- Silver rose to Rs 2.77 lakh per kg in Delhi, up 2% from Tuesday's close
- Gold increased nearly 1% to Rs 1.64 lakh per 10 grams, fifth session gain
- Safe-haven buying driven by US trade tensions and Middle East geopolitical risks
Precious metal prices increased up to 2% in the national capital on Wednesday, with silver rising to Rs 2.77 lakh per kilogram, and gold advancing to Rs 1.64 lakh per 10 grams, tracking strong global trends and sustained safe-haven buying.
According to the All India Sarafa Association, the white metal jumped Rs 5,900, or 2%, to Rs 2,77,900 per kg (inclusive of all taxes) from Tuesday's closing level of Rs 2,72,000 per kg.
Extending its gains for the fifth consecutive session, gold of 99.9% purity appreciated by Rs 1,000, or nearly 1%, to Rs 1,64,200 per 10 grams (inclusive of all taxes). It had settled at Rs 1,63,200 per 10 grams in the previous market session.
"Gold held on to moderate gains on Wednesday as persistent uncertainty over US trade policy and geopolitical tensions in the Middle East continued to drive safe-haven flows into precious metals," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
ALSO READ: Silver Swings: Devil's Metal Reclaims $90; Is $100 Within Reach In Near Future? What To Expect
He added that ongoing tariff-related uncertainty, along with US President Donald Trump's renewed threats of higher duties, has kept financial markets on edge and reinforced investor demand for defensive assets such as gold.
In the international market, spot silver gained $3.13, or 3.59%, to $90.30 per ounce, while gold was trading nearly 1% higher at $5,181.46 per ounce.
"Spot gold has recovered most of its losses incurred on Tuesday's selloff which was induced by positive risk sentiment and a firmer US dollar," Praveen Singh, Head of Commodities and Currencies, Mirae Asset ShareKhan, said.
Meanwhile, the US and Iran are scheduled to hold the third round of talks in Geneva on Thursday.
Renisha Chainani, Head of Research at Augmont, said the ongoing diplomatic engagement between Washington and Tehran and uncertainty surrounding Iran's nuclear programme continue to embed a geopolitical risk premium in global markets supporting bullion prices further.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.