Gold prices in India fell sharply today, while silver declined a day after a sharp fall Ukraine crisis, as risk sentiment improves. Gold futures fell on MCX 1000 per 10 grams to 50,569 per 10 grams while silver declined 2.2% 65,380 per kg. The strengthening of the rupee also had an impact on the precious metal. Gold prices in India include 10.75% import duty and 3% GST. The rupee today closed higher by 34 paise at 75.26 against the US dollar.
“Gold has edged higher as risk sentiment has stabilized as market players assess the impact of sanctions by the US and other Western countries in response to Russia’s attack on Ukraine. Crude oil and other commodity prices A retreat from recent highs in the U.S. also undermined gold’s appeal as an inflation hedge. However, with tensions likely to escalate between Russia and world leaders, risk sentiment could remain weak and support gold. Ravindra Rao, Head of Commodity Research, Kotak Securities said.
in global markets, gold prices Prices firmed up after a volatile session the previous day, reaching an 18-month high before falling. Spot gold rose 0.3% to $1,908.53 an ounce. Spot silver fell 0.1% to $24.18 an ounce.
Sugandha Sachdeva, Vice President, Commodity and Currency Research, said, “Given the current stage of uncertainty, the US Fed is unlikely to hike interest rates by 50 bps in its March meeting, thereby keeping gold prices low in the near future.” Chances are.” Religare Broking Limited
Going forward, investors will continue to remain cautious as they eagerly watch the developments in the Russia-Ukraine war, says Vinod Nair, Head of Research, Geojit Financial Services. “It is a prudent approach to have a balanced portfolio with a mix of equity, debt, gold and cash in such a volatile market,” he said.
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