Gold and silver prices saw a significant rise on Wednesday driven by safe-haven demand, despite US President Donald Trump announcing a two-week ceasefire. Gold futures on the Multi Commodity Exchange (MCX) surged by 2.45% to reach an intraday high of Rs 1,53,977, while silver futures climbed nearly 6% to hit Rs 2,44,770. Analysts attributed this surge to safe-haven demand and noted strong buying interest at lower levels, indicating a strengthening momentum.
The yellow metal was trading at Rs 1,53,920, up 2.42%, with an intraday low of Rs 1,53,301, marking a 2% gain from the previous close. Similarly, silver was trading at Rs 2,44,297, up 5.6%, after hitting an intraday high, and recording a low of Rs 2,40,601, up 4% from the previous close. The Indian rupee strengthened by 40 paise to 92.61 against the dollar, and the Reserve Bank of India maintained the repo rate at 5.25%.
Oil prices, however, experienced a sharp decline, with Brent crude futures falling nearly 16% to $91.88 and US WTI crude plunging almost 20% to $91.05. In the equity market, Sensex and Nifty surged by nearly 4% following the RBI’s repo rate decision and the ceasefire announcement. This positive sentiment was influenced by Trump’s temporary ceasefire with Iran, easing geopolitical tensions after his social media post on Truth Social instructing US forces to stand down.
