Gold, silver soar as US-Iran deal hopes lift bullion demand
New Delhi (PTI): Gold prices rebounded by Rs 2,900 to Rs 1.55 lakh per 10 grams in the national capital on Wednesday, while silver climbed to Rs 2.54 lakh per kilogram as easing geopolitical tensions triggered a pullback in oil rates, boosting demand for precious metals.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped by Rs 2,900, or nearly 2 per cent, to Rs 1,55,400 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,52,500 per 10 grams.
Traders attributed the surge in bullion prices to reports that Washington and Tehran are close to finalising a framework agreement to end months of conflict, raising the prospects of smoother flows through the Strait of Hormuz and easing inflation concerns tied to energy markets.
"Gold rallied strongly on Wednesday as easing geopolitical tensions triggered a sharp reversal in key macro drivers that had recently pressured precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also advanced for the third straight session by rising Rs 3,500, or 1.4 per cent, to Rs 2,54,500 per kg (inclusive of all taxes). The metal had settled at Rs 2,51,000 per kg in the previous session, as per the Association.
"The prospect of a diplomatic breakthrough triggered a steep decline in oil prices and the US dollar, easing concerns about inflation while boosting demand for precious metals," Gandhi said.
Globally, spot gold increased by USD 106.15, or 2.33 per cent, to USD 4,663.70 per ounce while silver gained USD 3.40, or 4.68 per cent, to USD 76.24 per ounce.
"Gold witnessed a sharp rally as markets reacted positively to reports that the US and Iran are moving closer to a one-page agreement framework aimed at ending the conflict," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Despite strong international gains, rupee strength limited the upside in domestic gold prices. The market is now highly focused on final confirmation and execution of the proposed deal, he added.
Any negative surprise or breakdown in negotiations could trigger a sharp sell-off in gold, while a successful agreement and sustained ceasefire could push the bullion prices higher in the near-term, Trivedi said.
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Oath-taking ceremony of first BJP govt in Bengal on May 9; Modi, Shah likely to attend
Kolkata (PTI): The oath-taking ceremony of the first BJP government in West Bengal will be held at Brigade Parade Ground here on May 9, marking the saffron camp’s arrival in power in a state after decades on the political fringes.
The ceremony, scheduled to begin at 10 am, is expected to witness the presence of Prime Minister Narendra Modi, Union Home Minister Amit Shah, BJP president Nitin Nabin, several Union ministers and chief ministers of BJP- and NDA-ruled states, party sources said.
“The new BJP government will take oath on May 9 at 10 am at Brigade Parade Ground,” state BJP president Samik Bhattacharya announced on Wednesday.
Even as the BJP leadership kept its cards close to the chest on the chief ministerial face, Leader of the Opposition Suvendu Adhikari has emerged as a frontrunner in internal discussions after cementing his position as the party’s principal mass leader in Bengal politics.
Adhikari, once among Mamata Banerjee’s closest lieutenants and a key architect of the TMC’s rural expansion in districts such as Purba Medinipur, crossed over to the BJP ahead of the 2021 assembly elections and went on to defeat Banerjee in Nandigram in one of Bengal’s fiercest political battles.
Five years later, he again found himself at the centre of Bengal’s political churn by beating Banerjee in her own turf at Bhabanipur by over 15,000 votes.
Other names for the CM post doing the rounds include Bhattacharya, Union minister Sukanta Majumdar and former Rajya Sabha MP Swapan Dasgupta, though party insiders indicated that the leadership was inclined towards projecting a “bhumiputra” face rooted in Bengal’s linguistic and cultural ethos.
During the campaign, Shah repeatedly asserted that the BJP’s chief minister in Bengal would be a “son of the soil”, born and educated in the state, in an attempt to blunt the TMC’s sustained attack that the BJP represented an “outsider” political culture alien to Bengal’s social and intellectual traditions.
The BJP bagged 207 of the 294 assembly seats in the recently concluded elections, ending the Trinamool Congress’s uninterrupted 15-year rule and scripting the saffron party’s biggest breakthrough in a state where it once struggled to open its electoral account.
Significantly, the swearing-in ceremony will be held on the 25th day of Baisakh in the Bengali calendar — observed across the state as Rabindra Jayanti, the birth anniversary of Rabindranath Tagore — lending the event a deeper cultural symbolism.
According to BJP leaders, the choice of the date is aimed at embedding the party’s historic rise within Bengal’s cultural imagination and countering the long-standing perception battle over identity and belonging.
Over the last decade, the BJP has steadily attempted to appropriate and reinterpret icons of Bengal’s cultural nationalism — from Tagore and Swami Vivekananda to Netaji Subhas Chandra Bose and Syama Prasad Mookerjee — as part of a broader ideological effort to expand its emotional and political footprint in the state.
Party insiders said the leadership was also conscious of the need to balance Bengal’s competing regional aspirations while choosing the chief ministerial face, with discussions also taking place around whether greater representation should be accorded to north Bengal, a region where the BJP has made substantial electoral gains over successive elections.
A meeting of the newly elected BJP MLAs has been convened on May 8 evening, party sources said, though the leadership remained tight-lipped over the final choice.
The Brigade Parade Ground ceremony is expected to mark not merely a transfer of power, but a defining moment in Bengal’s political history, the culmination of the BJP’s long ideological and organisational march from the margins to the centre of power in a state that had for decades resisted the saffron surge seen elsewhere in India.
