Gold and silver prices rose in Indian markets today as the Ukraine crisis escalated after Russia ordered troops into broken areas of eastern Ukraine. MCX gold futures jump 0.8% to near one-year high 50467 per 10 grams while silver rose 1% 64,225 per kg.
In global markets, gold prices rose to near nine-month highs on Tuesday, raising demand for the safe-haven metal. Spot gold was up 0.2% at $1,909.54 an ounce as of 0035 GMT, hitting its highest since June 1 at $1,913.89 an ounce. US gold futures rose 0.7% to $1,913.60.
“As long as prices hold above $1840, a positive outlook for gold remains intact. A direct close below $1810 is likely to trigger weakness,” domestic brokerage Geojit said in a note.
For Silver, “Continuous trading above $24 is required to trigger further rally. Otherwise, a choppy trading session for the day is likely.”
Russian President Vladimir Putin on Monday recognized two separate regions in eastern Ukraine as independent and ordered the Russian military to launch a peacekeeping operation in what Moscow called a peace operation in the region, a Intensifying the crisis, the West fears it could start a major war. (with agency input)
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