Gold Market Is Volatile In India, Plunged By Rs. 300/10 Grams

The international geopolitical situation is quite uncertain now, as Russia - Ukraine tensions are intensifying. According to a US defense official, around 40%-50% of Russian ground forces who were deployed in the Ukrainian border are, have stepped into attack positions nearer the country. According to US-based Maxar Technologies, mentioned that Russia is deploying both troop transport and ground attack helicopters in the Ukrainian border area. Anticipating further geopolitical tensions, gold is working as a safe haven and rates are bullish in global markets. With these uncertainties, gold rates, along with other assets classes are booming in the international markets. However, in India, IBJA is keeping the gold rates moderate to improve demands.

In India, gold prices on February 19 fell by around Rs. 300-320/10 grams. The 22 carat gold prices are quoted at Rs. 46,000/10 grams, and the 24 carat gold rates are quoted at Rs. 50,190/10 grams.
Additionally, high US inflation and Russia-Ukraine geopolitical uncertainties are helping the gold rates to move up. Indian gold rates are also volatile for the same reason, for the past two weeks. US inflation rate has surged to a 40 years high level in the last month, and the gold market is now booming.
The Comex gold futures fell by 0.40% and were quoted at $1898.60/oz, till last traded. On the earlier day, Comex gold futures closed at $1900.70/oz. The spot gold prices were quoted at $1900.20/oz, till last traded. The US dollar index in the spot market stood at 96.10. However, in India, the MCX gold in April future quoted at Rs. 50,123/10 grams, fell by 0.53%, till last traded.