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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Kharge calls NDA ‘opportunist alliance thriving on corruption’ at rally
Puducherry (PTI): Senior Congress leader Mallikarjun Kharge on Saturday said the NDA "is an opportunist alliance that thrives on corruption and the looting of public assets".
Addressing a rally of the INDIA bloc in Puducherry, the Congress president said Prime Minister Narendra Modi "had done nothing" for the union territory’s development.
He urged voters to back the INDIA bloc in the April 9 Assembly polls, calling it "an opportunity for the people to fight against divisive forces led by the BJP and RSS, which are destroying unity, harmony, and the progressive spirit of Puducherry."
Kharge also criticised the BJP for neglecting smaller states like Puducherry and made a strong case for granting it statehood, promising, "Congress will secure statehood—this is a guarantee we give to the people here".
He alleged that under the current AINRC-BJP coalition, Puducherry is "riddled with corruption and a 30 per cent commission system," with the NDA government exploiting the union territory, despite it being "one of the country’s most beautiful places".
He expressed concern over "misuse of funds and stalled development", alleging corruption had "seeped into every sector".
Kharge claimed that despite Prime Minister Modi’s zero-tolerance stance on corruption, "everything in practice is being handed to one person, Adani—from land to skies."
He added that the NDA was "exploiting land, temple lands, and public property."
The Congress leader also criticised the AINRC-BJP rule for granting permits for around 450 liquor shops and restaurants over the last five years, claiming, "Instead of providing clean water, the government has been giving liquor to the people."
Kharge compared the current situation with the previous Congress rule, highlighting development across sectors, particularly healthcare. "Hospitals were established here to take care of the health of the people," he said.
Among his promises, Kharge pledged "gold for mangala sutra" for women if Congress is elected, along with free education from primary school to research level.
He reiterated that Prime Minister Narendra Modi’s promises to Puducherry had not materialised and renewed his call for full statehood, citing the lack of powers as a "hindrance" to the elected government.
He recalled that during the previous Congress rule, then Chief Minister V Narayanasamy, who was also present, faced interference from then Lt Governor Kiran Bedi.
Kharge said Congress has always stood with the people and would continue to improve their lives through developmental programmes, as it had during earlier administrations.
The meeting was presided over by Puducherry PCC president V Vaithilingam, and among the speakers was S P Sivakumar of the DMK.
