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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Trouble ‘Miyas’ everywhere only then they will leave Assam: Himanta Biswa Sarma
Says “Himanta Biswa Sarma, BJP are openly against them, we are saying it openly
New Delhi: Assam Chief Minister Himanta Biswa Sarma on Tuesday said that four to five lakh “Miya voters” would be removed from the electoral rolls in the state once the Special Intensive Revision (SIR) of voter lists is carried out. He also made a series of controversial remarks openly targeting the Miya community, a term commonly used in Assam in a derogatory sense to refer to Bengali-speaking Muslims.
Speaking to reporters on the sidelines of an official programme in Digboi in Tinsukia district, Sarma said it was his responsibility to create difficulties for the Miya community and claimed that both he and the BJP were “directly against Miyas”.
“Four to five lakh Miya votes will have to be deleted in Assam when the SIR happens,” Sarma said, adding that such voters “should ideally not be allowed to vote in Assam, but in Bangladesh”. He asserted that the government was ensuring that they would not be able to vote in the state.
The chief minister was responding to questions about notices issued to thousands of Bengali-speaking Muslims during the claims and objections phase of the ongoing Special Revision (SR) of electoral rolls in Assam. While the Election Commission is conducting SIR exercises in 12 states and Union Territories, Assam is currently undergoing an SR, which is usually meant for routine updates.
Calling the current SR “preliminary”, Sarma said that a full-fledged SIR in Assam would lead to large-scale deletion of Miya voters. He said he was unconcerned about criticism from opposition parties over the issue.
“Let the Congress abuse me as much as they want. My job is to make the Miya people suffer,” Sarma said. He claimed that complaints filed against members of the community were done on his instructions and that he had encouraged BJP workers to keep filing complaints.
“I have told people wherever possible they should fill Form 7 so that they have to run around a little and are troubled,” he said, adding that such actions were meant to send a message that “the Assamese people are still living”.
In remarks that drew further outrage, Sarma urged people to trouble members of the Miya community in everyday life, claiming that “only if they face troubles will they leave Assam”. He also accused the media of sympathising with the community and warned journalists against such coverage.
“So you all should also trouble, and you should not do news that sympathise with them. There will be love jihad in your own house.” He said.
The comments triggered reactions from opposition leaders. Raijor Dal president and MLA Akhil Gogoi said the people of Assam had not elected Sarma to keep one community under constant pressure. Congress leader Aman Wadud accused the chief minister of rendering the Constitution meaningless in the state, saying his remarks showed a complete disregard for constitutional values.
According to the draft electoral rolls published on December 27, Assam currently has 2.51 crore voters. Election officials said 4.78 lakh names were marked as deceased, 5.23 lakh as having shifted, and 53,619 duplicate entries were removed during the revision process. Authorities also claimed that verification had been completed for over 61 lakh households.
On January 25, six opposition parties the Congress, Raijor Dal, Assam Jatiya Parishad, CPI, CPI(M) and CPI(M-L) submitted a memorandum to the state’s chief electoral officer. They alleged widespread legal violations, political interference and selective targeting of genuine voters during the SR exercise, describing it as arbitrary, unlawful and unconstitutional.
