New Delhi: Gold prices today, February 24, witnessed a boost after Russia declared war on Ukraine. The price of other precious metals on the MCX Trading System also witnessed a sharp rise.
Likewise, stock markets are on the rise. However, on the other hand, global stock markets are trading in red.
April Gold futures on the MCX jumped by 2.25 per cent on Thursday to around Rs 52,500 per 10 grams – the highest rate in 2022.
Additionally, Spot Gold prices in COMEX jumped to about $ 1940 per ounce, breaking the near-term barrier of $ 1920 per ounce. The next target for Spot Gold at COMEX appears to be $ 1970 per ounce amid rising geopolitical risks, according to a report by IANS.
It is important to note that Russia is one of the largest producers of precious metals yellow. Further sanctions by the West against Russia could increase tensions for global supply.
That is, the Silver Dots on COMEX jumped by 2.31 per cent to trade at $ 25.10 per ounce on the medium term chart.
On the other hand, Silver futures for the April deal is trading at Rs 66,447 per kg on MCX.
“Gold prices have plummeted over the purchase of a safe haven with the dollar on a geopolitical risk that threatens severe sanctions on Russia and a possible disruption of commodity supply,” said Tapan Patel, Senior Analyst (Products), HDFC Securities, tell IANS.
“The sharp fall in the rupee has also taken a toll on MCX GOld prices compared to global gold prices,” he said.
According to Kshitij Purohit, Head of Commodities and Investments CapitalVia Global Research: “On the hourly chart, the MCX Gold April agreement has developed a broad-based investment structure and is within a channel with downward adjustments in the short term last. ” Also Read: SBI Customer Alert! Here is what to do if you accidentally enter a password or PIN
“The immediate support level could be around 47,750, while the resistance level could be around 51,000 – the psychological level for the short term,” he added. Also Read: Russia-Ukraine war: Twitter ‘error’ blocked news sharing information on crisis