1. Home
  2. Business
  3. Gold prices today, Feb 22, in India surge to near 1yr high, silver rates jump

Gold prices today, Feb 22, in India surge to near 1yr high, silver rates jump

By Priyanka Verma 
Updated Date

NEW DELHI: Gold and silver prices today, February 22, surged in Indian markets as the Ukraine crisis escalated after Russia ordered troops into breakaway regions of eastern Ukraine.

Also Read :- Gold price falls as dollar climbs to 20-year high | Know the rates

On MCX, gold futures jumped 0.8% to near one-year high of ₹50,467 per 10 gram while silver rose 1% to ₹64,225 per kg. In global markets, gold prices hit a near nine month-high on Tuesday, boosting demand for the safe-haven metal. Spot gold was up 0.2% at $1,909.54 per ounce.

“COMEX gold has surged to fresh June 2021 high amid increased safe haven demand as Russia-Ukraine tensions continue to escalate. After a brief respite yesterday on prospect of a US-Russia summit, risk sentiment weakened again. However, weighing on price is recovery in US dollar index amid increased safe haven demand and increased expectations of Fed’s monetary tightening. Gold has been setting new highs which shows strong positive momentum and prices may remain supported unless there is a major de-escalation in tensions. However, we need to see if prices manage to break and sustain above $1920/oz level,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

“Escalations in Ukraine tensions with Russia recognising two pro-Russian rebel regions have aggravated the crisis. The economic consequences are already visible in higher crude and gold prices. The situation remains fluid; we don’t know whether the tensions will escalate or be contained from now on,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Russian President Vladimir Putin overnight recognised two breakaway regions in eastern Ukraine as independent and ordered the Russian Army to launch what Moscow called a peacekeeping operation into the area, accelerating a crisis the West fears could unleash a major war.

Also Read :- Gold prices today, March 14, drop, down ₹3,000 per 10 gram in just 4 days

“Positive outlook for gold remains intact as long as prices stay above $1840. A direct close below $1810 likely to trigger weakness,” domestic brokerage Geojit said in a note.

In global markets, spot silver gained 0.9% to $24.14 per ounce and platinum rose 0.9% to $1,083.68 and palladium was up 0.8% to $2,406.24.

For silver, “consistent trades above $24 is required to trigger further rallies. Else, there are chances of choppy trading session for the day.”

Among other commodities, oil jumped to a seven-year high. The United States and European countries had threatened to impose sanctions on Russia.

US bonds also gained on safe-haven demand on deteriorating Ukraine crisis. While bullion is considered a hedge against inflation and geopolitical risks, interest rate hikes tend to raise the opportunity cost of holding non-yielding bullion.

Also Read :- Gold prices today, March 9, rise above ₹55,000 levels, silver rates continue to surge

Further reading:
For the latest news and reviews, follow us on Facebook, YouTube and Twitter पर फॉलो करे...