New Delhi, Gold and silver prices witnessed a sharp rise in the bullion market on Wednesday. Gold reached a one-month high in the national capital, while silver prices also recorded a significant increase. The strength of precious metals in the global market and the positive sentiment regarding the Strait of Hormuz between the US and Iran clearly reflected in the domestic market.

Gold rises ₹2,500, price crosses ₹1.50 lakh

Gold of 99.9 percent purity rose ₹2,500 on Wednesday to ₹1,50,000 per 10 grams in the Delhi bullion market. Previously, the price of gold was ₹1,47,500 per 10 grams on Tuesday. This is the highest level in nearly a month.

Silver prices also saw a sharp rise. After remaining stable for a day, silver jumped by Rs 6,200 to Rs 2,32,700 per kg. This rise in both precious metals reflects growing investor interest.

Impact of International Market Rise on Domestic Prices

According to market experts, the strengthening of global gold and silver prices had a direct impact on the Indian bullion market. Spot gold rose by $85.28 to $4,162.76 per ounce in the international market. Silver also strengthened by more than three percent to trade at $61.35 per ounce.

Experts say that softening crude oil prices and changing expectations regarding US interest rates also supported gold.

Impact of the Strait of Hormuz and US-Iran Signals

According to market analysts, positive signals emerging regarding the reopening of the Strait of Hormuz between the US and Iran have somewhat alleviated concerns about global energy supplies. This alleviated fears of rising inflation and reduced the likelihood of further interest rate hikes by the US Federal Reserve.

However, crude oil prices later strengthened again after Yemen's Houthi rebels threatened to attack Saudi tankers in the northern Red Sea, impacting market sentiment.

Market eyes on US economic data

Investors are now focused on US employment data. Markets will be watching data such as the ADP employment report, non-farm payrolls, and the unemployment rate. These data will provide clues as to the US Federal Reserve's future interest rate stance.

Experts believe that if market expectations regarding interest rates change, gold and silver prices may see further fluctuations.

Purchasing becomes expensive for buyers, investors advised to be cautious

This rise in gold and silver prices will directly impact ordinary buyers. Costs may increase for jewelry buyers, while it is time for investors to keep a close eye on the market.

According to experts, in the coming days, the global economic situation, the direction of crude oil prices and the economic data of America will decide which direction the precious metals market will go.