new Delhi. After Russia’s invasion of Ukraine (Russia Ukraine War), there has been a tremendous increase in gold prices on Thursday. Today’s price of gold is its maximum in 1 year. Now the question arises that if gold is trading at its highest price in 1 year, will it be profitable to invest in it? Nikhil Kamat, co-founder of Zerodha, while giving his opinion on this, has said that the luster of gold will remain like this for some time to come.
Nikhil Kamat said on Thursday that investing in gold still looks attractive. He said that the global market is falling due to geo-political issue (ongoing war between Russia and Ukraine). The same volatility is what we will see in the coming few days as well, and it looks like a (clear move) like value stocks.
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Near being Gold 53 Hazari
Gold price today on the Multi Commodity Exchange (MCX) is at its highest level of 2022. Today, gold price on MCX has seen a rise of Rs 1,400 and in the morning trading itself, it had touched the level of Rs 51,750 in intraday. At the time of writing this news (4:50 pm) was trading at Rs 52,700. In this, a jump of more than 4% has been recorded in a day.
In the spot market, the price of an ounce of gold crossed the $1,925 barrier and touched the level of $1,950 an ounce, which is a 13-month high. Market experts say that the yellow metal is trading today. The boom has been seen because of the crisis in Russia and Ukraine. After this, the spot gold price can touch the level of $ 1,980 and after that $ 2,000 per ounce.
What could be the next targets?
Speaking on the reason for the sharp jump in gold prices today, Amit Sajeja, Vice President (Research) at Motilal Oswal said, “Gold has crossed its $1925 barrier and has now risen to the level of $1,950. Therefore, the next targets for the spot gold price are $1,980 and $2,000, which can be achieved in a short period of time. This rise in gold prices today can be attributed to the latest developments in the Ukraine-Russia crisis, where there was speculation about Russia attacking Ukraine.”
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Commodity markets edged higher with Brent oil trading above $100 a barrel for the first time since 2014. Investors looked for safer investment options amid reports of Russia’s attacks and occupation of Ukraine. This was the reason that the stock markets were seen falling, while there was a tremendous jump in the prices of crude oil, gold, silver etc.
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