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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Bengal: Hours after killing of Suvendu's aide, cops say 5 BJP workers injured in bomb attack
Kolkata (PTI): Five BJP supporters have been injured allegedly in a bomb blast in Panihati in West Bengal's North 24 Parganas district, police said on Thursday.
The incident occurred late on Wednesday night, hours after Chandranath Rath, a close aide of BJP leader Suvendu Adhikari, was shot dead by motorcycle-borne assailants, which led to the saffron camp accusing the TMC of unleashing retaliatory violence.
The bomb blast occurred near St Xavier's Institution in Panihati. Unidentified assailants hurled crude bombs at a group of BJP workers, injuring at least five people, police said, adding the injured were admitted to the RG Kar Medical College and Hospital in Kolkata.
According to local sources, BJP workers were interacting with residents on Dutta Road in Panihati's Ward number 2 when a group of motorcycle-borne persons allegedly targeted them with bombs before fleeing.
The BJP alleged that the attackers were backed by the ruling Trinamool Congress, an allegation denied by the Mamata Banerjee-led party.
A senior police official said, "We have started an investigation and are examining CCTV footage from the surrounding areas to identify those involved. Raids are being conducted to nab the accused."
A heavy police deployment has been made in the area.
"We are maintaining strict vigil and appealing to people not to spread rumours. Necessary steps are being taken to maintain peace," the officer added.
Incidentally, the area where the blast occurred is located near the residence of newly elected BJP MLA Ratna Debnath, the mother of the RG Kar Hospital rape victim.
