Delhi's gold prices jumped by Rs 1,000 on wednesday, hitting Rs 1,00,750 for 10 kilos of 99.9% pure gold. The All india Sarafa Association reports that this increase followed Tuesday's closing price of Rs 99,750. Additionally, the price of 10 grams of 99.5% pure gold increased from Rs 1,050 to Rs 1,00,350.
The strong demand for gold as a "safe-haven" asset—something people invest in during uncertain or dangerous times—is the cause of this price increase.
India-Pakistan Tensions Trigger Buying
The heightened tensions between india and pakistan were the primary cause of the abrupt price hike. Indian military attacked nine terrorist locations in pakistan and Pakistan-occupied kashmir with missiles on wednesday morning. These included sites connected to Lashkar-e-Taiba in Muridke and Jaish-e-Mohammad in Bahawalpur. The latest terror attack in pahalgam prompted this military response. More people are purchasing gold for security as conflict fears increase.
Silver also gains in the Domestic Market
On wednesday, the price of silver increased as well. In Delhi, it increased by Rs 440 to Rs 98,940 per kg. It had closed at Rs 98,500 per kg on Tuesday.
Global gold Prices Fall Despite local Surge
It's interesting to note that global gold prices fell while those in india increased. The spot price of gold dropped USD 62.12, or 1.8%, to USD 3,369.65 an ounce on the global market. According to experts, this decline resulted from a reduction in anxiety following reports of potential advancements in US-China trade negotiations. Additionally, spot silver dropped 1.24 percent internationally to USD 32.81 an ounce.
The strong demand for gold as a "safe-haven" asset—something people invest in during uncertain or dangerous times—is the cause of this price increase.
India-Pakistan Tensions Trigger Buying
The heightened tensions between india and pakistan were the primary cause of the abrupt price hike. Indian military attacked nine terrorist locations in pakistan and Pakistan-occupied kashmir with missiles on wednesday morning. These included sites connected to Lashkar-e-Taiba in Muridke and Jaish-e-Mohammad in Bahawalpur. The latest terror attack in pahalgam prompted this military response. More people are purchasing gold for security as conflict fears increase.
Silver also gains in the Domestic Market
On wednesday, the price of silver increased as well. In Delhi, it increased by Rs 440 to Rs 98,940 per kg. It had closed at Rs 98,500 per kg on Tuesday.
Global gold Prices Fall Despite local Surge
It's interesting to note that global gold prices fell while those in india increased. The spot price of gold dropped USD 62.12, or 1.8%, to USD 3,369.65 an ounce on the global market. According to experts, this decline resulted from a reduction in anxiety following reports of potential advancements in US-China trade negotiations. Additionally, spot silver dropped 1.24 percent internationally to USD 32.81 an ounce.
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