Gold prices: Amidst increasing Ukraine Crisis, gold prices registered a good rise in the Indian markets on Monday. On the lines of global rates, gold futures on MCX rose 1.8 percent to Rs 53,500 per 10 grams. In the Indian markets, gold touched a record high of 56,200 in August 2020.
Spot gold crosses $2,000 in global markets
After touching the level of $ 2,000.69 in the global markets, spot gold rose 1.5 percent to $ 1,998.37 an ounce. Gold-backed ETFs have seen strong inflows amid the Ukraine Crisis. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.4 per cent to 1,054.3 tonnes on Friday, the highest since mid-March 2021.
On the other hand, silver futures on MCX today rose 1.5 percent to Rs 70,173 per kg.
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Resistance to gold on 2022 dollar
Rahul Kalantri, VP (Commodities), Mehta Equities said, “Given the high risk of corrosion, safe haven buying in precious metals is being supported. Despite the strength in the dollar index, gold and silver remained strong last week. Global equity markets declined and investors are shifting from risky assets to safer haven assets. Gold has support at $ 1970-1948, while resistance is at $ 2000-2022 per ounce. Silver has support at $ 25.55-25.20, while resistance is at $ 26.30-26.80 an ounce.
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Oil at 14 year high
On the other hand, due to the Russia-Ukraine crisis, equity markets are collapsing and oil prices have reached almost 14-year highs, raising fears of further inflation.
On the other hand, spot silver rose 1.7 per cent to USD 26.09 an ounce, while platinum rose 2.3 per cent to USD 1,147.19.
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