Gold Silver Price: Prices Drop Sharply Amid Global Tensions, Check Latest Rates

Gold and silver prices witnessed a downward trend in the Delhi bullion market on Monday, driven by weak global cues and geopolitical developments, while according to the All India Bullion Association, the domestic market reacted to the stalemate in international negotiations and a strengthening US dollar. The lack of progress in diplomatic talks has shifted market sentiment, leading to a correction in precious metal prices.

Domestic Market Price Breakdown in Delhi

In the Delhi bullion market, the price of silver plummeted by ₹1,800 (approximately 1%) to settle at ₹2,45,200 per kilogram. This follows a closing price of ₹2,47,000 per kilogram on the previous Friday. 9% purity saw a decline of ₹300, bringing the price down to ₹1,55,000 per 10 grams. The yellow metal had closed at ₹1,55,300 per 10 grams during the last trading session on Friday.

Impact of US-Iran Ceasefire Negotiations

According to Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, the primary driver for the opening decline was the inconclusive nature of the ceasefire talks between the US and Iran. This diplomatic hurdle provided support to the US Dollar index and Treasury yields. 26 per ounce.

Geopolitical Tensions and Supply Chain Concerns

Market analysts from LKP Securities noted that profit-booking occurred as reports emerged regarding the US considering troop deployments to secure the Strait of Hormuz. There are concerns that the route could face a 100% closure, leading to prolonged supply disruptions. Such a scenario has raised fears of a significant spike in crude oil prices, adding to the overall market volatility as geopolitical uncertainty continues to dominate investor sentiment.

Market Volatility and Global Factors

The level of volatility remains high in the commodities market as traders weigh the impact of global supply risks against a stronger dollar. Analysts suggest that the current market direction is heavily influenced by external factors, including treasury performance and international spot rates, while the correlation between geopolitical instability and safe-haven demand remains a key factor in the daily price discovery of gold and silver.

Market Holiday Notice for Ambedkar Jayanti

It's important to note that the bullion markets will remain closed on Tuesday, April 14, in observance of Bhim Rao Ambedkar Jayanti. No official trading activity will take place in the Delhi wholesale markets on this day. Regular trading and price updates are expected to resume on Wednesday, following the public holiday.