Gold Prices Gain, Stay Above $2050 Levels as Russia-Ukraine War Pushes Demand for Safe-Haven Investments
In the Indian markets, the demand for silver and gold went up because of the geopolitical tensions in eastern Europe due to the Russian invasion of Ukraine. However, stock markets across the globe witnessed a downward trend in the past few weeks.
Gold gained on Wednesday, even as global stock markets extended losing streak due to uncertainties over Russia-Ukraine war and following US sanctions.
In the international market, COMEX, the yellow metal was trading 1.13 percent higher at $2,065.9 at 9:24 am.
In the Indian markets, gold and silver prices soared as the demand for these metals went up. MCX gold April contract gained 1.67 percent to Rs 55,128, while Silver May contract jumped 2.28 percent to Rs 73,014 at 9:30 am.
“For today, traders can buy gold around Rs 54,000 to Rs 54,200 levels with the stoploss of 53400 levels for the target of 55000 levels,” said Anuj Gupta, VP-Research at IIFL Securities.
“They can also go for buy silver around Rs 71,000 to Rs 71,300 levels with the stoploss of 69800 for the possible target of 73000 levels.”
Gold may test $2100 and silver may test $27 very soon, he said.