Comex spot gold was trading higher at $1,866 an ounce on the back of a rise in gold prices.
Highlight
- Rising tensions between Russia-Ukraine pushed up gold and crude oil prices on Monday.
- The price of Brent indexed crude oil crossed $96 a barrel, the highest in seven years.
- Russia is one of the world’s top producers of crude oil and gold.
Rising tensions between Russia-Ukraine pushed up gold and crude oil prices on Monday. As global equity indices declined, commodities, including crude oil, wavered through global markets as geopolitical risks loomed large over Ukraine.
The price of Brent indexed crude oil crossed $96 a barrel, the highest in seven years. Russia is one of the world’s top producers of crude oil and gold, and any Western sanctions against Russia would tighten global supplies.
Comex spot gold was trading higher at $1,866 an ounce on the back of a rise in gold prices.
Gold April futures contract on MCX was trading 1.52 per cent higher at Rs 49,859 per 10 grams. Similarly, MCX Silver March futures rose over 2 per cent to Rs 64,470 per kg, while spot silver at Comex was trading near USD 23.92 an ounce in the evening session.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices are trading at a three-month high due to heightened tensions over the Russia-Ukraine standoff.”
“Geopolitical risks over Russia-Ukraine tensions also fueled buying in the precious metals as the US warned that Russia could invade Ukraine any time in the coming week.”
Anuj Gupta, VP, Research, IIL Securities, said: “Gold may test the level of Rs 50,500 per 10 grams and silver may test the level of Rs 66,500 per kg soon.” In the international market, gold may test the level of $1,880. and silver might test the $25 level. ,
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