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Gold Prices Today: Russia-Ukraine crisis propels yellow metal higher, likely to remain volatile in near term

Gold may remain volatile as market players respond to development relating to Russia however unless there are serious efforts to resolve the issue, safe haven buying may keep prices supported, said Ravindra Rao of Kotak Securities

February 24, 2022 / 10:22 AM IST
Gold, Gold Prices, Gold Rates

Gold, Gold Prices, Gold Rates

Gold prices rose on February 24 in the international markets towards a nine-month high hit earlier this week, as investors sought refuge in safe havens after Russia ordered military action on Ukraine this morning and the West imposed more sanctions on Moscow.

At the Multi-Commodity Exchange (MCX), gold contracts jumped by 1.88 percent at Rs 51,328 for 10 gram at 9.46am and silver spiked 2.05 percent to trade at Rs 65,910 a kilogram.

COMEX gold trades 1 percent higher near $1930/oz after a 0.4 percent gain yesterday. Gold has edged up on safe haven buying as Russia-Ukraine tensions intensified with US warning of an imminent attack and imposing fresh restrictions on Moscow. ETF inflows also show buying interest in the metal.

However, weighing on the price is gains in the US dollar and the Fed’s monetary tightening expectations.