Gold reaches 14-month high today, silver prices jump

Global shares were mixed today as the war in Ukraine entered its second week and investors weighed the impact of rising commodity prices on inflation and economic growth. In his congressional testimony, US Fed chief Jerome Powell on Wednesday voiced support for a quarter-point hike in the Fed rate later this month and indicated that the central bank should take strict action if price pressure does not ease. May have to do

undertaking for Sleep The bullishness comes amid worsening geopolitical risks. The biggest attack on a European state since 1945 has sparked a flurry of sanctions against Russia, and raised fears of a wider conflict. Meanwhile, Fed Chairman Jerome Powell said the central bank would begin raising interest rates “cautiously” at its upcoming March meeting, but be prepared to move more aggressively if inflation doesn’t calm down as quickly as expected. Jigar Trivedi, Research Analyst- Commodity Fundamentals, Anand Rathi Shares and Stock Brokers on Gold.

Gold traders will look for more clues as US Fed chief Jerome Powell appears before the Senate Banking Committee on the second day of his semi-annual congressional testimony.

“Gold traded amid a lack of any scathing remarks from the Fed chairman as he expressed support for rate hikes, indicating he was watching over Russia-Ukraine tensions. Safe-haven buying and inflation concerns have also kept prices high. Gold may remain volatile due to assessment of Russia-Ukraine situation. However, safe haven buying may support the prices, said Ravindra Rao, VP – Head Commodity Research, Kotak Securities. (with agency input)