Silver jumps Rs 18,000 to Rs 2.6 lakh/kg; gold scales Rs 1.58 lakh/10g level
New Delhi (PTI): Precious metal prices jumped over 7 per cent in the national capital on Thursday, with silver rising to Rs 2.6 lakh per kilogram, while gold advancing to Rs 1.58 lakh per 10 grams, tracking firm global trends and a surge in safe-haven assets amid escalating tensions between the US and Iran.
According to the local marketmen, the white metal surged by Rs 18,000, or 7.32 per cent, to Rs 2,64,000 per kg (inclusive of all taxes) from Wednesday's closing level of Rs 2,46,000 per kg.
Gold of 99.9 per cent purity also advanced by Rs 1,950, or 1.24 per cent, to Rs 1,58,650 per 10 grams (inclusive of all taxes). It had settled at Rs 1,56,700 per 10 grams in the previous session.
In the international market, spot silver was trading 1.03 per cent higher at USD 77.97 per ounce, while gold was quoted marginally higher at USD 4,991.24 per ounce.
"Gold prices rose to around USD 5,000 per ounce on Thursday, supported by a renewed wave of safe-haven demand amid rising speculation over potential US military action against Iran, which has elevated geopolitical risk," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
He added that the collapse of renewed Russia-Ukraine negotiations has also revived global uncertainty, prompting investors to increase allocations toward safe-haven assets.
"With geopolitical flashpoints intensifying, capital is rotating out of risk-sensitive assets and into traditional safe-haven assets, providing sustained support to gold prices," Gandhi said.
Renisha Chainani, Head - Research at Augmont, said investors are awaiting key macroeconomic data, including US GDP and Personal Consumption Expenditures (PCE) inflation data, which could shape interest rate expectations by the Federal Reserve in the coming months.
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.
BJP vows to return to power in 2028 in Karnataka, attacks Cong at executive committee meet
Bengaluru (PTI): BJP leaders on Thursday launched a sharp attack on the Congress government in Karnataka and exuded confidence that the party would return to power in the 2028 Assembly elections.
The opposition party in Karnataka also passed four resolutions at its state executive committee meeting at the Palace Grounds here. It includes rampant corruption in the state, misuse of government funds, growing drug menace, agrarian problem and the garbage crisis in Bengaluru.
The party also hailed the Centre for introducing Viksit Bharat – Guarantee for Rozgar and Ajivika Mission (Gramin) (VB-G RAM G) replacing the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
The executive committee welcomed the Centre's decision to give respect to 'Vande Mataram' song.
Addressing the meeting, BJP state president B Y Vijayendra alleged there was "zero development" in the state and claimed discontent within the ruling party.
"Let us work day and night to restore the BJP’s past glory in Karnataka," Vijayendra said, adding, "A situation has arisen where even MLAs of the ruling party may revolt against the government."
He alleged that law and order had completely deteriorated under Chief Minister Siddaramaiah-led Congress government in the state and referred to murders in Surathkal and Yellapur, claiming no compensation had been provided to the families of a Dalit woman in Yellapur and a Dalit man in Koppal.
He further alleged that Mysuru had become a narcotics hub and recalled the rape and murder of a 10-year-old girl during Dasara in the Chief Minister’s home district.
Vijayendra urged party workers to gear up for a series of upcoming elections, including local body polls, GBA elections and Assembly bypolls, and called for grassroots mobilisation to highlight the failures of the Congress government.
Inaugurating the meeting, Union Minister Gajendra Singh Shekhawat said, "This is not merely an organisational meeting but a meeting for introspection."
He described it as a gathering to strengthen the organisation and resolve to remove the corrupt government from power.
Expressing confidence about the party’s prospects, he said the BJP would form the government in Karnataka in 2028 with an overwhelming majority.
He criticised the Congress for the Emergency and alleged that the state had become "corrupt and financially bankrupt", referring to scandals, including MUDA. He also claimed there had been infighting over the Chief Minister’s post from the beginning and that public debt had risen sharply.
BJP National General Secretary and Karnataka in-charge Radha Mohan Das Agarwal said the party's victory in the 2028 Assembly elections was certain and objected to alleged attempts to curb RSS activities in the state.
He accused the government of favouring minorities over Scheduled Castes and termed it a "corrupt government".
Former Chief Minister B S Yediyurappa, who was felicitated for completing 50 years in active politics, called upon party workers to resolve to bring the BJP back to power "on our own strength" and to "uproot the corrupt Congress government".
Former Chief Minister D V Sadananda Gowda said it was Yediyurappa who had brought the BJP to power in Karnataka for the first time in South India and praised his role in strengthening the party.
Several senior leaders, including Union Ministers Pralhad Joshi, Shobha Karandlaje and V Somanna, and other state leaders were present at the meeting.
