new Delhi. Due to the Russia-Ukraine crisis, investors are again betting on gold by returning to the safe haven on Monday. Due to this there is a sharp jump in the prices of gold and silver in the Indian market.
On the Multi Commodity Exchange (MCX), the futures price of gold rose 1.5% to Rs 50,990 per 10 grams in the morning. There was a strong increase of Rs 800 in this. Similarly, the futures price of silve also increased by Rs 1,000, or about 1.5 percent, to 65,869 kg. Experts say that due to rising inflation around the world, gold prices are continuously rising.
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Global market also shocked by sanctions on Russia
America and European countries are constantly imposing new sanctions on Russia in protest against attacking Ukraine. Due to this, there is a jump in the prices of gold in the global market as well. Gold prices rose 1 percent to $ 1,909.89 an ounce. Silver has also risen by more than 1 percent to reach around $ 26 per barrel.
Gold costlier by 6 per cent this month
The price of gold on the Multi Commodity Exchange (MCX) has increased more than in February itself. Its prices are showing at one year high. Experts say that if the growing crisis between Russia and Ukraine prolongs, then the prices of gold and silver will continue to rise. It is also estimated that by the end of March, gold can touch the level of 55 thousand, while in 2022 it will cross 60 thousand.
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Prices came down on Friday
Gold prices had seen a fall on Friday due to the rise in the stock market. On Friday, the futures price of gold on MCX had fallen by 1.05 percent or Rs 553 to reach around 51 thousand. The futures price of silver also fell by Rs 1,105 to Rs 65,793 per kg.
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