New Delhi: Gold prices jumped sharply today in Indian markets amid the escalating Ukraine crisis. On MCX, gold futures surged 1.8% to ₹53,500 per 10 gram, tracking firm global rates.
In August 2020, gold had hit a record high of ₹56,200 in Indian markets. In global markets, spot gold was up 1.5% to $1,998.37 per ounce after hitting $2,000.69 earlier, the highest in 18 months. Inflows into gold-backed ETFs have seen strong inflows amid the Ukraine crisis.
Holding of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.4% to 1,054.3 tonnes on Friday – their highest since mid-March 2021.
The war in Ukraine showed no signs of abating. Russian President Vladimir Putin has vowed to press ahead with the invasion unless Kyiv surrenders, despite severe Western sanctions and widespread international condemnation.
The Russia-Ukraine crisis has battered equity markets and sent oil prices to a near 14-year high, adding further upward pressure to already high inflation.