Silver slides Rs 4,275 to Rs 2.75 lakh/kg
New Delhi (PTI): Silver price declined by Rs 4,275 to Rs 2.75 lakh per kilogram in the national capital on Wednesday, while gold gained Rs 900 to Rs 1.65 lakh per 10 grams amid geopolitical tensions in West Asia.
According to the All India Sarafa Association, the white metal plunged by Rs 4,275, or 1.53 per cent, to Rs 2,75,000 per kilogram (inclusive of all taxes) from Tuesday's closing level of Rs 2,79,275 per kg.
However, gold moved higher, with 99.9 per cent purity increasing by Rs 900, or 0.54 per cent, to Rs 1,65,600 per 10 grams (inclusive of all taxes). The yellow metal had settled at Rs 1,64,700 per 10 grams in the previous market session.
Analysts said renewed safe-haven demand amid intensifying geopolitical tensions supported gold prices, even as silver came under pressure.
"Gold traded with a positive bias on Wednesday supported by renewed safe-haven demand amid escalating tensions in the Iran conflict and heightened geopolitical uncertainty," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
He added that the ongoing escalation will continue to act as a tailwind for traditional safe-haven assets like gold.
However, bullion was trading lower in the overseas trade. Spot gold was marginally down at USD 5,189.05 per ounce, and silver slipped USD 1.59, or 1.8 per cent, to USD 86.69 per ounce.
"Gold prices remained under pressure on Wednesday, easing despite elevated geopolitical tensions, as broader macroeconomic factors continued to outweigh safe-haven demand," Kaveri More, Commodity Analyst at Choice Broking, said.
She noted that rising market uncertainty, reflected in an uptick in the CBOE Volatility Index, has encouraged investors to maintain higher cash positions rather than aggressively accumulate bullion.
"A global equity sell-off triggered by surging oil prices and persistent Middle East tensions has added volatility across asset classes but failed to provide sustained support to gold," More said.
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Himanta resigns as Assam CM, paving way for formation of new govt
Guwahati (PTI): Assam Chief Minister Himanta Biswa Sarma on Wednesday resigned along with his cabinet colleagues, paving the way for formation of a new government led by the BJP, officials said.
The BJP-led NDA bagged 102 seats in the 126-member assembly. The assembly elections were held in a single phase on April 9, and counting of votes took place on May 4.
"Following the formal notification of the results of #AssamElections2026 and to enable the formation of the new government, Dr @himantabiswa tendered his resignation as Chief Minister along with that of the council of Ministers to Hon'ble Governor Shri @Laxmanacharya54 today at Lok Bhawan," the Chief Minister's Office said in a post on X.
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The Governor has accepted the resignation, and requested Sarma to continue as the caretaker CM till the new government assumes office, it said.
Later, speaking to reporters outside the Lok Bhawan, Sarma said the oath-taking ceremony is likely to take place after May 11.
“As it was a historic win, we have invited Prime Minister Narendra Modi to grace the occasion," he said.
The new Assam chief minister will be selected at a meeting of the BJP legislature party in presence of central observers, Sarma said.
