Indian gold rates are bearish today, although, the global gold rates are on the verge of gaining. The Russia-Ukraine tensions in the international picture are intensifying, and Russian President Vladimir Putin demanded that Ukraine should lay down its arms. Already, casualties of Ukrainian civilians, soldiers, and Russian troops have been reported. Now, Russia has started to attack Ukraine by land, air, and sea. Ukrainian President Volodymyr Zelensky recently addressed the nation saying, the country “won’t give up its freedom”.
Due to this uncertain global situation, gold is working as a safe haven. Gold rates in the global markets are rallying every day. At present, the equity markets are crashing and investors are quite worried. On the other hand the commodity markets are observing bullish trends, at present.
In addition to that, the rising inflation rate in the USA is another concern. Gold is a US Dollar dominated asset class. Hence, the yellow metal is playing its role as a hedge against inflation. In March, if the US Fed initiates an interest rate hike, the gold market can ease marginally. As gold rates are volatile at present, and mostly gaining at that time, investors can wait till the geopolitical tension eases, for buying gold.
On February 25, Indian gold prices dropped by Rs. 400/10 grams and Rs. 440/10 grams, respectively for 22 carat and 24 carat gold. Today, the 22 carat gold prices are quoted at Rs. 46,850/10 grams, and the 24 carat gold rates are quoted at Rs. 51,111/10 grams.
Gold rates are quoted differently, daily. Today’s gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
The Comex gold futures surged by 0.83% and were quoted at $1925.10/oz, till last traded. On the earlier day, Comex gold futures closed at $1909.20/oz. The spot gold prices were quoted at $1914.20/oz, gaining by 0.51%, till last traded. On the other hand, the US dollar index in the spot market stood at 96.60, gaining by 0.43%. In India, the MCX gold in April future quoted at Rs. 50,897/10 grams, falling by 1.25%, till last traded.
Story first published: Friday, February 25, 2022, 12:57 [IST]