Gold prices in India were back near one-year highs as the Ukraine concerns lingered on. On MCX, gold futures were up 1.2% to ₹50,250 per 10 gram while silver was down 1% to ₹63,970 per kg. In global markets, spot gold was up about 1% to to $1,885.65 an ounce. Global equity markets were mixed today as traders weighed geopolitical developments in Ukraine.
Supporting the safe-haven demand for gold, Russian-backed separatists in eastern Ukraine today accused government forces of opening fire on their territory.
“Positive outlook for gold remains intact as long as prices stay above $1840. A direct close below $1810 likely to trigger weakness. For silver, consistent trades above $24 would trigger further rallies,” Geojit said in a note.
Russia’s Foreign Ministry denied a claim by the U.S. and Britain that it’s added as many as 7,000 troops to what President Joe Biden has said are around 150,000 soldiers already near Ukraine’s borders. European Union leaders will discuss the tensions today in Brussels.
“Market players may continue to focus on Russia-Ukraine situation and unless western countries are convinced that Russia will not attack or unless there are more diplomatic efforts to resolve the issue, market confidence may remain shaky and this may keep gold prices supported,” said Kotak Securities in a note.
“Gold is also steady as market players have already factored in monetary tightening by major central banks while comments from officials indicate that aggressive tightening may be avoided,” the brokerage added.
Amid other factors, the brokerage added, ETF investors remained on sidelines amid increased price volatility. “Gold holdings with SPDR ETF were unchanged for a third day on Wednesday at 1019.44 tonnes. Gold has bounced back from recent lows as geopolitical issues remain unresolved while upside remains challenged by monetary tightening expectations.” (With Agency Inputs)
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