even as gold prices today Nikhil Kamath, who has hit a one-year high amid the ongoing crisis in Ukraine and Russia, said the yellow metal is looking increasingly attractive.
“Markets have largely corrected with global indices in Russia and Ukraine based on geopolitical issues, we can expect some volatility in the next few days. Gold looks increasingly attractive, and the value of stocks has increased. Seems like a clear step forward.” Co-founder of Zerodha and True Beacon said.
The price of gold reached its highest level in 2022 on the Multi Commodity Exchange (MCX) today. mcx gold rate increased today 1,400 more hit intraday highs At the level of Rs 51,750 per 10 grams in morning trade.
In the spot market, the gold price crossed its barrier of $1925 and touched a nearly 13-month high at $1950 an ounce. According to market experts, this sharp rise in the prices of the yellow metal is due to the escalating tensions in the Russia-Ukraine crisis.
He said that spot gold price has broken the $1935 an ounce barrier and now it may soon go further towards $1950, $1980 and then $2000 an ounce level.
Speaking on the reason for the sharp jump in gold prices today; Amit Sajeja, vice president of research at Motilal Oswal, said, “Gold has broken its $1925 barrier and has now risen to the level of $1950. Therefore, the next targets for the spot price of gold are $1980 and $2000. This increase in gold prices today can be attributed to the latest developments in the Ukraine-Russia crisis where there is high speculation that Russia will attack Ukraine anytime soon.
Earlier, Russian forces attacked targets across Ukraine after President Vladimir Putin ordered an operation to “demilitarize” the country, prompting international condemnation and a US threat to “severe sanctions” on Moscow, Markets across the world fell.
Russia launched a barrage of missiles, artillery and air strikes early Thursday, triggering Europe’s worst security crisis in decades. Ukraine’s interior ministry warned that the capital Kiev was being targeted and urged civilians to move to shelters. Ukraine’s border guard said it was being shelled from five regions, including Crimea in the south and Belarus in the north, and that Russian forces had entered the country.
In a nationally televised address before the offensive, Putin said Russia was not planning to “occupy” its neighbour, but said the action was necessary because the US and its allies “approach Russia” by expanding the NATO alliance. The red line” was crossed. US President Joe Biden called Putin’s move “an unprovoked and unwarranted attack” and said “the world will hold Russia accountable.”
Commodity markets rallied with Brent oil gaining above $100 a barrel for the first time since 2014 – when Russia annexed Ukraine – while investors scrambled for haven.
Putin said he was taking action to protect civilians in separatist areas from Ukraine’s military, although there was no evidence they were in any danger of attack. US and European allies have repeatedly warned that Moscow intends to make false justifications for military action.
United States President Joe Biden speaks with the President of Ukraine after Russia launched what he called a full-scale invasion.
Biden denounced “unprovoked and unjustified attacks by Russian military forces” and urged world leaders to speak out against Putin’s “major aggression”.
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