NEW DELHI, Apr 20: Silver prices climbed Rs 4,300 to Rs 2.57 lakh per kilogram in the national capital on Monday, while gold advanced to Rs 1.57 lakh per 10 grams on fresh buying by retailers and stockists.
According to the All India Sarafa Association, the white metal jumped Rs 4,300 to Rs 2,57,300 per kg (inclusive of all taxes) from Friday’s closing level of Rs 2,53,000 per kg.
Gold of 99.9 per cent purity also gained Rs 800 to Rs 1,57,000 per 10 grams (inclusive of all taxes). The yellow metal had finished at Rs 1,56,200 per 10 grams in the previous market session.
However, global trends remained subdued. Spot silver slipped USD 1.09, or 1.35 per cent, to USD 79.71 per ounce, and gold was traded 0.52 per cent to USD 4,805.09 per ounce.
“Gold started the week on a weaker note, reflecting a shift in geopolitical and macro conditions over the weekend,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
He added that the situation around the Strait of Hormuz deteriorated rapidly, with Iran reimposing strict control less than 24 hours after reopening it, while the US seized an Iranian cargo vessel attempting to bypass its blockade.
“These developments have raised concerns over the stability of the ceasefire and increased uncertainty around the US-Iran peace talks. The renewed escalation has revived concerns over higher energy prices and inflation, strengthening the dollar and weighing on precious metals,” Gandhi added.
Meanwhile, investors are expected to closely track key global macroeconomic indicators this week.
Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said investors will turn their focus on global macroeconomic data, including US retail and home sales numbers, weekly jobless claims and consumer sentiments.
PMI readings across major economies will also be monitored for growth signals. Additionally, markets will watch Tuesday’s congressional testimony from incoming Federal Reserve Chair Kevin Warsh for early cues on policy stance and tolerance towards energy-driven inflation, she added.
“Nonetheless, the primary driver is likely to remain the evolving US-Iran standoff, with any material escalation expected to exert additional downward pressure on bullion prices,” Chainwala said. PTI
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