Bengaluru: Gold prices hit a near 9 month-high on Tuesday as the demand for safe-haven investments goes up after Russia ordered troops into breakaway regions of eastern Ukraine.
The yellow metal price crossed Rs 50,000-mark for the first time in eight months last week due to escalating tension between Ukraine and Russia.
On the Multi-Commodity Exchange, the gold future price jumped 0.72 per cent to Rs 50,439 for 100 grams at 0948 hours on February 22. Similarly, Silver price saw a huge jump on Tuesday. The precious metal future increased Rs 64,345 for a kilogram on Tuesday.
In the international market, Spot gold was up 0.2 per cent at US$1,909.54 per ounce, as of 12.35 am GMT, after scaling its highest since Jun 1 at US$1,913.89 per ounce earlier. US gold futures gained 0.7 per cent to US$1,913.60.
Russian President Vladimir Putin recognised 2 breakaway regions in eastern Ukraine as independent on Monday and ordered the Russian Army to launch what Moscow called a peacekeeping operation into the area, accelerating a crisis the West fears could unleash a major war.
