Gold Prices Surge By Rs. 1000 In Major Cities In India

Indian gold prices have surged by Rs. 1000/10 grams for 22 carat gold on March 2, anticipating intensified uncertainties in Ukraine. Today, the 22 carat gold prices are quoted at Rs. 47,700/10 grams, and the 24 carat gold rates are quoted at Rs. 52,040/10 grams.

Ukraine recently said that Russian airborne troops landed in Kharkiv, this has worsened the situation in the country's political graph. Additionally, India's concern is, one Indian student in Ukraine has died during a bomb blast. The US President Joe Biden has vowed to make Russia "pay a price", for attacking Ukraine in his first State of the Union address.
Already multiple economic sanctions have been imposed on Russia to keep the country under pressure financially. However, Russia did not stop invading Ukraine. So, the geopolitical tensions are intensifying within Ukraine, and as a result, gold rates are gaining globally, acting as a safe haven against economic uncertainties. On the other hand, the global equity markets are going bearish.
Commenting on the upcoming price trend, Dr. Ravi Singh-Vice President and Head of Research-ShareIndia told, "The ongoing tension between Russia and Ukraine is riding high for gold and crude oil prices. The US and EU have levied sanctions on Russia's biggest banks and its elite, frozen the assets of the country's Central Bank located outside the country and excluded its financial institutions from the SWIFT bank messaging system - but have largely allowed its oil and natural gas to continue to flow freely to the rest of the world. Gold may continue to be in a bullish trend till the situation stabilizes. Buy Zone Near is Rs. 51650 for the target of Rs. 51900, and Sell Zone Below is Rs. 51500 for the target of Rs. 51300."
The Comex gold futures fell by 0.10% and were quoted at $1940.40/oz, till last traded. The spot gold prices were quoted at $1942.90/oz, falling by 0.17%, till last traded. On the other hand, the US dollar index in the spot market stood at 97.58, gaining by 0.27%. In India, the MCX gold in April future quoted at Rs. 51,934/10 grams, gaining by 0.23%, till last traded.