Gold hits Rs 1.3 lakh/10 g, breaches USD 4,100/ounce in global markets
New Delhi (PTI): Gold prices on Tuesday surged by Rs 2,850 to reach an all-time high of Rs 1,30,800 per 10 grams in the national capital, driven by heavy festive buying by retailers and jewellers ahead of 'Dhanteras'.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,27,950 per 10 grams on Monday.
Gold of 99.5 per cent purity also advanced by Rs 2,850 to hit a record Rs 1,30,200 per 10 grams (inclusive of all taxes), from the previous close of Rs 1,27,350 per 10 grams.
So far this year, gold prices have increased by Rs 51,850 or 65.67 per cent from Rs 78,950 per 10 grams on December 31, 2024.
"Gold and silver have hit new highs, propelled by geopolitical concerns, supply constraints, and strong domestic investment demand, amplified by a weaker rupee. The ascending trend is intact, but the steep 'V-shaped' price action introduces significant volatility risk," Dilip Parmar, Research Analyst at HDFC Securities, said.
Silver also surged by Rs 6,000 to hit a lifetime high of Rs 1,85,000 per kilogram (inclusive of all taxes), marking its fifth consecutive day of gains. The white metal had settled at Rs 1,79,000 per kg in the previous market session.
Traders attributed the sharp rise in bullion prices to sustained demand from jewellers and retailers in the run-up to the festive and wedding season, along with a weaker rupee that slipped 12 paise to revisit its all-time low of 88.80 against the US dollar on Tuesday.
Silver prices have surged by Rs 95,300 or 106.24 per cent in the current calendar year, skyrocketing from Rs 89,700 per kilogram on December 31, 2024.
In the international market, spot gold retreated from record highs but remained elevated, trading 0.72 per cent higher at USD 4,140.34 per ounce after touching an all-time high of USD 4,179.71 per ounce earlier in the day.
"Spot gold, having risen for eight straight weeks, surged to a fresh record high of USD 4,179 per ounce.
"The metal is gaining on rate cut expectations, huge exchange traded fund (ETF) inflows, de-dollarisation and concerns over US economy as partial government shutdown continues," Praveen Singh, Head of Commodities and Currencies at Mirae Asset Share Khan, said.
Spot silver also pulled back after hitting a lifetime high of USD 53.54 per ounce and was trading 3.15 per cent lower at USD 50.72 per ounce.
"Silver has surged sharply as investors rotate out of the dollar into tangible assets, reflecting mounting apprehension over US fiscal stability and the autonomy of the Federal Reserve.
"Supply constraints have intensified, with robust shipments to the United States amid concerns of potential import tariffs draining London inventories to multi-year lows," Riya Singh - Research Analyst, Commodities and Currency, Emkay Global Financial Services, said.
She added that "India, the world's largest consumer of silver, the white metal prices are trading at a steep premium of up to 10-15 per cent over global benchmarks, driven by robust investment and festival-related demand, prompting physically backed ETFs to halt new subscriptions."
Riya Singh further pointed out that silver is likely to maintain its upward trajectory toward Rs 1,94,639 per kilogram level for the domestic markets, while on the international front, it could test with an upside potential of USD 59.89 per ounce.
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Explosive device kills 13, injures 38 on bus in southwestern Colombia as violence persists
Bogota (Colombia) (PTI): An explosive device killed 13 people travelling on a bus in southwestern Colombia on Saturday, an attack the country's army chief described as a “terrorist act" that also left at least 38 injured as violence linked to drug trafficking in the region escalates.
Octavio Guzman, the governor of the region of Cauca, said on X that the device was set off while the bus was travelling along the Panamerican Highway in the municipality of Cajibio. Five children were among the injured, Cauca Health Secretary Carolina Camargo told Noticias Caracol, a TV news program.
Gen. Hugo Lopez, commander of Colombia's Armed Forces, told a news conference that it was a “terrorist act" and blamed the network of a man known as “Ivan Mordisco” — one of Colombia's most wanted figures — and the Jaime Martínez faction. Both are dissidents of the now-defunct Revolutionary Armed Forces of Colombia that operate in the region.
Neither Ivan Mordisco nor the Jaime Martínez faction abide by the peace agreement signed with the state in 2016.
Colombian President Gustavo Petro condemned the attack on X.
“Those who carried out the attack and killed seven civilians — and wounded 17 others — in Cajibío — many of them Indigenous people — are terrorists, fascists, and drug traffickers,” he wrote.
The attack is the latest in a spate of explosions that have attempted to target public infrastructure. At least 26 incidents have taken place in the past two days in southwestern Colombia, which Lopez said have only affected civilians.
They included a shooting at a police station in the rural area of Jamundi, and an attack on a Civil Aviation radar facility in El Tambo, where authorities took down three explosives-laden drones earlier on Saturday. No one was hurt.
On Friday, two vehicles rigged with explosives were detonated near military units in Cali and Palmira, causing material damage.
The escalation of violence in that region — a territory contested by illegal armed groups linked to drug trafficking — prompted the mobilisation of high-ranking officials on Saturday. Led by Defence Minister Pedro Sanchez, the delegation that includes regional governors and local authorities, was meeting in Palmira when the deadly explosion occurred.
“These criminals seek to instil fear, but we will respond with firmness,” Sanchez said on X.
Meanwhile, Francisca Toro, governor of Valle del Cauca, has called upon the national government to provide “immediate support.” In a message on X, Toro called for a reinforcement of public security forces, enhanced intelligence operations and “decisive actions” against crime in the face of a “terrorist-level escalation.”
According to authorities, Cauca and Valle del Cauca serve as a critical hub for illicit activities of illegal armed groups vying for control over sea and river access routes leading to the port of Buenaventura — a key transit point used to traffic drugs to Central America and Europe.
The government has also offered a reward of more than 1 million dollars for information leading to the capture of “Marlon,” who is identified as the leader of the region's dissident group. On Friday, local authorities offered more than USD 14,000 for information leading to the identification and location of those behind the attacks in Cali and Palmira.
