Gold Prices Soar As Russia-Ukraine Conflict Deepens

After a few days of fluctuation in the yellow metal rates, Gold prices soared on Tuesday as Russian President Vladimir Putin ordered troops into two rebel-controlled regions in eastern Ukraine. As the Ukrainian conflict intensified, the gold prices hit a nine-month high in the bullion market. 

In the Multi Commodity Exchange (MCX) Gold futures were trading higher by 0.72 percent at Rs 50,440 for 10 gms while Silver futures gained 1.08 percent at Rs 64,275 per kg. Experts say the Russia-Ukraine crisis may trigger a further hike in the yellow metal prices. The gold rate in the national capital New Delhi was at Rs 50,547 per 10 gms for 24-carat Gold bars (with a purity of 999) while the yellow metal rates were increased from Rs 45,743 to 46,301 per 10 grams for 22-carat Gold (with a purity of 916) which is used for making the jewellery items. 

The gold rates witnessed a huge spike in Hyderabad too. The gold rates which were at Rs 45,900 per 10 gms for 22-carat (with a purity of 916) on Monday increased to Rs 46,250 per 10 gms within 24 hours. The gold bar rates are at Rs 50,460 with a hike of Rs 410. While the silver metal is selling at Rs 64,656 per kg with a hike of Rs 1,100.