Silver slides Rs 4,275 to Rs 2.75 lakh/kg
New Delhi (PTI): Silver price declined by Rs 4,275 to Rs 2.75 lakh per kilogram in the national capital on Wednesday, while gold gained Rs 900 to Rs 1.65 lakh per 10 grams amid geopolitical tensions in West Asia.
According to the All India Sarafa Association, the white metal plunged by Rs 4,275, or 1.53 per cent, to Rs 2,75,000 per kilogram (inclusive of all taxes) from Tuesday's closing level of Rs 2,79,275 per kg.
However, gold moved higher, with 99.9 per cent purity increasing by Rs 900, or 0.54 per cent, to Rs 1,65,600 per 10 grams (inclusive of all taxes). The yellow metal had settled at Rs 1,64,700 per 10 grams in the previous market session.
Analysts said renewed safe-haven demand amid intensifying geopolitical tensions supported gold prices, even as silver came under pressure.
"Gold traded with a positive bias on Wednesday supported by renewed safe-haven demand amid escalating tensions in the Iran conflict and heightened geopolitical uncertainty," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
He added that the ongoing escalation will continue to act as a tailwind for traditional safe-haven assets like gold.
However, bullion was trading lower in the overseas trade. Spot gold was marginally down at USD 5,189.05 per ounce, and silver slipped USD 1.59, or 1.8 per cent, to USD 86.69 per ounce.
"Gold prices remained under pressure on Wednesday, easing despite elevated geopolitical tensions, as broader macroeconomic factors continued to outweigh safe-haven demand," Kaveri More, Commodity Analyst at Choice Broking, said.
She noted that rising market uncertainty, reflected in an uptick in the CBOE Volatility Index, has encouraged investors to maintain higher cash positions rather than aggressively accumulate bullion.
"A global equity sell-off triggered by surging oil prices and persistent Middle East tensions has added volatility across asset classes but failed to provide sustained support to gold," More said.
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RCB beat MI by 18 runs after batters fire
Mumbai (PTI): Royal Challengers Bengaluru skipper Rajat Patidar, Phil Salt and Virat Kohli blasted half-centuries as the defending champions beat Mumbai Indians by 18 runs in an Indian Premier League match here on Sunday.
Salt (78 off 36 balls) and Kohli (50 off 38 balls) stitched together a 120-run stand for the opening wicket before Patidar scored a rapid 53 off just 20 balls as RCB posted 240 for 4.
In response, Mumbai Indians were restricted to 222 for 5, with RCB spinner Suyash Sharma (2/47) putting the skids on the home side with a double strike in the eighth over, from which they could not recover.
Sherfane Rutherford top-scored for MI with an unbeaten 71 off 31 balls.
While opener Rohit Sharma appeared to be struggling with a hamstring issue and had to retire hurt on 19, his partner Ryan Rickelton made 37, while Suryakumar Yadav (33) and Hardik Pandya (40) were the other contributors for MI.
Brief scores:
Royal Challengers Bengaluru 240 for 4 in 20 overs (Phil Salt 78, Virat Kohli 50, Rajat Patidar 53, Tim David 35 not out).
Mumbai Indians: 222 for 5 in 20 overs (Sherfane Rutherford 71 not out, Ryan Rickelton 37, Hardik Pandya 40; Suyash Sharma 2/47).
