On Wednesday, gold and silver prices experienced a notable increase, largely influenced by the easing of cross-border tensions between India and Pakistan. As investors reacted to the positive developments, the gold price in India climbed to Rs 94,070 per 10 grams early in the day, according to the India Bullion Association. This upward trend reflects a broader market sentiment, as various cities witnessed significant price hikes.
Gold Prices Across Major Cities
- New Delhi: Rs 93,730 per 10 grams
- Mumbai: Rs 93,900 per 10 grams
- Kolkata: Rs 93,770 per 10 grams
- Bengaluru: Rs 93,970 per 10 grams
- Chennai: Rs 94,170 per 10 grams (the highest nationwide)
The futures market also mirrored this bullish trend, with the Multi Commodity Exchange (MCX) reporting a 0.06% increase for gold futures, now priced at Rs 93,700 for contracts expiring on June 5. This comes after a dip to Rs 92,860 the previous day. Notably, gold prices had previously surged past Rs 97,000 per 10 grams in April, marking a significant milestone.
Silver Prices Surge Amid Strong Demand
In addition to gold, silver prices rose to Rs 96,880 on Wednesday. This increase follows a series of peaks, with silver crossing the Rs 1 lakh threshold multiple times in recent months. The demand for silver is being driven by its critical role in renewable energy technologies and electronics, showcasing its importance in the modern economy.
- Silver Futures: Up 1.45% to Rs 96,730 for contracts due on July 4.
As we observe these trends, it’s clear that market dynamics are influenced by geopolitical factors and industrial demand, making it an exciting time for investors in precious metals. If you’re looking for further updates on the market, stay tuned for live stock market news where indices like Nifty and Sensex continue to show resilience.
