Geopolitical tensions have pushed gold prices to their highest level in more than a year.
Gold and silver prices today: Gold and silver prices rose in the Indian market on Monday due to new developments in the Russia-Ukraine crisis. At MCX, gold futures rose 1.5 per cent to Rs 50,990 per 10 grams, while silver futures rose 1.5 per cent to Rs 65,869 per kg.
Gold is getting support because of the risk
Gold prices in the world market remain volatile after Western nations imposed strict sanctions on Russia for invading Ukraine. Gold rose more than 1 percent to 90 1,909.89 an ounce, up more than 6 percent this month.
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Gold is a good option for hedging
Gold is used as a hedge against inflation and as a way to protect wealth in times of financial and political uncertainty.
The United States and Europe on Saturday banned Russian banks from using the major global payment system SWIFT (SWIFT) in their largest economic form. Meanwhile, Russia’s central bank has announced that it will resume buying gold from the domestic market.
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Even support for gold due to rupee pressure
“Currently, gold is supported by international and local development,” said Nish Bhat of Millwood Can International. Geopolitical tensions have pushed gold prices to their highest level in more than a year. Historically, in times of uncertainty, investment has increased due to the safe haven nature of gold. The price of crude oil has also risen in light of the situation in Ukraine. Rising oil prices have put pressure on the Indian rupee, making gold more expensive. ”
“In the future, the development of Ukraine and the activities of the Fed will guide most of the asset classes. But rising crude prices and inflation in India will put pressure on the Indian rupee and support the price of gold in the short to medium term.