Silver, gold surge 3 pc on safe-haven demand
New Delhi (PTI): Precious metal prices climbed 3 per cent in the national capital on Monday, with silver surging to Rs 2.7 lakh per kilogram and gold advancing to Rs 1.6 lakh per 10 grams, due to strong safe-haven demand amid growing global trade uncertainties after the US Supreme Court ruling against Trump's tariffs.
According to the All India Sarafa Association, silver jumped Rs 8,000, or 3.03 per cent, to Rs 2,72,000 per kilogram (inclusive of all taxes) from Friday's closing level of Rs 2,64,000 per kg.
Gold of 99.9 per cent purity also increased by Rs 3,300, or 2.06 per cent, to Rs 1,62,800 per 10 grams (inclusive of all taxes). It had settled at Rs 1,59,500 per 10 grams in the previous market session.
Silver and gold extended bullish momentum on Monday, with both metals trading at a three-week high, supported by renewed safe-haven demand.
The rally came following a landmark US Supreme Court ruling against Trump's tariffs, which triggered sharp cross-asset volatility and prompted investors to seek safe-haven assets, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
In response to the ruling, US President Donald Trump swiftly moved to preserve his trade agenda by announcing an increase in the global tariff rate from 10 per cent to 15 per cent on Saturday.
Gandhi added that the sudden policy shift has intensified global uncertainty, with several governments across the globe reacting cautiously -- some reaffirming trade agreements, while others wait for Washington's next steps.
In the international market, spot silver gained 1.79, or 2.2 per cent, to USD 86.50 per ounce, while gold was trading nearly 1 per cent higher at USD 5,151 per ounce.
"Gold prices have risen amid Trump's tariff turmoil and uncertainty surrounding their legality. Even if the Supreme Court views the tariffs as invalid, ongoing trade tensions may still pressure the US dollar and support bullion," Hareesh V, Head of Commodity Research, Geojit Investments Ltd, said.
Beyond tariffs, factors such as sustained central-bank buying, expectations of lower US interest rates, ongoing geopolitical risks, and slower global growth are likely to underpin gold in the long run, keeping its overall outlook constructive, he added.
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'I go to Parliament to create impact, not ruckus': Raghav Chadha rubbishes AAP's allegations
New Delhi (PTI): "I go to Parliament to create impact, not ruckus," said Rajya Sabha MP Raghav Chadha on Saturday as he rejected allegations levelled against him by the Aam Aadmi Party, calling them "false" and part of a "coordinated campaign".
In a video, Chadha dismissed claims that he did not join opposition walkouts, terming the charge a "blatant lie".
He challenged his detractors to cite even a single instance where he failed to participate and said parliamentary proceedings are recorded through CCTV cameras.
Refuting another allegation that he refused to sign a motion related to the Chief Election Commissioner, Chadha said no party leader had asked him, either formally or informally, to sign it. He added that several other MPs from his party had also not signed the motion.
The MP said his focus in Parliament has been on raising public issues such as GST, income tax, air pollution in Delhi, water concerns in Punjab, public healthcare, education, railway passenger issues, menstrual health, unemployment and inflation.
Chadha said that he goes to Parliament to "create impact not ruckus" as it runs on taxpayers' money and it is his responsibility to highlight their concerns. "Every lie will be exposed," he said.
