Gold Rates Are Up By Rs. 1000 In India: Russia-Ukraine War Intensifies

The Russia-Ukraine war has taken big leaps in the last two days, and the commodity markets are reacting in line with that. Gold rates, US Dollar Index, and crude oil prices are jumping in the international markets and Indian domestic markets sharply every day. Today, on March 7, Indian gold prices are up by around Rs. 1000/10 grams. 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.

The Russian-Ukraine conflict intensified after Russia took control of Europe's largest nuclear power station, according to reports. A fire has been reported at the Zaporizhzhia plant in Ukraine. Commenting on that, French President Emmanuel Macron yesterday said that 'all sides in the Russian-Ukraine conflict are working to preserve the country's civilian nuclear facilities'. Anticipating further complications related to the matter, investors are bullish at present about commodity prices. Gold is working as a safe haven and the prices are surging.
"With fewer and fewer alternatives, investors are turning to gold and precious metals en masse. Prices are looking to end the week with an impressive 4% gain and many analysts continue to say that its only a matter of time before prices push above $2,000 an ounce," analyst Neils Christensen commented to Kitco News.
India is staying in a significant position during the war. According to a CNN-News18 report, "Defence Minister Rajnath Singh has met the Army, Navy and IAF Chiefs to assess how the sanctions against Russia will impact India's preparedness as almost 50% of India's weapons systems are of Russian origin." If the war intensifies and New Delhi keeps parting from Moscow, this can impact the two country's diplomatic relations further.

The Comex gold futures surged by 1.41% and were quoted at $1992.90/oz, till last traded. The spot gold prices are quoted at $1991.00/oz, gaining by 0.87%, till last traded. On the other hand, the US dollar index in the spot market stood at 98.90. In India, the MCX gold in April future quoted at Rs. 53,480/10 grams, gaining by 1.75%, till last traded.