because the ‘Karnataka Muslim Convention’ is scheduled to be held at Town Hall in Bengaluru on May 16.
“If the government had the courage, it should have taken this decision immediately after coming to power. Why did it remain silent for three years?” he asked.
Kumaraswamy accused the Congress of making the announcement to appease a particular community.
He further said the matter is still pending before the courts and claimed that an interim order relating to the hijab issue remains in force.
According to him, issuing such an order before the legal proceedings are concluded amounts to disrespect towards the judiciary.
Kumaraswamy also alleged that the Congress brought the issue back into focus after the Davanagere by-election results.
