Silver climbs Rs 4,000 to Rs 2.68 lakh/kg; gold rises to Rs 1.61 lakh/10g
New Delhi (PTI): Silver prices climbed Rs 4,000 to Rs 2.68 lakh per kilogram in the national capital on Wednesday, while gold edged up to Rs 1.61 lakh per 10 grams tracking strong global trends.
According to the All India Sarafa Association, the white metal jumped by Rs 4,000, or 1.5 per cent, to Rs 2,68,500 per kilogram (inclusive of all taxes) from Tuesday's closing level of Rs 2,64,500 per kg.
Gold of 99.9 per cent purity also witnessed buying by traders, with prices rising Rs 600, or 0.4 per cent, to Rs 1,61,300 per 10 grams (inclusive of all taxes). It had settled at Rs 1,60,700 per 10 grams in the previous session.
"Gold and silver advanced on Wednesday supported by growing expectations of a more aggressive rate cut by the Federal Reserve," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
He added that the move followed softer US economic data, as December retail sales fell short of forecasts, signalling a slowdown in consumer spending and reinforcing concerns about moderating growth.
"Post-data markets have now raised the probability of three Fed rate cuts this year, up from two just a week ago, a lower interest rate scenario favours non-yielding metals like gold," Gandhi said.
In the global markets, spot silver gained USD 4.71, or nearly 6 per cent, to USD 85.51 per ounce, while gold was trading 1.06 per cent higher at USD 5,078.72 per ounce.
Spot gold was trading higher on a weaker US dollar on Wednesday as investors await the crucial US nonfarm payroll data (January) due to release later in the day, Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
The outcome of data numbers is likely to trigger heightened volatility in precious metals in the overseas market.
On the geopolitical front, Gandhi said renewed tensions also underpinned safe-haven demand for precious metals.
In the latest developments, Washington is reportedly considering intercepting tankers carrying Iranian crude and may deploy additional naval assets if negotiations over Iran's nuclear programme break down.
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Surjewala slams Pratap Simha’s ‘vile’ remarks on CM Siddaramaiah, demands apology from BJP
Bengaluru (PTI): Congress general secretary and Karnataka in-charge Randeep Singh Surjewala on Saturday launched a sharp attack on the BJP over alleged disparaging remarks made by former Mysuru-Kodagu MP Pratap Simha against Chief Minister Siddaramaiah during an assembly bypoll campaign in Bagalkote.
Simha made the remarks while campaigning for BJP candidate Veerabhadrayya Charantimath, triggering a political row ahead of the by-elections scheduled for April 9.
Congress has fielded Umesh Meti, son of former MLA late M Y Meti, whose death necessitated the bye-election.
"Pratap Simha's vile remarks about Chief Minister Siddaramaiah in Bagalkot have exposed the BJP's despicable politics once again," Surjewala said in a social media post.
Alleging a larger political design, he added, "It is increasingly evident that Pratap Simha’s outburst is driven by desperation," and accused the BJP of using such remarks to target backward classes, Scheduled Castes, and minorities.
The Rajya Sabha member further claimed that the incident reflects a pattern within the party. "This is not one man's madness—it is the BJP’s political culture," he said, adding that the remarks were aimed at "denigrating leaders from marginalised communities".
Referring to past incidents, Surjewala said, "CM Siddaramaiah and his deputy D K Shivakumar have received death threats in the past, including one from BJP leaders who warned that their bodies would be stuffed into a refrigerator."
The Congress leader also criticised the BJP’s bypoll campaign strategy, alleging "internal contradictions".
He pointed to the party’s use of expelled MLA Basanagouda Patil Yatnal in campaigning despite earlier disciplinary action against him, accusing the BJP of resorting to "abuses and indignities" against opposition leaders.
Surjewala demanded immediate action from the BJP leadership, including Prime Minister Narendra Modi, BJP national president Nitin Nabin, state president B Y Vijayendra, and Leader of Opposition R Ashoka.
He said they must tender a public apology to Kannadigas, particularly to OBCs, SCs, and minorities, over the remarks, and urged the party to expel Simha if it does not repudiate his statements.
Surjewala also called for legal action, demanding that an FIR be registered against Simha and that strict measures be taken.
Warning of "political consequences", he said the electorate in the bypoll-bound constituencies would respond decisively if the BJP failed to apologise, asserting that voters would "teach the BJP a befitting lesson" in the elections.
There has been no immediate reaction from the saffron party yet.
