Silver jumps ₹700 to ₹2.58 lakh/kg, gold edges higher amid West Asia tensions and global uncertainty

Silver prices rose Rs 700 to Rs 2.58 lakh per kilogram in the national capital on Tuesday while gold also edged higher amid geopolitical uncertainty and mixed global cues.

According to the All India Sarafa Association, gold of 99.9 per cent purity gained Rs 300 to Rs 1,57,300 per 10 grams (inclusive of all taxes).

Gold prices saw a slight uptick in the domestic markets as geopolitical tensions in the Middle East continue to escalate, prompting investors to seek safe-haven assets, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

However, global trends remained weak. Spot silver slipped 1.29 per cent to USD 78.69 per ounce, while gold fell nearly 1 per cent to USD 4,776.85 per ounce.

Spot gold hovered around USD 4,780 per ounce level on a firmer dollar and uncertainty over US-Iran talks, Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.

Despite the US signalling the possibility of talks with Iran as President Donald Trump's deadline will end on April 22, Tehran has shown no clear indication of joining negotiations, he added.

Renisha Chainani, Head of Research at Augmont, said market participants are closely watching whether talks between the US and Iran will proceed and if they lead to a ceasefire extension or a broader peace agreement.

Gold's direction will continue to be influenced by developments in West Asia tensions and their impact on energy costs and inflation expectations, she added