Silver, gold surge 3 pc on safe-haven demand
New Delhi (PTI): Precious metal prices climbed 3 per cent in the national capital on Monday, with silver surging to Rs 2.7 lakh per kilogram and gold advancing to Rs 1.6 lakh per 10 grams, due to strong safe-haven demand amid growing global trade uncertainties after the US Supreme Court ruling against Trump's tariffs.
According to the All India Sarafa Association, silver jumped Rs 8,000, or 3.03 per cent, to Rs 2,72,000 per kilogram (inclusive of all taxes) from Friday's closing level of Rs 2,64,000 per kg.
Gold of 99.9 per cent purity also increased by Rs 3,300, or 2.06 per cent, to Rs 1,62,800 per 10 grams (inclusive of all taxes). It had settled at Rs 1,59,500 per 10 grams in the previous market session.
Silver and gold extended bullish momentum on Monday, with both metals trading at a three-week high, supported by renewed safe-haven demand.
The rally came following a landmark US Supreme Court ruling against Trump's tariffs, which triggered sharp cross-asset volatility and prompted investors to seek safe-haven assets, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
In response to the ruling, US President Donald Trump swiftly moved to preserve his trade agenda by announcing an increase in the global tariff rate from 10 per cent to 15 per cent on Saturday.
Gandhi added that the sudden policy shift has intensified global uncertainty, with several governments across the globe reacting cautiously -- some reaffirming trade agreements, while others wait for Washington's next steps.
In the international market, spot silver gained 1.79, or 2.2 per cent, to USD 86.50 per ounce, while gold was trading nearly 1 per cent higher at USD 5,151 per ounce.
"Gold prices have risen amid Trump's tariff turmoil and uncertainty surrounding their legality. Even if the Supreme Court views the tariffs as invalid, ongoing trade tensions may still pressure the US dollar and support bullion," Hareesh V, Head of Commodity Research, Geojit Investments Ltd, said.
Beyond tariffs, factors such as sustained central-bank buying, expectations of lower US interest rates, ongoing geopolitical risks, and slower global growth are likely to underpin gold in the long run, keeping its overall outlook constructive, 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.
