Silver defies gravity; hits another record of Rs 2.92 lakh/kg in Delhi
New Delhi (PTI): Silver price extended its record-setting rally for the sixth straight day by rising Rs 3,600 to Rs 2,92,600 per kg in the national capital on Friday amid sustained buying by stockists, according to the All India Sarafa Association.
However, gold of 99.9 per cent purity retreated from its all-time high level and declined by Rs 1,100 to Rs 1,46,200 per 10 grams (inclusive of all taxes) from Rs 1,47,300 per 10 grams in the previous session.
Silver had closed at Rs 2,89,000 per kilogram on Thursday.
Traders said silver remained resilient on the back of persistent industrial offtake, shrugging off weak global trends.
The white metal has now climbed 20.16 per cent, or Rs 49,100, in just six sessions, up from Rs 2,43,500 per kilogram on January 8.
Silver continues to outpace gold for the second consecutive year, delivering 22.4 per cent returns.
Meanwhile, spot gold and silver extended their decline for the second straight day in the international markets, with prices dipping amid a stronger US dollar and fading geopolitical risk premium after reduced tensions in the Middle East.
Spot gold fell by USD 12.46, or 0.27 per cent, to USD 4,603.51 per ounce.
"Spot gold is trading 0.25 per cent down at around USD 4,606 per ounce. The yellow metal is under pressure as the US strike on Iran has been averted," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
Spot silver fell 2.26 per cent, or USD 2.08, to USD 90.33 per ounce on Friday.
In the previous session, the white metal had increased to a fresh record of USD 93.57 per ounce before plunging nearly 8 per cent to an intraday low of USD 86.30 per ounce after the US administration refrained from imposing an import tax on silver and other critical metals.
The metal had settled at USD 92.34 per ounce on Thursday.
"Precious metals eased on Friday after touching record highs earlier in the week, pressured by a firm US dollar and reduced expectations of an imminent Federal Reserve interest rate cut," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
He added that underlying fundamentals remain supportive for the precious metals, with gold benefiting from persistent global economic uncertainty and central bank buying, while silver continues to draw strength from industrial demand, particularly from the green energy and electronics sectors.
However, strong US jobs data boosted the dollar, triggering near-term profit-taking across precious metals, Garg said.
"We remain constructive on the medium to long-term outlook, especially for silver, citing ongoing supply deficits and accelerating industrial consumption as factors that could drive prices to fresh highs despite short-term volatility.
"In the Indian market, bullion prices also hovered near record levels, supported by currency dynamics," he added.
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Modi should leverage his ties with world leaders to de-escalate war in West Asia: Omar Abdullah
Jammu (PTI): Jammu and Kashmir Chief Minister Omar Abdullah on Monday said India can play a meaningful role in de-escalation in West Asia, given Prime Minister Narendra Modi's strong relations with the warring countries and their neighbours.
He said Pakistan was leveraging ties with Iran and the United States, and that any effort towards ending the war should be welcomed.
"As I said in the House (Assembly), we would like the war to end as soon as possible. The role that the prime minister can play may not be possible for anyone else because of his good relations with all these countries," Abdullah told reporters on the sidelines of a function here.
He, however, said any escalation would not be easy to manage.
"Any such move by US President Donald Trump, despite the long history of Iran resisting external domination, would not be easy," the chief minister said.
Asked about Pakistan mediating in the war, he said, "I will simply say that if any country can play a role in preventing this war, no one should have any objection to it."
He added, "I will repeat what I said … our prime minister has good and close relations with all countries — whether it is Israel, the United States, Iran, or the countries around Iran. If those relationships can be used to make some progress and help ease the situation, it would be a good thing."
Abdullah said attacks by terror groups like Lashkar-e-Taiba and Jaish-e-Mohammed in India, as suggested by a report from the United States, are not unlikely.
Meanwhile, he asserted that any efforts to end the war, be it from Pakistan, must not be resisted.
"Pakistan is using its good relations with Iran and the United States to its advantage, and it has done so. How can we object to that? If that angle helps in stopping the war, would you want them not to act and let the war continue? We want the war to stop. If any country can play a role in that, it should. And if we can play an even better role, then we should do so," he said.
On unemployment in J-K, the chief minister said the issue cannot be resolved overnight, and government jobs alone are not the solution.
He stressed the need to explore alternative avenues, highlighting the importance of Mission Yuva in promoting entrepreneurship.
"Mission Yuva provides not just funding but also support in preparing DPRs and post-startup assistance, such as marketing. In just nine months, distributing Rs 1,000 crore and approving numerous schemes is a significant achievement," he said.
Abdullah credited the coordination between the government and Jammu and Kashmir Bank for the scheme's progress.
