Silver and gold prices in India climbed sharply on Wednesday, March 25, as investors responded to a softer US dollar, cooling crude oil prices, and rising optimism that the Middle East conflict may be nearing a negotiated end. The move marked a notable shift in market sentiment, with traders beginning to unwind some of the war-driven inflation fears that had weighed on precious metals in recent weeks.
On MCX, silver price jumped around 5.5% or over ₹12,000 to day’s high of ₹2,36,137 per 10 grams. Meanwhile, MCX gold price advanced 4% or over ₹5,500 to day’s high of ₹1,44,434 per 10 gram.
Moreover, in international markets as well the precious metals soared. Spot Silver gained 3.6% to $73.78 after ending the previous session 3% higher, extending its rally as broader commodity and currency trends turned supportive. Other precious metals also advanced.
Spot gold rose 2.5% to $4,586.70 an ounce at 10:08 a.m. Singapore time, while US gold futures for April delivery gained 4.2% to $4,586.10. Spot platinum climbed 2.2% to $1,978.10, and palladium was up 1.5% at $1,461.56.
The sharp rise in silver came at a time when investors appeared to be reassessing the macroeconomic fallout of the war, especially after signs emerged that the United States was pushing hard for a settlement with Iran.
more to come…