Gold, Silver prices surge sharply, Silver jumps over ₹7,600, Gold crosses ₹1.51 Lakh

Amid signs of easing geopolitical tensions in West Asia, gold and silver prices witnessed a sharp rally in the Indian commodities market on Wednesday, with silver soaring by over ₹7,600 and gold gaining more than ₹2,400 in a single day.

According to market data from Multi Commodity Exchange of India, silver recorded a massive surge after closing previously at ₹2,44,316. It opened at ₹2,49,316 and later climbed to ₹2,50,550, marking a rise of ₹6,234 or 2.55%. During intraday trade, silver also touched a high of ₹2,52,000.

Gold prices also remained firm throughout the session. After closing at ₹1,49,753 previously, gold opened at ₹1,52,000 and was trading at ₹1,51,818 at the time of writing, up ₹2,065 or 1.38 per cent. The precious metal touched an intraday high of ₹1,52,182.

Meanwhile, Indian equity markets also traded in positive territory during early trade amid hopes of de-escalation in the West Asia conflict.

The BSE Sensex rose 657 points, or 0.85 per cent, to touch an intraday high of 77,675, while the Nifty 50 gained 217 points, or 0.90%, to trade around 24,250.

Sectoral indices including Nifty PSU Bank, Nifty Private Bank, Nifty Auto, Nifty Metal and Nifty IT advanced up to nearly 2 per cent. However, stocks such as Larsen & Toubro, Hindustan Unilever, ONGC, Power Grid Corporation of India and ITC Limited were among the top laggards in the Nifty pack.

Analysts said market sentiment remains cautiously bullish, though a sustained close above the 24,250 level would be crucial for further upside momentum.

Global markets also showed strength. Japan’s Nikkei gained 0.71 per cent, Hong Kong’s Hang Seng jumped over 1 per cent, while South Korea’s KOSPI rose nearly 7 per cent. On Wall Street, the S&P 500 ended 0.81% higher and the Nasdaq closed up 1 per cent.

Oil prices, however, declined for a second straight session amid hopes that supply disruptions in West Asia may ease. Brent crude fell over 2 per cent to $107.56 per barrel, while US benchmark WTI crude dropped 3 per cent to $99.12 per barrel.

Investor optimism also grew after US President Donald Trump hinted at a possible peace agreement with Iran, though Tehran has not officially responded to the remarks.

(With input from syndicated feed)