Gold Rate Crossed $2024/oz In Spot Market:Russia Intensifies Shelling In Ukraine

The spot gold rates have crossed $2024/oz level on March 8, as the Russia-Ukraine crisis worsened. Russia has intensified shelling, leading to a scarcity of food, water, and medicines in Ukraine. Multiple negotiations were conducted but nothing was fruitful to ease the situation. Russia is establishing safe corridors for the civilians, but Ukraine does not think Moscow has any intention to make it fruitful. Considering this uncertainty, gold rates are being bullish as a safe haven. Today, Indian gold rates remained the same as yesterday. The 22 carat gold prices are quoted at Rs. 49,400/10 grams, and the 24 carat gold rates are quoted at Rs. 53,890/10 grams.

Commenting about the situation, Tom Pepinsky, a non-resident senior fellow at the Brookings Institution said, "The Ukrainian resistance will be most effective if Russians are on edge, sleepless, and prone to overreactions." On one hand, Russia is intensifying attacks, and on the other hand, Ukraine has realized that NATO and US are not coming to save them. So, the situation is going to ease soon. Investors and traders are showing more demands for commodities and US dollars. Hence, gold and crude oil markets are booming now. The Russia-Ukraine crisis has created a humanitarian crisis. The US and European countries are planning to ban Russian oil imports, which has the markets with worries.
Additionally, the equity markets are marginally lower, and the US dollar index is solidly higher by achieving a 21-month high level. The benchmark US 10-year Treasury note is now giving a yield at 1.73%, by falling 'on flight-to-quality buying of US debt'.
The Comex gold futures surged by 0.82% and were quoted at $2010.30/oz, till last traded. The spot gold prices are quoted at $2018.40/oz, gaining by 0.94%, till last traded. On the other hand, the US dollar index in the spot market stood at 99.31, gaining by 0.14%. In India, the MCX gold in April future quoted at Rs. 54,244/10 grams, gaining by 1.36%, till last traded.