Gold and silver prices rise in the Russia-Ukraine crisis

Domestic spot gold of 24k purity opened at Rs 49,968 per 10 grams.

Gold price in India: Gold and silver futures traded higher on Thursday, February 17, guided by international spot rates as the Russia-Ukraine conflict spurred demand. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on Feb. 4, were last seen up 0.39 percent at Rs.49,813 from the previous close of Rs.49,618. Silver futures, which were due for delivery on March 4, were last up 0.10 percent at Rs.63,364 from the previous close of Rs.63,299.

Domestic spot gold with a purity of 24 carats opened Thursday at 49,968 rupees per 10 grams and silver at 63,400 rupees per kilogram – both prices excluding GST (goods and services tax), according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA ).

Foreign exchange rates:

Global gold stabilized near an eight-month high, touched earlier this week as the US dollar and Treasury yields slumped on less hawkish-than-feared Federal Reserve minutes and the Ukraine crisis stoked demand for the safe- Haven Metal cranked. Spot gold held its ground at $1,868.36 an ounce. US gold futures remained steady at $1,871.40.

Federal Reserve officials last month agreed that it was time to raise interest rates as inflation gripped the economy and employment more firmly, but also that all decisions should be based on an analysis of inflation and others Data would depend from meeting to meeting, minutes of the central bank’s Jan. 25-26 monetary policy meeting showed.

The dollar fell after minutes indicated that policymakers are not locked into a specific pace of rate hikes, making gold more attractive to overseas buyers.

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