Silver jumps Rs 18,000 to Rs 2.6 lakh/kg; gold scales Rs 1.58 lakh/10g level
New Delhi (PTI): Precious metal prices jumped over 7 per cent in the national capital on Thursday, with silver rising to Rs 2.6 lakh per kilogram, while gold advancing to Rs 1.58 lakh per 10 grams, tracking firm global trends and a surge in safe-haven assets amid escalating tensions between the US and Iran.
According to the local marketmen, the white metal surged by Rs 18,000, or 7.32 per cent, to Rs 2,64,000 per kg (inclusive of all taxes) from Wednesday's closing level of Rs 2,46,000 per kg.
Gold of 99.9 per cent purity also advanced by Rs 1,950, or 1.24 per cent, to Rs 1,58,650 per 10 grams (inclusive of all taxes). It had settled at Rs 1,56,700 per 10 grams in the previous session.
In the international market, spot silver was trading 1.03 per cent higher at USD 77.97 per ounce, while gold was quoted marginally higher at USD 4,991.24 per ounce.
"Gold prices rose to around USD 5,000 per ounce on Thursday, supported by a renewed wave of safe-haven demand amid rising speculation over potential US military action against Iran, which has elevated geopolitical risk," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
He added that the collapse of renewed Russia-Ukraine negotiations has also revived global uncertainty, prompting investors to increase allocations toward safe-haven assets.
"With geopolitical flashpoints intensifying, capital is rotating out of risk-sensitive assets and into traditional safe-haven assets, providing sustained support to gold prices," Gandhi said.
Renisha Chainani, Head - Research at Augmont, said investors are awaiting key macroeconomic data, including US GDP and Personal Consumption Expenditures (PCE) inflation data, which could shape interest rate expectations by the Federal Reserve in the coming months.
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Immigration officer loses Rs 79 lakh in cryptocurrency investment fraud
Mumbai (PTI): A 41-year-old immigration officer working at Malaysia's consulate general office in Mumbai has lost nearly Rs 79 lakh in a cryptocurrency investment scam, police said on Thursday.
The victim approached the police authorities around one-and-a-half years after the incident, citing severe mental stress and fear of social stigma, officials from the East Region Cyber Police said.
In January 2024, the officer was added to a WhatsApp group named "EG Plan", which regularly shared information about share trading. With basic knowledge of stock trading, he found the group's posts convincing. Acting on the instructions in the group, he registered on a company website and began investing, an official said.
Over the time, he transferred the money into more than 18 different bank accounts via online transactions and RTGS. Initially, he received Rs 1.69 lakh as returns, which increased his confidence in the scheme. Between April 2024 and June 2025, he invested approximately Rs 78.85 lakh in what he believed was cryptocurrency trading, he added.
When he attempted to withdraw his investment and profits, the fraudsters allegedly demanded an additional Rs 18 lakh as "processing fee". But after he refused to pay, all the communication was cut off.
He later informed his bank, which advised him to approach the police.
Based on his complaint, a case was registered against 10 unidentified individuals under charges of criminal conspiracy, cheating and relevant sections of the Information Technology Act.
Police are currently tracing the bank accounts where the funds were transferred and identifying the account holders, the official said, adding that investigation was underway.
