Mumbai, Apr 22: India witnessed a dramatic shift in commodity prices as gold and silver surged sharply while the stock market faced a steep decline, On Wednesday. Investors turned to safe-haven assets amid global tensions and rising crude oil prices, leading to a remarkable rally in precious metals.

Silver, which had been falling consistently over the past few days, suddenly jumped by ₹5,997 per kilogram on the Multi Commodity Exchange (MCX). The May 5 expiry contract opened at ₹2,44,701 per kg, compared to the previous close of ₹2,50,698 per kg. This sharp rise brought relief to traders, although silver remains significantly cheaper than its lifetime high. In January, silver had crossed the ₹4 lakh mark for the first time, touching ₹4,39,337 per kg. Despite Wednesday’s surge, silver is still ₹1,88,639 below that record level.

Gold too joined the rally. The June 5 expiry contract closed at ₹1,51,671 per 10 grams on Tuesday but opened higher on Wednesday at ₹1,53,699 per 10 grams. This marks an increase of ₹2,028 per 10 grams. Like silver, gold also remains below its all-time high of ₹2,02,984 per 10 grams, recorded in January. At current levels, gold is still ₹49,285 cheaper than its peak.

The surge in precious metals comes against the backdrop of a global market rattled by geopolitical tensions. Despite a ceasefire between the US and Iran, uncertainty continues to loom, keeping investors cautious. Rising crude oil prices have further fueled concerns, directly impacting equity markets.

On Wednesday, the Indian stock market opened on a weak note and quickly plunged. The BSE Sensex fell by nearly 800 points within hours of trading, while the NSE Nifty dropped around 200 points. The sharp fall in equities highlighted investor anxiety, prompting a shift toward safer investment options like gold and silver.

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Analysts note that precious metals often act as a hedge during times of economic uncertainty. With global tensions persisting and crude prices climbing, investors are likely to continue favoring gold and silver in the near term. While both metals remain below their lifetime highs, the current rally underscores their importance as safe-haven assets.

Today's trading session was marked by chaos in the stock market but resilience in commodities. Silver’s sudden ₹6,000 jump and gold’s steady rise reflect investor sentiment shifting toward safety amid global instability.