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.
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.
Karnataka Speaker Khader finishes fourth in Dirt Prix event
Mangaluru (PTI): Karnataka Legislative Assembly Speaker U T Khader on Sunday finished fourth in a dirt track racing event organised by the Indian Motor Sports Club here.
Driving a Volkswagen Polo GT, Khader narrowly missed a podium finish, ending just seconds behind the third-place finisher.
An avid motorsport enthusiast since his college days, Khader has participated in several racing events involving both motorcycles and cars.
Organisers said his performance on the dirt track was consistent with his previous racing record.
Speaking informally after the event, Khader said he continues to follow motorsport and enjoys driving, describing the experience as a "refreshing change" from his official responsibilities.
The Dirt Prix event saw participation from multiple racers and was aimed at promoting grassroots motorsport.
