Gold Rates Jump By Rs 850 In India As Russian Announces Military Action

The Russian government has announced military operations in Ukraine and the world is not happy about it. The UN Secretary General urged the Russian President to cease the military action, by saying, "President Putin, in the name of humanity bring your troops back to Russia. In the name of humanity do not allow to start in Europe what could be the worst war since the beginning of the century." UN thinks that the conflict 'must stop now'. However, Russia, ignoring this urge, is sticking to its actions and the assets markets, including gold rates, are increasing significantly. The yellow metal is behaving as a safe haven, against the present economic and political crisis.

Today, on February 24, Indian gold prices have rallied by Rs. 850/10 grams for 22 carat gold and rallied by Rs. 930/10 grams for 24 carat gold. Today, the 22 carat gold prices are quoted at Rs. 46,850/10 grams, and the 24 carat gold rates are quoted at Rs. 51,110/10 grams.

Globally, the gold market is thriving now. However, many analysts were expecting earlier that the gold rates might fall in late February and March, due to the interest rate hike by the US Federal Reserve. However, they did not anticipate the present geopolitical crisis and invasion, initiated by Russia, against Ukraine. On the other hand, the equity markets are under pressure now, due to these tensions.

The Comex gold futures surged by 0.22% and were quoted at $1913.40/oz, till last traded. On the earlier day, Comex gold futures closed at $1909.20/oz. The spot gold prices were quoted at $1940.90/oz, gaining by 1.62%, till last traded. On the other hand, the US dollar index in the spot market stood at 96.60, gaining by 0.43%. Similarly, in India, the MCX gold in April future quoted at Rs. 51,397/10 grams, surging by 1.91%, till last traded.

Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow: