New Delhi: Gold and silver prices witnessed a sharp rise in the Delhi bullion market on Friday, even as the domestic equity market came under heavy selling pressure. The rally in precious metals was driven by firm global trends, hopes of an initial understanding between the United States and Iran, and strong domestic demand linked to the wedding season.
In the Delhi bullion market, gold of 99.9 per cent purity jumped by ₹1,600 to reach ₹1,62,900 per 10 grams. In the previous trading session on Wednesday, the yellow metal had closed at ₹1,61,300 per 10 grams. Markets remained closed on Thursday on account of Eid ul Azha, and prices moved higher when trading resumed on Friday.
Silver also recorded a strong gain. The white metal rose by ₹5,000 to touch ₹2,74,700 per kg, compared with ₹2,69,700 per kg in the previous session. Traders said industrial demand, investment interest and positive global signals supported silver prices.
The rise in bullion prices came at a time when the stock market saw intense selling. The Sensex fell by nearly 1,100 points during the day, pushing investors to look more closely at safer investment options such as gold and silver.
Market experts said international developments remained a key factor. Harish V, Head of Commodity Research at Geojit Investments Limited, said uncertainty continued in the market due to the possibility of a ceasefire and an initial agreement between the United States and Iran. He also pointed out that investors were watching the United States Federal Reserve’s interest rate policy after recent inflation data.
According to him, a major selloff in gold and silver appears less likely in the near term as basic market factors are still supporting prices.
In the international market, spot gold rose nearly one per cent to around 4,530.72 dollars per ounce, while silver remained steady at 75.52 dollars per ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said reports of talks between the United States and Iran had eased pressure on gold. However, he added that prices may remain within a limited range until full details of any agreement become clear.
For Indian buyers, the latest price rise means jewellery purchases may become costlier during the wedding season. At the same time, investors are expected to track global developments, inflation trends and currency movement before taking fresh positions in precious metals.