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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
T'gana BC panel seeks reports over infant's death, family alleges caste abuse
Hyderabad (PTI): The Telangana Commission for Backward Classes on Monday sought reports from state government officials on the death of an infant following alleged assault and caste abuse against her family members in Nagarkurnool district while visiting a temple fair.
In separate letters, Commission Chairman G Niranjan urged Endowments Department Commissioner S Harish and Nagarkurnool district Collector Badavath Santhosh to furnish the reports within three days.
Niranjan drew the officials' attention to media reports on the death of the two-month-old baby at Kummera village in the district and alleged caste discrimination and denial of entry to the temple fair to the baby's family belonging to a BC community.
BJP OBC Morcha's state unit president G Anand Goud alleged inadequate response by the police in the incident and demanded a transparent investigation into the incident.
Alleging that the deceased baby's father was attacked in the incident, he also demanded action against the attackers.
Goud told reporters that BJP's state unit president N Ramachander Rao would visit the village on February 24 and meet the baby's family members.
Meanwhile, a BRS delegation met DGP B Shivadhar Reddy and demanded a comprehensive inquiry into the incident.
The BRS leaders sought action against a person who allegedly attacked the infant's parents.
BC associations have held protests over the past few days regarding the alleged caste discrimination against the deceased infant's family members.
Police said on Sunday that four persons were arrested in connection with the cases registered after the family alleged that the baby died following an "assault" by a group of villagers. The family also alleged that they were abused in the name of caste in the incident on February 18.
However, a villager, part of the group, lodged a counter-complaint with the police the same day, alleging that he was attacked with stones during a scuffle with the family, sustaining a head injury, following which a case was registered.
The infant died on February 21 and her mother, who belongs to an SC community, also lodged a complaint alleging her daughter died due to the physical assault on the family by some villagers, police said.
