Gold Price In India: Gold and silver futures traded decrease on Friday, February 25, taking cues from the worldwide spot charges. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 supply, have been final seen 1.03 per cent down at Rs 51,011, in comparison with the earlier shut of Rs 51,543. Silver futures, due for a March 4 supply, have been final seen 1.68 per cent decrease at Rs 64,921 towards the earlier shut of Rs 66,031.
Domestic spot gold with a purity of 24 carats opened at Rs 50,868 per 10 grams on Friday, and silver at Rs 65,165 per kilogram – each charges excluding GST (items and companies tax), in keeping with Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).
Foreign Exchange Rates:
Globally, gold costs rose as traders reassessed the state of affairs surrounding Russia’s invasion of Ukraine and contemporary sanctions towards Moscow from the West. Spot gold rose 0.3 per cent to $1,909.06 per ounce. The yellow metallic had jumped 3 per cent within the earlier session to hit its highest degree since September 2020 at $1,973.96, earlier than reversing course to shut decrease.
Bullion is taken into account a hedge towards inflation and geopolitical dangers. Higher yields and rate of interest hikes dent the attraction of bullion by elevating the chance value of holding non-interest paying gold.
Ravindra Rao, CMT, EPAT, VP – Head Commodity Research at Kotak Securities: “Gold has come off the highs as risk sentiment stabilized as market players assessed the impact of sanctions by the U.S. and other western countries in response to Russia’s attack on Ukraine. Retreat in crude oil and other commodity prices from recent highs also eased gold’s appeal as an inflation hedge. However, with the prospect of increased tensions between Russia and world leaders, risk sentiment may remain weak and this may keep gold supported.”