Gold Prices Today: Multi Commodity Exchange (MCX) gold price today surpassed its highest levels since 2022. MCX gold rate today surged near ₹1,400 and hit an intraday high of ₹51,750 per 10gm in early morning trade. Spot gold prices have breached $1925 per ounce levels, reaching $1950 per ounce, a 13-month high. The sharp rise in yellow metal price is caused by the escalating tension in the Russia-Ukraine conflict, according to market experts. There is speculation that spot gold price has broken its $1935 per ounce hurdle and may soon rise to $1950, $1980, and then $2000 per ounce levels.

Ukraine declared a state of emergency on Wednesday and told its citizens in Russia to flee, while Russian diplomats began evacuating the embassy in Kyiv in the latest ominous sign for Ukrainians who fear an all-out Russian military invasion. Russia is rumored to be attacking Ukraine, so the demand for safe haven has suddenly shifted north.

Speaking on the reason for the rise in gold prices today; Amit Sajeja, Vice President of Research at Motilal Oswal, said, “Gold has breached its $1925 hurdle and now it has surged up to $1950 levels. So, next targets for spot gold price is $1980 and $2000, which might be achieved in short term. This rise in gold price today can be attributed to fresh developments in Ukrain Russia crisis where speculation are high about Russia attacking Ukraine anytime.”

Expect a sharp rise in inflation if the Ukraine crisis drops below critical levels; Anuj Gupta, Vice President, IIFL Securities said, “Crude oil price has hit $100 per barrel and it may further appreciate near 10 per cent hitting around $110 per barrel in global markets. This is expected to fuel global inflation, which has already reached to an alarming level.”

If oil prices continue to rise northwards, the rupee is expected to feel the heat; Amit Sajeja of Motilal Oswal said, “Rupee has been able to appreciate against US dollar despite escalation in Russia Ukraine crisis. This could happen because of the FDI flow in India and Reserve Bank of India (RBI) announcing sell-buy-swap for US dollar against Indian rupee. However, these triggers won’t be enough if crude oil prices continue to rise. So, gold price may get support from both global and domestic triggers if Russia Ukraine tension gets prolonged.”

Anuj Gupta of IIFL Securities said, expect further rise in gold prices, “Selloff in global equity market is also supportive for gold prices as portfolio diversification from equity to gold may further push yellow metal northward. At MCX, gold rates are expected to go around ₹52,500 to ₹53,000 levels. Those who bought gold recently are advised to hold the yellow metal for this target at MCX in short term.”

However, he strictly advised gold buyers to remain vigilant about the latest developments in Russia Ukraine crisis as single positive development may lead to sharp fall in the precious yellow metal as well.

Russia Ukraine Latest News Speaking on the development; Vidit Garg, Director, MyGoldkart said, “As of now when we write AFP has reported that Russian president decides to conduct military operations in Ukraine which has ignited fire in the market and lead to almost 2 years high for Gold.

Although it is now a news based market and the role of technical will be less, but still 1912 will act as a major support for now while 1956 as resistance.” He advised small traders to stay away from this volatility.t


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