Gold, silver soar as US-Iran deal hopes lift bullion demand
New Delhi (PTI): Gold prices rebounded by Rs 2,900 to Rs 1.55 lakh per 10 grams in the national capital on Wednesday, while silver climbed to Rs 2.54 lakh per kilogram as easing geopolitical tensions triggered a pullback in oil rates, boosting demand for precious metals.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped by Rs 2,900, or nearly 2 per cent, to Rs 1,55,400 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,52,500 per 10 grams.
Traders attributed the surge in bullion prices to reports that Washington and Tehran are close to finalising a framework agreement to end months of conflict, raising the prospects of smoother flows through the Strait of Hormuz and easing inflation concerns tied to energy markets.
"Gold rallied strongly on Wednesday as easing geopolitical tensions triggered a sharp reversal in key macro drivers that had recently pressured precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Silver prices also advanced for the third straight session by rising Rs 3,500, or 1.4 per cent, to Rs 2,54,500 per kg (inclusive of all taxes). The metal had settled at Rs 2,51,000 per kg in the previous session, as per the Association.
"The prospect of a diplomatic breakthrough triggered a steep decline in oil prices and the US dollar, easing concerns about inflation while boosting demand for precious metals," Gandhi said.
Globally, spot gold increased by USD 106.15, or 2.33 per cent, to USD 4,663.70 per ounce while silver gained USD 3.40, or 4.68 per cent, to USD 76.24 per ounce.
"Gold witnessed a sharp rally as markets reacted positively to reports that the US and Iran are moving closer to a one-page agreement framework aimed at ending the conflict," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Despite strong international gains, rupee strength limited the upside in domestic gold prices. The market is now highly focused on final confirmation and execution of the proposed deal, he added.
Any negative surprise or breakdown in negotiations could trigger a sharp sell-off in gold, while a successful agreement and sustained ceasefire could push the bullion prices higher in the near-term, Trivedi said.
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Man arrested in Hyderabad for impersonating police officer using AI videos
Hyderabad (PTI): A 27-year-old man was arrested in Hyderabad for allegedly impersonating a police official and uploading fabricated videos on social media platforms to gain followers, police said on Wednesday.
The accused, who worked as a delivery executive with a food delivery aggregator, created and circulated misleading videos using AI-based software.
He falsely depicted himself as a police official and showcased weapons, potentially causing panic and misleading the public, a release from Hyderabad Police said.
Police said it came to their notice that fake videos were being circulated on social media, showing individuals posing as police personnel and displaying weapons.
Upon preliminary inquiry, it was found that the videos were fabricated using AI software and did not represent any real police activity.
The accused unlawfully impersonated a police official and created deceptive digital content, which is a punishable offence under relevant provisions of law.
Such acts can erode public trust and create unnecessary alarm, the release said.
Acting on credible information, police teams apprehended the accused and seized a mobile phone used in the offence.
A case under relevant sections of the BNS and the IT Act, 2000, was registered at Kalapathar Police Station.
Further investigation is underway to determine whether any other persons were involved in the creation and dissemination of such content, police added.
