Russia-Ukraine war: Gold rises above $2,000 an ounce; minor fluctuation in rates in India
By Team Newsable | First Published Mar 7, 2022, 8:14 AM ISTAt a time when the Federal Reserve is preparing to raise interest rates, disruptions to supplies of grain, energy and metals are adding to price pressures.
Gold rose to more than $2,000 in Asian trade on Monday morning amid growing demand for haven assets as investors weigh the geopolitical and economic fallout from Russia’s invasion of Ukraine. The precious yellow metal hit a peak of $2,000.86 an ounce, its highest level since September 2020.
Traders have been sent running to safety as Russia continues with its invasion of Ukraine, which has battered equity markets and sent oil prices to a near 14-year high, adding further upward pressure to already high inflation, news agency AFP reported.
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Amid mounting concerns that the raft of penalties against Russia could dim global growth and further stoke inflation, bullion is extending gains after posting its biggest weekly advance since July 2020.
At a time when the Federal Reserve is preparing to raise interest rates, disruptions to supplies of grain, energy and metals are adding to price pressures.
Gold futures rose as much as 2% to $2,005.20 an ounce, before trading at $2,002.40 at 9:53 am Singapore time. Prices climbed 4.2% last week.
Meanwhile, gold price in India witnessed minor fluctuation amid the escalating tensions between Russia and Ukraine. The gold rate increased by Rs 140/ 10 grams for 24 carat and 22 carat on Monday.
Gold price in India for 24 carat gold (10 grams) is Rs 51,780 while 22 carat gold (10 grams) cost Rs 47,430.
In national capital Delhi, the gold rate for 24 carat (10 grams) is Rs 52,040 while 22 carat (10 grams) is Rs 47,700. The rate of Gold for 24 carat (10 grams) in Kolkata is Rs 52,040 while 22 carat (10 grams) is Rs 47,700. On the other hand, price of 24 carat gold (10 grams) in Mumbai is Rs 52,040 while 22 carat gold (10 grams) is Rs 47,700.
Gold price in Chennai for 24 carat (10 grams) is Rs 53,400 while the 22 carat (10 grams) is Rs 48,950.
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