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.
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Four booked for tying 18-year-old to tree, beating him up in UP's Pratapgarh
Pratapgarh (UP) (PTI): Four people were booked here for the abduction and assault of a man who they allegedly tied to a tree and beat up, police said on Wednesday.
The incident, a video of which has gone viral, took place on Tuesday afternoon under the Kunda police station limits.
The FIR was registered on Wednesday evening based on a complaint from the victim's father.
According to Keshav Prasad Yadav, a resident of Mauli village, some people called his 18-year-old son Nikhil Yadav on the phone and asked him to come out of his house around 2.30 pm on Tuesday.
As he reached outside the village as instructed, the accused allegedly forced him into a car and took him towards the Tinpedwa forest area, where they tied him to a tree and assaulted, the complainant said.
The attackers also recorded a video of the incident and circulated it on social media. The purported video shows the men thrashing Nikhil one after another, while one of them is assumed to have recorded the act.
Kunda Station House Officer Manoj Pandey confirmed the incident and said efforts are underway to identify and arrest all the accused.
Meanwhile, Samajwadi Party president Akhilesh Yadav has shared the video on social media, describing the incident as reflective of a "dominant mindset" against the PDA (Pichda or Backward, Dalit, and Alpasankhyak or Minority), and demanded strict action against the accused.
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