Silver climbs Rs 4,000 to Rs 2.68 lakh/kg; gold rises to Rs 1.61 lakh/10g
New Delhi (PTI): Silver prices climbed Rs 4,000 to Rs 2.68 lakh per kilogram in the national capital on Wednesday, while gold edged up to Rs 1.61 lakh per 10 grams tracking strong global trends.
According to the All India Sarafa Association, the white metal jumped by Rs 4,000, or 1.5 per cent, to Rs 2,68,500 per kilogram (inclusive of all taxes) from Tuesday's closing level of Rs 2,64,500 per kg.
Gold of 99.9 per cent purity also witnessed buying by traders, with prices rising Rs 600, or 0.4 per cent, to Rs 1,61,300 per 10 grams (inclusive of all taxes). It had settled at Rs 1,60,700 per 10 grams in the previous session.
"Gold and silver advanced on Wednesday supported by growing expectations of a more aggressive rate cut by the Federal Reserve," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
He added that the move followed softer US economic data, as December retail sales fell short of forecasts, signalling a slowdown in consumer spending and reinforcing concerns about moderating growth.
"Post-data markets have now raised the probability of three Fed rate cuts this year, up from two just a week ago, a lower interest rate scenario favours non-yielding metals like gold," Gandhi said.
In the global markets, spot silver gained USD 4.71, or nearly 6 per cent, to USD 85.51 per ounce, while gold was trading 1.06 per cent higher at USD 5,078.72 per ounce.
Spot gold was trading higher on a weaker US dollar on Wednesday as investors await the crucial US nonfarm payroll data (January) due to release later in the day, Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
The outcome of data numbers is likely to trigger heightened volatility in precious metals in the overseas market.
On the geopolitical front, Gandhi said renewed tensions also underpinned safe-haven demand for precious metals.
In the latest developments, Washington is reportedly considering intercepting tankers carrying Iranian crude and may deploy additional naval assets if negotiations over Iran's nuclear programme break down.
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.
Allahabad HC orders police protection to married couple apprehending 'honour killing'
Prayagraj (PTI): The Allahabad High Court has granted protection to a married couple who expressed fear that they may be killed by the woman's family.
The order was passed by a division bench comprising Justice JJ Munir and Justice Tarun Saxena on March 25.
"No individual can make an 'honour issue' out of a consenting adult marrying a person of their own choice. It is the state's duty to protect the life, limb, and property of such persons even against their own family members," the bench said.
The court was hearing a petition filed by Prachi Agrawal and her partner, who sought relief in connection with an FIR filed under Section 87 of Bhartiya Nyaya Sanhita (BNS) for kidnapping, and abducting or inducing a woman to compel her marriage.
The couple submitted that they married at an Arya Samaj temple and possessed a marriage registration certificate issued under the Uttar Pradesh Marriage Registration Rules, 2017.
The petitioners alleged that the woman's family members were averse to their marriage and lodged a bogus FIR against them.
The couple further submitted a joint affidavit expressing apprehension of an honour killing by the woman's family.
The court said that a prima facie case was made out and issued notice to the private respondent and granted two weeks to file a counter-affidavit.
Meanwhile, as an interim measure, the court granted the petitioners protection from arrest.
The court also explicitly ordered the woman's family members and relatives not to harm the petitioners, enter their matrimonial home, or establish contact with them directly or through any electronic means.
The bench directed the Aligarh senior superintendent of police to ensure that no harm comes to the couple and posted the matter for hearing on April 8.
