Gold Rate Jump today: Gold rate today at Multi Commodity Exchange (MCX) ascended to its highest levels in more than a year. Ukrain Russia War: Gold Rate Jump, Rs 2,250 high for 10 gram today. MCX gold rate today surged Rs 2,250 to Rs 52,630 per 10 gram while silver jumped 5% to Rs 67,926.
In spot market, gold Rate breached its $1925 hurdle and has hit $1950 per ounce levels, around 13 months high. According to market experts, this sharp rise in yellow metal price is because of the escalating tension in Russia Ukraine crisis. They said that spot gold price has broken its $1935 per ounce hurdle and now it may soon go up to $1950, $1980 and then $2000 per ounce levels.
They said that Ukraine declared a state of emergency on Wednesday and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy in the latest ominous signs for Ukrainians who fear an all-out Russian military onslaught. So, speculations are high about Russia attacking Ukraine and hence demand for save haven has suddenly gone northward.
Speaking on reason for sharp upside movement in gold Rate today; Amit Sajeja, Vice President — Research at Motilal Oswal said, “Gold has breached its $1925 hurdle and now it has surged up to $1950 levels. So, next targets for spot gold price is $1980 and $2000, which might be achieved in short term. Ukrain Russia War This rise in gold price today can be attributed to fresh developments in Ukrain Russia crisis where speculation are high about Russia attacking Ukraine anytime.”