Due to increasing geopolitical tension in the world, there was a huge increase in the prices of silver on Wednesday. Due to which the price of silver has once again crossed Rs 2.50 lakh. On the contrary, a slight decline has been seen in the price of gold. Even after that, gold is beyond the level of Rs 1.5 lakh. If experts are to be believed, there may be fluctuations in the prices of gold and silver in the coming days. On the other hand, there is an increase in the prices of gold and silver in foreign markets. Let us also tell you what the prices of gold and silver have become in the country's capital Delhi…
Increase in silver price
On Tuesday, silver prices in the national capital increased by Rs 1,500 to Rs 2.51 lakh per kg. The rise was driven by a strong trend in global markets as geopolitical tensions in West Asia maintained investor confidence in the commodity. In the last trading session, this white metal had closed at Rs 2,49,500 per kg. However, gold of 99.9 per cent purity fell by Rs 300 to Rs 1,52,500 per 10 grams (including all taxes). On Monday, this yellow metal closed at Rs 1,52,800 per 10 grams.
Why did silver become expensive?
“Gold remained under pressure on Tuesday as investors reacted to rising tensions in the Middle East and its implications for the overall economic outlook,” said Saumil Gandhi, senior commodity analyst at HDFC Securities. He added that the fragile security situation around the Strait of Hormuz—including reports of missile attacks and competing claims for control—further heightened concerns about energy-led inflation and a continuation of tight monetary policy by central banks for a longer period of time. Gandhi said that now that the conflict is in its tenth week, investors have shifted away from gold and have chosen the US dollar and Treasury yields as their preferred safe-haven assets. This has further increased the downward pressure on the precious metal.
Why will gold and silver increase?
In the international market, spot silver rose 1.08 percent to US $ 73.51 an ounce, while gold was trading marginally higher at US $ 4,549.57 an ounce. Praveen Singh, head of commodities at Mirae Asset Sharekhan, said that spot gold remained around US $ 4,550 an ounce. This happened because crude oil prices softened in anticipation of US military protection to commercial ships. However, this fall in oil prices will probably be temporary.
He further said that in the meantime, the scope for upside in gold may remain limited, as investors have already priced in the possibility of interest rate hike by the US Federal Reserve to a large extent, and now the possibility of further tightening (raising interest rates) is gaining more strength.
Reneesha Chainani, head of research at Augmont, said a resurgence of violence in the sector—including the interception of missiles by the United Arab Emirates—had undermined confidence in four weeks of ceasefire efforts. He further said that due to the upcoming strict monetary policy, crude oil prices and global bond yields are expected to increase.
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