In global markets, gold prices climbed to their highest level in nearly three weeks on Wednesday. Spot gold rose 2.3 per cent to $4,812.49 per ounce at 0215 GMT, after earlier jumping more than 3 per cent to touch its strongest level since March 19. US gold futures for June delivery also moved higher, gaining 3.4 per cent to $4,841.60. Meanwhile, spot silver registered a sharp increase of 4.9 per cent to $76.48 per ounce.
This shift in market sentiment came just ahead of the deadline set by US President Donald Trump for Iran to reopen the Strait of Hormuz, a key passage that handles roughly one-fifth of global oil shipments, failing which it could face large-scale attacks on civilian infrastructure.
Silver trades at $76.91 per troy ounce, up 5.38% from the $72.98 it cost on Tuesday.
