Indian Gold Rates Quoted At Rs. 49,800, Up By Rs. 400: US Dollar Sharply High

Gold rates in the Indian markets jumped up by around Rs. 400/10 grams, today on March 9. The 22 carat gold rates are quoted at Rs. 49,800/10 grams, and the 24 carat gold rates are quoted at Rs. 54,330/10 grams. Precious metals like gold and silver prices went record high at $2,078.80 yesterday on Comex futures, later the prices eased a bit. However, today in the international markets, gold rates moderated marginally after reports came out that Ukrainian President Zelenskyy said that they are no longer hoping for being a member of NATO. This is one of the major issues Russia started invading Ukraine. If Ukraine backs off from its desire to be a member of NATO, Russian President Putin can rethink on the situation, and the war can stop.

Investors and traders are waiting for Russia's comments on the matter and waiting for further developments to anticipate the upcoming gold rates. Meanwhile, USA President Joe Biden has announced a ban on Russian oil imports to suppress the country's economic ground. Additionally, a recent report mentioned that a group of bipartisan US senators is going to introduce a bill to reduce Russia's power to liquidate the country's gold reserves.

Already the USA has imposed economic sanctions on Russia, now this move will intensify Biden's economic pressures on Putin. If these steps trigger Russia to stop the war and shelling in Ukraine, the geopolitical chaos eases, the commodity markets, including gold and crude oil will ease too. Now, the commodity markets are significantly bullish globally, while the equity markets are down. On the other hand, the US Dollar index is gaining sharply, and the INR is being traded very low against US Dollar.

The Comex gold futures surged by 1.12% and were quoted at $2063.00/oz, till last traded. The spot gold prices are quoted at $2058.40/oz, gaining by 0.23%, till last traded. On the other hand, the US dollar index in the spot market stood at 98.93, falling only by 0.19%. In India, the MCX gold in April future quoted at Rs. 54,814/10 grams, gaining by 1.09%, till last traded.