Volatile Gold Rates In India: How Geopolitical Tensions Impacting Gold Markets

Gold rates in India are very volatile in mid-February. Ukraine-Russia tensions are intensifying in global politics, and global gold rates are jumping up sharply after a long time. On February 12, gold rates gained by Rs. 1000. on February 14, the yellow metal fell by Rs. 500. However, today, on February 15, gold rates jumped by Rs. 500, but dropped again by Rs. 400 later. This volatility is directly related to global gold rates and geopolitical tensions internationally.

Russia-Ukraine tension is the most important global concern now among the politicians. Ukrainian citizens, and authority however are showing confidence against Russia. Ukraine President Volodymyr Zelenskiy commented, "They tell us February 16 will be the day of the attack. We will make it a day of unity. They are trying to frighten us by yet again naming a date for the start of military action. On that day, we will hang our national flags, wear yellow and blue banners, and show the whole world our unity." But these tensions are triggering the gold markets to boom suddenly as a safe haven.

In addition to this, the high US Inflation rate at 40 years high, is another driving force behind the gold. The yellow metal is a hedge against inflation.

Today, 22 carat gold rates in India are quoted at Rs. 46400/10 grams, while 24 carat gold rates are quoted at 50620/10 grams.

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

City	22 carat (INR/10 Grams)	24 carat (INR/10 Grams)
Mumbai	46,400/-	50,620/-
Delhi	46,400/-	50,620/-
Bangalore	46,400/-	50,620/-
Hyderabad	46,400/-	50,620/-
Chennai	46,960/-	51,230/-
Kerala	46,400/-	50,620/-
Kolkata	46,400/-	50,620/-

The Comex gold futures gained by 0.63% and were quoted at $1879.70/oz, till last traded. On the earlier day, Comex gold futures closed at $1868.0/oz. The spot gold prices were quoted at $1878.90/oz, gaining by 0.35%, till last traded. The US dollar index in the spot market stood at 96.18, falling by 0.11%. However, in India, the MCX gold in April future quoted at Rs. 50,273/10 grams, gaining by 0.72%, till last traded.