Silver slides Rs 3,400 to Rs 2.68 lakh/kg, gold stays flat on strong dollar
New Delhi (PTI): Silver prices declined by Rs 3,400 to Rs 2.68 lakh per kilogram, and gold traded almost flat at Rs 1,64,300 per 10 grams in the national capital on Monday as a firm US dollar dampened the precious metals' demand amid volatile global markets.
According to the All India Sarafa Association, the white metal extended its losses for the third straight day by plunging Rs 3,400, or nearly 1.3 per cent, to Rs 2,68,300 per kg (inclusive of all taxes) from Friday's closing level of Rs 2,71,700 per kg.
"Silver extended last week's decline as a sharp rise in crude oil prices raised concerns that inflationary pressures could intensify again," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.
Higher energy prices tend to feed into broader inflation expectations, which may delay the pace of interest rate cuts by the Federal Reserve. This scenario supported the US dollar and Treasury yields, which in turn weighed on precious metals, he added.
Meanwhile, gold of 99.9 per cent purity rose marginally by Rs 200 to Rs 1,64,300 per 10 grams (inclusive of all taxes). The yellow metal had settled at Rs 1,64,100 per 10 grams in the previous market session, as per the Association.
Globally, spot gold fell USD 65.23, or 1.26 per cent, to trade at USD 5,105.89 per ounce, while silver was also trading 0.53 per cent lower at USD 83.92 per ounce.
"Gold is trading lower at USD 5,097 per ounce level as crude oil prices surged nearly 30 per cent overnight on Middle East supply concerns," Praveen Singh, Head of commodities and currencies at Mirae Asset ShareKhan, said.
Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said that forced liquidations to meet margin calls during the broader market sell-off have also pressured bullion prices since tensions escalated sharply last week.
Investors will now monitor key US macroeconomic indicators such as CPI, Core PCE Price Index, Prelim GDP, and JOLTS job openings, for further cues on the Fed's policy trajectory, while geopolitical developments in West Asia are expected to continue influencing market sentiment, she added.
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Allahabad HC orders police protection to married couple apprehending 'honour killing'
Prayagraj (PTI): The Allahabad High Court has granted protection to a married couple who expressed fear that they may be killed by the woman's family.
The order was passed by a division bench comprising Justice JJ Munir and Justice Tarun Saxena on March 25.
"No individual can make an 'honour issue' out of a consenting adult marrying a person of their own choice. It is the state's duty to protect the life, limb, and property of such persons even against their own family members," the bench said.
The court was hearing a petition filed by Prachi Agrawal and her partner, who sought relief in connection with an FIR filed under Section 87 of Bhartiya Nyaya Sanhita (BNS) for kidnapping, and abducting or inducing a woman to compel her marriage.
The couple submitted that they married at an Arya Samaj temple and possessed a marriage registration certificate issued under the Uttar Pradesh Marriage Registration Rules, 2017.
The petitioners alleged that the woman's family members were averse to their marriage and lodged a bogus FIR against them.
The couple further submitted a joint affidavit expressing apprehension of an honour killing by the woman's family.
The court said that a prima facie case was made out and issued notice to the private respondent and granted two weeks to file a counter-affidavit.
Meanwhile, as an interim measure, the court granted the petitioners protection from arrest.
The court also explicitly ordered the woman's family members and relatives not to harm the petitioners, enter their matrimonial home, or establish contact with them directly or through any electronic means.
The bench directed the Aligarh senior superintendent of police to ensure that no harm comes to the couple and posted the matter for hearing on April 8.
